Earnings Rewind: AMD, Uber, & Hims Bet on the Future as Robinhood & DraftKings Shock Wall Street

Earnings Rewind

Welcome back to Earnings Rewind, your weekly deep dive into the earnings calls that shaped the market that we didn’t cover in another article this week. It was another packed week of reports, with tech and consumer-facing giants laying out their strategies for the rest of 2025 and beyond.

This week, we saw five major companies navigate a volatile market, with themes of artificial intelligence, strategic pivots, and massive new growth bets dominating the conversation. AMD laid out a multi-hundred-billion-dollar future with OpenAI, while Uber detailed its expensive but exciting push into a hybrid human-and-robot-driven world. Hims & Hers showed how it’s moving from a lifestyle brand to a serious proactive health platform. Meanwhile, Robinhood delivered a monster quarter that was overshadowed by a shock executive departure, and DraftKings… well, DraftKings had one of the wildest earnings reports of the season, slashing its guidance while simultaneously declaring it’s never been more bullish.

Let’s plug in and rewind the tape on a fascinating week.

Hims & Hers: The Personalization Engine Gets a Proactive Upgrade

Hims & Hers (HIMS) reported its Q3 2025 earnings on November 3rd, and the results showed its core strategy is paying off handsomely. However, the cost of its ambitious expansion plan seemed to weigh on investors, with the stock sliding 12.7% in the past 5 days. Still the stock is up 75% in the past year so a slight correction wasn’t too unexpected in the recently volatile market.

The company’s evolution from treating stigmatized conditions like hair loss and ED to becoming a comprehensive, proactive health platform was on full display.

The Results

The numbers were strong, demonstrating continued momentum.

• Revenue: Grew 49% year-over-year to nearly $600 million.
• Subscribers: Grew 21% year-over-year.
• Personalization: The real story is the success of its high-value personalized solutions. Subscribers using these custom-tailored treatments grew 50% year-over-year, which helped drive that impressive revenue growth and helps the stickiness of that subscriber base since it’s harder to move elsewhere if you’re using and having success with personalized solutions.

Pros: A Multi-Front Expansion.

The bull case for Hims rests on its successful expansion into new, high-margin categories and its powerful vertical integration.

• Major Strategic Partnerships: Hims is no longer just a direct-to-consumer brand; it’s becoming a curated platform for best-in-class health solutions. CEO Andrew Dudum announced the company is in active discussions with Novo Nordisk to offer Wegovy (both injection and the future oral version) on its platform. It also announced a partnership for an FDA-approved oral testosterone treatment and, most significantly, a strategic investment in GRAIL, a leader in multi-cancer early detection tests. This marks a clear shift toward proactive and preventative care.
• New Specialties Launching: The company is aggressively rolling out new offerings, including a recently launched Low Testosterone specialty that is already seeing immediate product market fit. It also launched a Perimenopause and Menopause offering, which it expects to be a meaningful growth driver as the Hers brand scales toward a $1 billion annual revenue goal in 2026.
• Vertical Integration in Weight Loss: Hims’ investments in its own compounding pharmacy infrastructure are paying off. Dudum called it a new gold standard that ensures all active ingredients (like semaglutide) are sourced from FDA-registered suppliers. This scale and efficiency recently allowed Hims to do the unthinkable in the GLP-1 space: strategically reduce prices on its compounded treatments by as much as 20%.
• Global and Digital Expansion: The company is pushing into global markets with its acquisition of Zava Global, giving it infrastructure in the U.K., Germany, France, and Spain. It’s also preparing to launch in Canada.

Cons: The Cost of Growth

This aggressive expansion comes at a cost, which was reflected in the quarterly financials and the stock’s subsequent dip.

• Margin Pressure: Gross margins declined over 2 points quarter-over-quarter to 74%.
• Higher Costs: G&A costs were pressured by the integration of Zava and additional expenses related to the hiring of new leadership talent. CFO Yemi Okupe noted that technology and development costs also increased as the company invests heavily in engineering and product talent.

From the Q&A: A New Marketing Era

An analyst question about the company’s new diagnostic capabilities prompted a fascinating response from CEO Andrew Dudum. He said the ramp-up of diagnostics (like the GRAIL investment and upcoming whole-body lab testing) will rapidly accelerate the pace of bringing new products to market.

More importantly, it will fundamentally change the brand’s marketing. Historically, Hims has focused on very stigmatized conditions like hair loss and sexual health. But as it moves into “diagnostics… longevity, whole body health, [and] wellness,” it’s entering categories that “you want to talk about” and “share with the people you love”. This pivot could structurally lower marketing costs and broaden the brand’s appeal far beyond its original niche.

That additional growth will be important as the company stock is still relatively expensive and dependent on significant growth. While the company does generate free cash flow, a lot of it is due to stock-based compensation. On a GAAP earnings basis, the stock trades at 61x 26 estimates. Non-GAAP, it’s a lot better(35x) but again that includes some hefty stock-based compensation being adjusted and that’s a real cost to consider.

AMD: The OpenAI Deal Changes the AI Game

Advanced Micro Devices (AMD) delivered what CEO Dr. Lisa Su called an outstanding quarter on November 4th, but the real story was a blockbuster AI deal that redefines its role in the industry.

The stock’s reaction was interesting as after initially popping on the news, it fell sharply over the next two days, ending the week down about 10%. Analysts attributed the drop to simple profit-taking and concerns about a valuation that has run up fast. The AI related names also traded down a bit this week as people considered whether a risk-off approach was more prudent in this environment.

The Results

The numbers were phenomenal with strength in both client and gaming and data center segments.

• Record Revenue: $9.2 billion, a 36% year-over-year increase.
• Record Data Center Revenue: The segment hit a record $4.3 billion, up 22% year-over-year, led by the ramp of its MI350 Series GPUs and record server CPU sales.
• PC Strength: The client and gaming segment(Ryzen processors and Radeon gaming GPUs) also hit a record, with sales up 73% year-over-year to $4 billion.

Pros: A Tsunami of AI Wins

AMD’s call was all about cementing itself as the undisputed #2 player—and a core supplier—in the AI revolution.

• The OpenAI Megadeal: This was the bombshell. AMD announced a comprehensive multiyear agreement with OpenAI to deploy 6 gigawatts of Instinct GPUs, starting in the second half of 2026. This establishes AMD as a core compute provider for OpenAI and, according to Dr. Su, has the potential to generate well over $100 billion in revenue over the next few years. For a company expected to generate about $34B in revenue this year, that’d be a nice bonus. However, some of that seems to be already baked in given the expectations of 30%+ annual growth for the next few years. There’s also the ever-present question as to how OpenAI pays for all these deals it signing given it’s current annual run rate.
• More AI Titans Sign On: OpenAI wasn’t alone. Oracle was announced as a lead launch partner for the next-gen MI450 Series, deploying tens of thousands of the new GPUs. AMD also secured wins with sovereign AI funds in the UAE and the U.S. Department of Energy, powering the Lux AI factory and the Discovery supercomputer.
• The “Helios” Platform: AMD isn’t just selling chips; it’s selling the whole rack-scale solution. It detailed its “Helios” platform, which integrates its Instinct MI400 GPUs, Venice EPYC CPUs, and Pensando NICs into a full, optimized rack designed for next-gen AI infrastructure.
• Software (ROCm) is Maturing: For years, AMD’s hardware has been held back by its software. That’s changing. The launch of ROCm 7 delivered up to 4.6x higher inference performance. Dr. Su noted the company’s open software strategy is resonating with developers like Hugging Face.

Cons: Minor Blemishes

It was difficult to find a negative in this report, but a few small items stood out.

• Embedded Segment: The one weak spot was the Embedded segment, where revenue decreased 8% year-over-year to $857 million.
• China Headwinds: The company’s guidance was strong but came with a notable caveat: it excludes any revenue from its MI308 GPU shipments to China, a market that remains restricted. However, that could also provide some upside if those restrictions ease.
• The Stock Drop: The sharp sell the news reaction shows that despite these massive wins, investors are wary of AMD’s high valuation and are looking for flawless execution. After all, AMD is trading at 65x 25E free cash flows so certainly pricing in a lot of future growth.

From the Q&A: Scaling for a Gigawatt Future

Analysts immediately drilled into the OpenAI deal. When asked about visibility and the risk of working with a single customer, Dr. Su was clear. She called the relationship very significant and confirmed they are planning “multiple quarters out, ensuring that the power is available, that the supply chain is available”.

Crucially, she signaled that this isn’t a one-time win. AMD is dimensioning the supply chain in such a way that we would have ample supply to have multiple customers at similar scale as we go into the ’27, ’28 time frame. This landmark quarter wasn’t just a sales update; it was a statement that the AI race is officially a two-horse race.

While the valuation is rich, AMD is just a $380B company which sounds like a lot but a pale shadow of Nvidia’s $4.57T and if AMD can start to take some market share in an area that seems to be growing with no end in sight, there’s plenty of potential upside ahead.

Uber: Building the Hybrid Human-Robot Network

Uber (UBER) also reported on November 4th, delivering a great quarter with accelerating growth in its core businesses. But the strategic focus of the call was clearly on the future: an expensive, ambitious, and data-driven push into autonomous vehicles.

The market, seemingly cautious about the high cost of this long-term vision and a change in reporting metrics, sent the stock sliding about 6% for the week.

The Results

The core business is firing on all cylinders.

• Trips Growth: Grew 22%, its fastest rate since 2023.
• Mobility Acceleration: The core Mobility business saw revenue grow 20%
• Delivery Acceleration: The Delivery (Eats) business also accelerated, posting its fastest growth in four years at 29%.
• Profitability: The company generated record adjusted EBITDA(up 33%) and free cash flow(up 6%).
• Halloween Record: Uber flexed its scale, noting it generated over $2 billion in gross bookings during the recent Halloween weekend alone.

Pros: A Clear Vision for the Future

CEO Dara Khosrowshahi spent less time on the past quarter and more time laying out his six strategic pillars for the future. The two most important were the push into local commerce and the “hybrid future” of autonomous vehicles.

• Grocery & Retail are Booming: Uber’s expansion into local commerce is a massive success. The grocery and retail segment is now at an approximately $12 billion gross bookings run rate and is growing significantly faster than the core restaurant delivery business.
• The AV Strategy Takes Shape: This was the centerpiece of the call and included a few new or previously announced deals.
• NVIDIA Partnership: Uber announced a major partnership with NVIDIA, which is creating a reference architecture for L4-ready autonomous cars called Hyperion. This allows any automaker to build cars that can plug into Uber’s network.
• OEM Deals: Following that, Uber announced a deal with Stellantis for an initial 5,000 AV-ready vehicles.
• Positive Data: Khosrowshahi shared early data from its Waymo partnership in Phoenix, Austin, and Atlanta. The results are compelling: those markets are growing more than twice as fast as the rest of the U.S..
• Massive Insurance Savings: In a major win for the U.S. Mobility business, Uber expects to see hundreds of millions of dollars of savings from a combination of legislative wins (like in California) and its new Driving Insights dashboard tech. The company says it will pass these savings on to customers via lower fares.

Cons: The High Cost of Ambition

The market’s cold reception was likely due to two factors: the eye-watering cost of the AV strategy and a technical change in its financial reporting.

• AVs are a Cash Drain: Khosrowshahi was blunt: AV is not profitable today. He stated that he doesn’t expect AVs to be profitable for a few years. This is a long-term, capital-intensive bet that will require investor patience.
• New Reporting Metrics: CFO Prashanth Mahendra-Rajah explained that the company will be shifting its non-GAAP metrics to adjusted operating income and adjusted EPS. This is a standard move for a maturing company, as it forces managers to be accountable for costs like stock-based compensation and depreciation. However, metric changes can often spook markets, as they make year-over-year comparisons more difficult in the short term.

From the Q&A: Who Will Own the Robot Taxis?

When asked about the NVIDIA partnership, Khosrowshahi painted a clear picture of the future. NVIDIA provides the reference architecture, and Uber provides the demand and a ready supply of cars.

But who will own these expensive assets? He said Uber might “lean in with our balance sheet early on” to prove the economics but expects a new asset class to emerge long-term. Just like you’ve got these REITs owning hotels that are yield vehicles, he explained, “I think that you will see yield vehicles show up for fleets”. In short, Uber plans to be the platform, not the fleet owner.

That’s a good thing for margins and Uber’s scale will help them be the likely winner in such an emerging scenarios where many AV brands compete for customers. Right now Uber trades at a 20x multiple to 25E FCFs and closer to 25x when accounting for stock-based compensation so not terribly expensive given it’s growth.

Robinhood: A Record Quarter Derailed by a Shock Exit

Robinhood (HOOD) reported a spectacular Q3 2025 on November 5th, with relentless product velocity leading to record revenue and deposits but concerns about valuations sent the stock down.

Included in the report was the bombshell news that CFO Jason Warnick would be retiring. The market reacted with a sell off, sending the stock down 12.4% in the past week.

The Results

The underlying business is on fire.

• Record Revenue: Doubled year-over-year to a record $1.3 billion although a good chunk of that is driven by crypto revenue growing at 300%.
• Record Deposits: Pulled in a record $20 billion in net deposits in Q3 alone.
• Record Subscriptions: Robinhood Gold subscribers hit a record 3.9 million.
• Record Trading: Saw record equity and options trading volumes in Q3, and then proceeded to break those records in October, setting new all-time monthly and single-day highs.

Pros: The “Financial Super App” is Working

Robinhood’s strategy of rapid diversification is paying off everywhere you look.

• Prediction Markets are Exploding: This is the new crown jewel. The business, which launched about a year ago, doubled volume every quarter. Then, in October, volume ($2.5 billion) was larger than all of Q3 combined. It was the fastest business in company history to surpass a $100 million annualized revenue run rate and is already tracking toward a $300 million run rate based on October’s numbers. That’s hard to complain about. While the legality of this business is a bit of a grey area(given that’s it’s essentially gambling even in states where gambling isn’t legal), Robinhood is certainly taking advantage of it right now.
• Winning Wallet Share: The company is successfully cross-selling. The Robinhood Gold Card now has over 500,000 cardholders, Retirement assets doubled in the past year to over $25 billion, and its Robinhood Strategies robo-advisor (launched in March) already has over $1 billion in assets.
• Global & Institutional Growth: Its Bitstamp acquisition (institutional crypto) is humming, with volumes up over 60% quarter-over-quarter. Its tokenized stocks offering in the EU now lists over 400 public companies.
• Robinhood Ventures: CEO Vlad Tenev highlighted a new push to give non-accredited retail investors exposure to private companies, a move he called “super important”.

Cons: The Elephant in the Room

There was only one real negative in the report, but it was a pretty big one.

• CFO Jason Warnick’s Retirement: Warnick, who has been with the company for seven years and is highly regarded by Wall Street for stewarding the company to profitability, is retiring. While his replacement, Shiv Verma, is a 7-year company veteran, the sudden change clearly spooked investors, who prize stability in the CFO role.
• Minor Cost Overrun: Adjusted OpEx came in $40 million above the midpoint of guidance, driven by higher employee bonus accruals (a result of the strong performance) and unplanned payroll taxes from Tenev’s market-based award vesting.

From the Q&A: The Strategy for Prediction Markets

When asked how Robinhood plans to compete with new entrants in the prediction markets, Tenev laid out a clear strategy. He said Robinhood’s core advantage is distribution.

He explained that while he expects many exchanges to pop up and compete on price, Robinhood’s power continues to be in our distribution and offering a wide variety of products. The winning formula, he argued, is being the only place where a trader can find this powerful combination of Prediction Markets, crypto, options, and equities all under one simple platform. If someone wants to try it out, it’s certainly a lot easier to do it here if they already have a Robinhood Crypto or Investment account versus opening up a whole new account somewhere else.

While the did was sizable, the stock is still up an amazing 327% in the last year and trades at about a 50x multiple of forward earnings. While that’s pricy on paper, the growth here is very impressive so its probably warranted and may make this an opportunity to buy. I will however note that Robinhood often goes as the market goes so its high volumes are evidence of the excitement we’ve had in both the stock and crypto markets. A reversal of that would likely mean the same for a company like Robinhood.

DraftKings: A Massive Guidance Cut and a Bold New Bet

Finally, DraftKings (DKNG) provided the week’s biggest drama on its November 7th call. The company reported a Q3 miss and a massive cut to its full-year 2025 guidance, sending shockwaves through the investment community.

But the stock’s reaction was the real story. After bleeding all week in anticipation of bad news, the stock ended the week basically flat after the guidance cut. Why? Because the company had a compelling enough excuse (bad luck) and an exciting new growth story (Prediction Markets). Still the stock is down 22% in the last year so not the best performer in this market.

The Results: A Tale of Two Stories

The headline numbers were ugly, but the company claimed the underlying business has never been stronger.

• The Miss: Q3 Revenue was $1.144 billion (only 4% Y/Y growth), and adjusted EBITDA was a loss of $127 million. The market was expecting 1.21B and a loss of $68M.
• The Guidance Cut: This was the brutal part. DraftKings slashed its full-year 2025 revenue guidance from ~$6.3B to ~$6.0B. Even worse, it cut its adjusted EBITDA forecast from ~$850M to ~$500M—a 40%+ cut at the midpoint.
• The Excuse (A Pro Maybe?): The company blamed the entire miss on customer-friendly sport outcomes. In his opening remarks, CEO Jason Robins said this bad luck—specifically on just a handful of NFL games—negatively impacted revenue by more than $300 million in September and October alone. For context, this followed a Q2 where good luck boosted revenue by $100 million. After all, DKNG makes more money when people win less often so revenue and earnings can be a bit choppy depending on how that goes.

Pros: “Most Bullish I’ve Ever Felt”

Despite the guidance cut, Robins opened the call by stating, This is the most bullish I’ve ever felt about the future of DraftKings. Naturally, that’s not a surprising thing for a CEO to say but it seems like the market bought his statement. Here’s why:

• The “Predictions” Pivot: The big news was the pending launch of DraftKings Predictions. This is a new, federally regulated product (based on event contracts) that allows DraftKings to enter the nearly 50% of the U.S. population that does not have legal online sports betting. Robins called it a significant incremental opportunity and vowed to compete and… win. You saw above how quickly that space is growing for a company like Robinhood so investors are excited what that could mean for DKNG.
• Strategic Launch: Crucially, Robins said DraftKings will focus its predictions product only on states where it does not offer Sportsbook, stating this is “where the vast majority of the financial opportunity exists”.
• Strong Underlying Metrics: Peeling back the bad luck, the core business looks fantastic. NFL handle is up 13% and NBA handle is up 19%. The all-important parlay handle mix surged 800-1,000 basis points for the NFL and NBA, respectively. The reason the parlay mix is important is because those are bets that gamers are less likely to win so that’s a good thing for DKNG. iGaming growth also accelerated to 25%.
• New Media Deals: The company is flexing its marketing muscle with new exclusive agreements with ESPN and NBCUniversal.
• Massive Buyback: To show its confidence (and support the stock), the Board authorized increasing its share repurchase program from $1 billion to $2 billion. That’s a great thing but it’s important to note that this is a company that has $300-$400M in stock based compensation the last few years so the buyback won’t be a massive share count reduction due to that offset.

Cons: Volatility and a Slashed Forecast 

• The Guidance Cut: There’s no spinning it—a 40%+ cut to the EBITDA forecast is a massive setback, even if it’s temporary and cause by bad luck.
• Extreme Volatility: The $300 million negative swing from “bad luck” highlights the inherent volatility of the sportsbook model. While it evens out over the long term, it makes quarter-to-quarter modeling a nightmare for investors.

From the Q&A: The Predictions Chess Move

When asked why DraftKings felt comfortable launching a predictions product when some peers have backed away, Robins explained the careful, strategic approach. He confirmed they’ve had numerous conversations with regulators. The key, he reiterated, is not offering it in states that already have legal sports betting. This move is a masterstroke: it avoids angering their existing state partners while simultaneously putting increased pressure on policymakers in non-legal states to just pass sports betting legislation—a game of chess that DraftKings seems like it things it can win.

From a valuation perspective, DKNG trades at a 45x multiple of SBC adjusted FCF for 25E but seems to be growing that number at a pretty good clip.

Disclosure : This is not investment advice. Please do your own due diligence and talk to a qualified financial professional before making any financial decisions.