Title: PRO: This Week in Visuals (COST/DELL/PDD/SNPS/ADSK/ZS/MDB/OKTA/HPQ/BBY/NTNX/PATH/ESTC)
Show: App Economy Insights (How They Make Money)
Author: Bertrand Hartman
Date: 2026-05-30
URL: https://www.appeconomyinsights.com/p/pro-this-week-in-visuals-803
Note: PRO/paid Substack post, saved verbatim for personal study. Prose article — no (mm:ss) timestamps. Body reproduced as published. The "Miso Robotics" block in the original is a paid advertisement and is intentionally omitted.

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COSTCO (COST): Q3 FY26 rev +12% to $70.5B ($0.9B beat), EPS +15% to $4.93; comps 9.8% (vs 7.8% consensus), beating Walmart/Target/Best Buy; core comps (ex gas/FX) +6.6%, traffic +2.4%, ticket +4.2%. Gasoline all-time volume records; ancillary comps +high-20s. Digital comps +20.8%; AI-sourced traffic triple-digit growth, highest conversion. Shares -5% (47x fwd earnings needs more than execution). Membership fee income $1.37B (+11%); renewal 92.2%; paid-member growth slowed to 4% ("more normal"). Gross margin -21bps. Tariff Section 301 refund claims filed. Trimmed FY26 warehouse openings to 26 (from 28).

DELL: shares +30% post-earnings, tripled YTD. Q1 FY27 rev +88% to a record $43.8B ($8.5B beat), non-GAAP EPS $4.86 (beat by $1.96). ISG rev +181% to $29.0B; AI-optimized servers $16.1B (+757%), +$24.4B fresh orders, backlog record $51.3B; >5,000 AI buyers (+50% in 6 months; Neoclouds, sovereign, enterprise). Traditional servers/networking +92% to $8.5B (agentic AI driving CPU demand); CSG +17% to $14.6B (commercial PCs +18%). $9.7B US military Microsoft-licensing contract. Op income tripled to $3.7B but gross margin 18% (AI-server mix); OpEx 9% of rev (lowest in 20+ yrs). Memory (DRAM/NAND)/CPU/HDD tight — customers signing up to 5-yr supply deals. FY27 guide $165-169B (vs $145B consensus); AI-server rev guided $60B (up from $50B, +144% Y/Y); Q2 $44.5B (vs $36.6B), EPS $4.80 (vs $2.73). Watch: AI-server gross margin recovery vs Supermicro/HPE allocation race.

PDD: Q1 rev +11% to $15.4B ($0.7B miss); net income -15% to $1.8B; adj EPS $1.38 (missed by $1.03); shares -11%. Transaction services (Temu) +20% to $8.2B; Online marketing (domestic Pinduoduo) only +2% to $7.2B (missed +8%). Dual-track pivot: first-party brand (Pinmu) — Shanghai subsidiary, 15B yuan initial (of a planned 100B yuan); plus aggressive merchant-support subsidies. Domestic price wars from Alibaba/JD.com; weak Chinese consumer; 1.5B yuan April fine (largest of 7 platforms). "Start of deep transformations" — prioritizing ecosystem health over short-term financials.

SYNOPSYS (SNPS): Q2 rev +42% to $2.3B ($30M beat), non-GAAP EPS $3.35 ($0.19 beat). Design Automation +62% to $1.8B (Ansys integration); Design IP -6% (China). Shares -2% (organic below the 2022 boom; Ansys doing the lift). Elliott (Jesse Cohn) joins board June 1 (multi-billion stake, standstill). Multiphysics Fusion launched; ~10% workforce cuts, $325M restructuring; Sept 30 investor day. FY26 guide ~$9.67B / EPS ~$14.76.

AUTODESK (ADSK): Q1 FY27 rev +18% to $1.93B ($40M beat), non-GAAP EPS $2.99 ($0.15 beat). $3.6B all-cash MaintainX acquisition (largest ever) — maintenance/frontline ops, "close the loop" design/make/operate, $40B TAM; static design + live operational data = a moat LLMs can't replicate. Analyst pushback on the premium (Jefferies/Wolfe). Billings +18%, op margin 39%, FCF $876M. FY27 guide raised ~$8.19B / FCF $2.725-2.8B (ex-MaintainX, which dilutes margins first).

ZSCALER (ZS): Q3 rev +25% to $850M ($15M beat), non-GAAP EPS $1.08 ($0.07 beat); op margin 23%. ARR +25% to $3.5B; RPO +30% to $6.5B; Z-Flex $1B TTM TCV; AI Protect bookings >$100M; data-security ARR >$500M; Zero Trust Everywhere 700+ (from 550). Announced Symmetry Systems acquisition. Two sales leaders departed -> "prudent" guide. Shares -21% after-hours: Q4 guide $875-878M missed $879M; FCF margin cut ~27%->~23% on capex; FY27 ARR/rev growth previewed at just 16-17% (sharp decel).

MONGODB (MDB): Q1 rev +25% to $688M ($24M beat), non-GAAP EPS +32% to $1.32 ($0.14 beat). Atlas +29% (~75% of rev, +$117M record quarterly dollar growth). NRR 121%; RPO +88% to $1.46B; $100K+ customers +16% to 2,900. MCP server usage growing; Voyage AI customers >2x Q/Q; Zomato 15M monthly AI conversations (-55% support cost). ClarityDB acq (FedRAMP High); 2 CPO roles. Enterprise Advanced slowed to 13%; sub gross margin -60bps. FY27 guide +$60M to ~$2.94B; Q2 $732M (vs $701M).

OKTA: Q1 FY27 rev +11% to $765M ($13M beat), non-GAAP EPS $0.91 ($0.06 beat); FCF $277M (36% margin); NRR 107% (first meaningful improvement in years). $100K+ ACV = 85% of total ACV; new products ~25% of bookings (+40% ACV uplift). Stock +28%. CEO: AI-agent pipeline "bigger than anything we have ever seen"; but Okta-for-AI-Agents/Auth0-for-AI-Agents not yet material; 90%+ have agents in production, only 22% feel governed. FY27 guide ~$3.195B / EPS $3.83; cRPO +12% (flat) — pipeline needs a number.

HP (HPQ): Q2 rev +9% to $14.4B ($0.3B beat), non-GAAP EPS $0.86 ($0.14 beat, +20% Y/Y); op margin 7.5%; FCF $800M; shares +10%. Personal Systems +13% to $10.2B (business PCs +18%); AI-PC mix 44% (from 35%), guiding 60-70% next FY, >70% by FY28. Memory/storage cost surge biting margins (PS margins below range, Q4 the low point); secured supply, raised prices, reconfigured products; 2-3% pull-forward. CEO search open (Lores left for PayPal). FY EPS guide narrowed to $2.90-3.10.

BEST BUY (BBY): Q1 rev +2% to $8.9B ($110M beat), adj EPS $1.28 ($0.05 beat); comps +2% (first meaningful positive in several quarters; gaming/computing/mobile/services). Shares +18%. Domestic gross margin 23.7% (Marketplace + Ads); op margin 4.1%. New categories (AI glasses, 3D printers, collectibles); OpenAI + Google partnerships. Memory shortage: customers "aren't pulling demand forward." New CEO Bonfig Oct 31. FY27 guide reiterated; Q2 comps ~1% (lapping Switch 2).

NUTANIX (NTNX): Q3 rev +10% to $703M ($17M beat), non-GAAP EPS $0.47 ($0.12 beat); op margin 22%; FCF margin >28%. ARR +15% to $2.4B; 700+ new logos; TCV +20%+. Server-hardware constraints/prices delaying booking->revenue (could extend into FY27); mitigating via NC2 cloud clusters; IdentityAI launched (NVIDIA GPU support, AMD coming). Middle East softer. FY26 guide raised ~$2.83B; Q4 $735M missed $742M.

UIPATH (PATH): Q1 FY27 rev +17% to $418M ($21M beat), non-GAAP EPS $0.15 (missed by a penny); first profitable Q1 ever (GAAP op income $28M). ARR +11% to $1.9B ($49M net-new). $100K+ customers +11% to 2,620; $1M+ +18% to 374. AI in 16 of top-20 deals (AI-expansion deals 6x larger); Maestro/Maestro Case orchestration wins. Buybacks (20M sh at $11.47 + 2M at $9.63). FY27 guide $1.776-1.781B / ARR $2.058-2.063B. Net-new ARR ($49-70M for 3 quarters) needs a step change or the agentic thesis stays a margin story.

ELASTIC (ESTC): Q4 rev +16% (14% cc) to $451M ($5M beat), non-GAAP EPS $0.61 ($0.05 beat). cRPO +20% to $1.2B; RPO +28% (highest in 4 yrs); non-current RPO +43% (multi-year). Shares -11% (Q1 EPS guide $0.58 vs $0.63 consensus). 600+ $100K+ ACV customers use AI features (+500bps acceleration); 30+ net-new $1M+ ACV; CISA deal >$26M. Annual cloud +26% vs monthly +3%. Q1 FY27 rev +13% only. FY27 guide +15% / op margin ~19% / EPS ~$3.25; FY29 op-margin target raised to ~25%.

Disclosure: author owns CRM SNOW ZS MDB PATH ESTC.