Same night, opposite tapes. AppLovin and Qualcomm both beat the Street after Wednesday's close — one stock jumped about 28%, the other fell about 11%. The difference was not the quarter that just ended. It was the guide, and what is happening underneath the headline business. ConocoPhillips reported this morning with a cleaner, quieter beat and an 11% dividend raise. Here is the sheet, biggest reaction first.
AppLovin (APP) — the beat the market actually paid for
Revenue rose 55% to a record $2.18 billion vs $2.07 billion expected, and EPS came in at $4.30 vs $4.03 expected. The print cleared the company's own guide, too — revenue landed about $100 million above the top of its $2.055–$2.085 billion range, which management credited to model improvements in the core mobile gaming business. Net income rose 72% to $1.44 billion — a 66% net margin — adjusted EBITDA rose 59% to $1.84 billion at an 84% margin, and free cash flow was $1.42 billion. The board added $3.2 billion to the buyback, taking the authorization to $3.6 billion.
Then the guide sealed it: fourth-quarter revenue of $2.365–2.395 billion vs about $2.25 billion expected, with adjusted EBITDA of $1.995–2.025 billion. The stock had already closed up 10.7% at $271.75 before the print, jumped about 23% after hours to near $333, and was up about 28% in Thursday's session near $347 — a big move that still leaves the shares well below where they traded over the summer, which is exactly why the room to run existed. Official earnings page
AppLovin daily closes, last ~90 days — down 16.9% over the window even after today's jump; the spike at the right edge is today's reaction to the print. Data: Yahoo Finance, checked November 5, 2026.
Qualcomm (QCOM) — a one-cent beat, sold anyway
Adjusted EPS was $2.17 vs $2.16 expected and non-GAAP revenue was $10.44 billion vs $10.12 billion expected (GAAP revenue $10.32 billion) — a beat on both lines, and down 7–8% year over year, which tells you where the problem sits. Inside the chip business, handset revenue fell 26% to $5.14 billion as industry-wide memory tightness squeezed the smartphone market — the same pressure that had memory names like Micron sliding again this morning. Automotive was the bright spot, up 89% to a record $1.99 billion in its first $2 billion quarter, with IoT up 4% to $1.89 billion — together they covered only a little over half the handset decline. Licensing revenue fell 7% to $1.30 billion, though the company did renew long-term license agreements with Apple, Huawei, and Transsion.
The guide is what got sold. First-quarter revenue guidance of $10.4–$11.2 billion was fine, but the adjusted EPS midpoint of $2.25 landed just under the $2.27 consensus — close enough to look petty, far enough to give sellers their excuse. Shares fell about 7% after hours, about 9–10% premarket, and about 11% in Thursday's session to near $154. Official earnings page
Qualcomm daily closes, last ~90 days — down 2.2% over the window; the drop at the right edge is today's reaction to the print. Data: Yahoo Finance, checked November 5, 2026.
ConocoPhillips (COP) — higher prices did the work
Adjusted EPS was $3.27 vs $3.05 expected (GAAP EPS $3.34) and revenue was $19.44 billion vs $18.59 billion expected, up 29.2% year over year. The driver is on one line: the average realized price rose 32% to $61.40 per barrel of oil equivalent, which more than covered production slipping 97 MBOED to 2,302 MBOED. Cash from operations was $7.2 billion, the company returned $3.4 billion in the quarter ($2.4 billion of buybacks plus $1.0 billion of dividends), and the quarterly dividend goes up 11% to $0.93 a share, payable December 1 to holders of record November 16. Fourth-quarter production is guided to 2.32–2.36 MMBOED with full-year capital guidance unchanged. A beat built on price rather than volume gets a shrug, not a stampede: shares were up only about 1% in Thursday's session. Official earnings release
On deck
Airbnb (ABNB) — Thursday, November 5, after the close
Consensus: EPS $2.85, revenue $4.75B (estimates, MarketBeat; Zacks EPS $2.89) — up about 29% and 16% year over year, and inside the company's own revenue guide of $4.69–$4.77 billion. The print will be judged on whether revenue clears the top of that guide, what fourth-quarter booking trends look like from here, and the margin line — management has already warned third-quarter adjusted EBITDA margin runs slightly below last year's on the timing of investment spending. Official earnings page
Airbnb daily closes, last ~90 days — up 10.1% over the window ahead of tonight's print; the last bar is today's partial session. Data: Yahoo Finance, checked November 5, 2026.
Cloudflare (NET) — Thursday, November 5, after the close
Consensus: EPS $0.34, revenue $737M (estimates, MarketBeat), up about 27% and 31% year over year and right on the company's own guide of $736–$737 million in revenue and $0.34 in non-GAAP EPS. The print will be judged on whether growth holds above 30%, on the fourth-quarter guide, and on gross margin, which slipped to 73.1% last quarter as network costs rose — at this valuation, the growth rate is the whole argument. Official earnings page
Vistra (VST) — Friday, November 6, before the open
Consensus: EPS $2.34, revenue $7.44B (estimates, Zacks), up about 34% and 50% year over year. The print will be judged on how much of the summer's record ERCOT and PJM demand the company actually captured — about 100% of expected 2026 generation was hedged as of August, which caps the upside as well as the downside — and on whether the full-year adjusted EBITDA guide of $6.8–$7.6 billion gets reaffirmed. It also shares the morning with the October jobs report at 8:30 a.m. ET, so the reaction may have to fight for attention. Official earnings page
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Sources: company earnings releases and investor-relations pages linked above (ConocoPhillips via Business Wire, AppLovin, Qualcomm); consensus estimates per MarketBeat and Zacks as reported November 4–5, 2026; stock reactions per Reuters, CNBC, TradingKey, TipRanks, and Finnhub market data as reported November 5, 2026. Consensus figures are estimates. Checked November 5, 2026. Not financial advice.
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