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TikTok wants to teach the "big brothers" how to work, Alphabet-C and Meta are going to change.

Hello everyone, I am Dolphin!

In the past two years, we have witnessed the accelerated trend of global business digitization. During the pandemic, the compulsory lockdown at home has led users to shift more of their entertainment and work time online. It is also during this time that the speed of online advertising migration has increased. The crowded demand for online marketing has driven a surge in eCPM prices, and global internet advertising giants have made a fortune.

Perhaps the prosperous scene of demand has made the giants too indulgent and overlooked the short video platform TikTok, which has the "Chinese-style internal competition gene," quietly sprinting ahead. In the quarterly conference calls last year, both Google and Meta management did not respond positively to analysts' questions about TikTok competition, seemingly unconcerned about the competitive threat from TikTok.

The giants' relaxation and lack of vigilance have given TikTok time to improve its internal strength. In just six months, TikTok's global user base has grown from 700 million in 2020 to 1 billion in mid-2021. As the advertising growth rate slows down in the second half of the year, the giants have finally begun to pay attention to the potential crisis and have accelerated the development of their own short video products. However, they still avoid discussing TikTok in conference calls.

But TikTok's growth momentum is unstoppable. With the improvement of more functional tools and the opening of commercial value, more and more influencers are joining with their fans. According to App Annie's data, TikTok has surpassed 1.2 billion global users so far, and it is expected to exceed 1.5 billion by the end of 2022.

At this point, whether it is the giants Google and Meta, or the smaller platforms Snap and Twitter, they can no longer turn a blind eye to TikTok. This year, all advertising platforms will face an overall market shrinkage under the pressure of inflation compression. However, TikTok, which has officially started commercialization, has mercilessly "raised its sword." With its user base and user stickiness, no one doubts its commercial prospects.

Therefore, the original platforms have to brace themselves for the challenge: in a market where the size of the cake remains the same, every bite taken by TikTok is likely to be their own share.

Since the beginning of this year, the stock prices of Meta and Google have been very disappointing, and the disappointing quarterly reports and Snap's weak guidance for the second quarter have almost shattered market expectations.

In addition to the various ghost stories from these two companies, the bigger disadvantage, in Dolphin's opinion, is that the commercial power of TikTok has not yet been truly reflected in the giants' performance. And looking at Wall Street's growth expectations for TikTok, they may not yet realize the seriousness of the situation: ByteDance, which has already proven its internal competition strength in China, will teach these giants who are used to easy profits a lesson through TikTok. In this report, Dolphin will focus on the development of short videos in the North American (US) market, which is the stronghold of Google and Meta, to analyze and estimate the potential commercial space of TikTok. Based on this, we will make a neutral and conservative assumption about the market share that Google, Meta, and other platforms may have to give up, in order to explore the possible long-term bottom value of Google.

I. The "Behemoth" That Has Been Fed by Peers

Perhaps some people still don't know how crazy TikTok's data is. All the core user indicators you can imagine are extremely rare and comprehensive on TikTok, similar to Douyin and Kuaishou in China two years ago. Moreover, this growth rate is absolutely terrifying for local platforms in the United States.

In the past five years, the competition pattern of social platforms in the United States has been stable, with Meta (Facebook, Instagram) and Google (YouTube) dominating the market, and a bunch of small and medium-sized platforms with not low penetration rates surrounding them. In this situation, TikTok's emergence is a big "surprise".

  1. User Scale: At least one-third of users in the United States use TikTok every month

First, let's look at the user scale and penetration rate. Dolphin selected TikTok, YouTube, Snapchat, and Instagram for comparison.

YouTube still has the highest user scale in the United States, after all, it leverages the high penetration rate advantage of Google search engine in the local market and its position as the pioneer and absolute leader of video platforms. As players in the same track, YouTube is the target that TikTok is catching up with, and TikTok has become a direct competitor that YouTube cannot underestimate.

Among the nearly 300 million Internet users in the United States, YouTube's 70-80% penetration rate can be said to be close to the ceiling. It is more difficult to achieve a penetration rate of over 90% like Facebook. After all, everyone needs social interaction, but not everyone needs video social interaction.

Looking back at the penetration rate trend from 2018 to the present, after reaching its peak in the second quarter of 2020 during the US epidemic, YouTube has started a slow decline. In addition to the fading of online activities due to the relaxation of global lockdown measures this year, the impact of TikTok on YouTube users has already been reflected.

2. User Stickiness (DAU/MAU): Possibility of Further Improvement

When analyzing the activity level of the platform, Dolphin usually uses DAU/MAU to measure the user stickiness to the platform. The higher the DAU/MAU ratio, the lower the risk of user churn.

Taking Chinese social platforms as an example, besides WeChat, which is in the top tier with around 80% stickiness, the second tier (around 60%) consists of short video platforms like Douyin and Kuaishou.

By comparison, TikTok currently has a stickiness level of 58% in the United States. However, Dolphin believes that due to the higher stickiness of American users to social platforms, the penetration rate of TikTok in the United States cannot simply be compared to the situation of Douyin in China. Based on its immersive user experience driven by recommendation algorithms, TikTok may have even greater room for improvement.

Although the user stickiness trend of TikTok seems to have hovered around the 55%-60% range since the fourth quarter of 2020, Dolphin needs to remind that during this period, TikTok was still in a phase of rapid user acquisition (adding 40 million users, an increase of nearly 50% from the previous base). According to the basic logic of lower stickiness for new users and higher stickiness for existing users, as these new users gradually become regular users, the overall user stickiness (DAU/MAU) will naturally reach a higher level.

3. Average Daily Usage per User: American Users Also Find it Hard to Resist the Addictive Mechanism

For these four American social platforms selected by Dolphin, advertising monetization is almost their main source of revenue. When advertisers allocate their budget to these platforms, they seek higher exposure rates within the same time frame. Generally, the pricing of brand advertisements is broken down into "days" as the basic unit of time, as shown in TikTok's rate card:

Therefore, the average daily usage per user is also an important indicator to measure the commercial value of the platform. And in this aspect, TikTok demonstrates the strong allure of short videos. According to App Annie data, TikTok users spend an average of 132 minutes per day scrolling through short videos, indicating that the "short video addiction" is universal.

There are two points to note. Currently, another widely circulated average daily usage time figure on the market comes from eMarketer's estimation (~45 minutes). Although there is a significant difference between the two data points, they actually have different definitions.

1) App Annie's average daily usage time is based on daily active users, which aligns with QuestMobile's customary definition of average daily usage time for Chinese internet platforms.

On the other hand, eMarketer's figure is based on monthly active users, so the calculated value is only 45 minutes (including users who do not log in to the platform as 0 minutes).

Although eMarketer's average daily usage time may appear much lower than App Annie's, it is still higher than the industry average when compared horizontally.

2) YouTube appears higher in the comparison chart provided by eMarketer because it includes the duration of YouTube TV and YouTube web. On the other hand, the App Annie data compiled by Dolphin only includes mobile platforms (iOS & Android).

Dolphin believes that YouTube has more resistance compared to the other three platforms when facing competition from TikTok. The advantage of YouTube TV in the CTV trend will be further elaborated in the following sections.

Combining <1-3>, whether it is user scale, user stickiness, or user duration, it is almost clear that short videos are still short videos, even if the name has changed to TikTok and the users have changed to overseas users. It is still a traffic black hole product that understands human nature.

Although the growth of various indicators has slowed down since the beginning of this year, the overwhelming dominance of Douyin in China and the ceiling set by TikTok as a benchmark platform are enough to show that TikTok's growth path is far from over.

II. Should the giants be held responsible for indulging TikTok's brutal growth?

Whether it is Douyin or TikTok, being able to thrive in both the Chinese and American internet markets, where penetration rates are already high, means that they can still carve out a broad space even when the traffic dividend is fading away. Dolphin believes that in addition to ByteDance's algorithmic advantage, other platforms' indifference and sluggishness towards the demand for short videos and the lack of investment by the old giants in the short video race are also contributing factors.

TikTok officially entered the US market in August 2017, while Meta hastily launched a short video standalone app called Lasso more than a year later (November 2018), which is almost a complete replica of TikTok. But a completely identical product has lost its own meaning, and TikTok's first-mover advantage and a complete set of short video ecosystem strategies will only distance itself from its "imitators" even faster.

Entering 2020, the outbreak of the pandemic led to the suspension of global offline activities, and the demand for online transformation exploded. All social platforms reached the peak of their user penetration rates. At the same time, short videos went viral worldwide, with TikTok's user base growing by 35% in the second quarter of 2020. As a result, Meta, Snap, and YouTube couldn't sit still and all launched their own short video features a few months later:

  1. Meta added a Reels short video feature to its most popular platform, Instagram.
  2. Snapchat also added a Spotlight short video shooting feature to its platform.
  3. YouTube was the slowest to act and only launched Shorts in early 2021.

These actions were synchronized among these giants. Compared to Chinese platform companies, American platforms that face direct competition appear clumsy and slow, especially Google and Meta. As leading global giants, their market sensitivity to user demand migration and changes in business trends is unexpectedly low. Perhaps this is because they have enjoyed being traffic dominators for too many years and have become accustomed to winning without effort, resulting in a slow judgment of competition.

III. "Lack of agility" is the fundamental reason why American giants missed the best opportunity to attack TikTok

Extraordinary things must have their reasons. Dolphin believes that the fundamental reason why American giants lack a sufficient sense of crisis is the penetration rate of internet advertising in the United States, which still has room for growth compared to China in the short term.

The pandemic is obviously a rare growth stimulant, but the short-term prosperity of the online economy has made the giants relax their vigilance and indulge in the surprises brought by the trend of online transformation. Last year, almost all streaming media platforms were talking about the "cord-cutting trend" (the migration of cable TV users to online platforms), while the industry leaders were crazy about "ecommerce".

Therefore, when we emerge from the pandemic and face the pressure of inflation and demand, the industry's beta frenzy quickly comes to an end. In the fierce competition, the battle for alpha dominance begins.

1. The "pandemic stimulant" of internet advertising in the United States

In the second year of the pandemic, the economy rebounded and recovered rapidly under macroeconomic regulation, and advertisers' budgets were replenished. At the same time, due to the intermittent nature of the pandemic, the habit of online consumption continued to be maintained in regions with restrictions on offline activities, and the duration of user digital media usage remained at the level of the lockdown in 2020.

Therefore, online marketing has become the preferred choice for more and more advertisers. The growth rate of internet advertising in the United States has significantly increased, with its share in the overall advertising market rising from 60% to 72%.

In contrast, the Chinese market has only experienced a slight increase in scale and penetration rate, from the same 60% to 64%, partly due to the impact of stricter regulations.

In addition, internet advertising in the United States has not only seen overall growth, but also significant growth across different platforms. Especially in PC advertising, it has achieved a breakthrough growth rate of over 30%, leaving behind its previous stagnant state.

Can the proportion of internet advertising in the overall advertising market in the United States be further increased?

Dolphin believes that if we compare the internet user situation between the United States and China, we can find that the internet penetration rate and user engagement in the United States are higher than in China. However, in 2020, the proportion of internet advertising in the overall advertising market in both countries was basically the same (60%). Although the proportion of internet advertising in the United States has achieved significant growth in 2021, we believe that due to the ultimate penetration rate of almost everyone being online in the United States, there is still potential for further online advertising growth in the short term.

On the other hand, it is precisely because there is still room for the overall migration of advertising to the online space that many local streaming media and social platforms in the United States, while enjoying the industry dividends, did not pay enough attention to the traffic competition initiated by TikTok.

  1. Advertiser budgets are "accelerating" towards video advertising.

Catalyzed by the pandemic, the trend of video consumption in the United States has once again reached its peak. More and more users are accustomed to consuming video content, so advertisers need to keep up with the times and replace traditional text and image ads with dynamic videos that can capture users' attention.

In 2021, video advertising once again experienced accelerated growth, with its share in the overall advertising market increasing from 17% before the pandemic (2019) to 21%, achieving a compound annual growth rate of 35% over the past two years.

However, the market size of video advertising is obviously more than that. Whether it is the increasing viewing time of American users or the horizontal comparison with video advertising in China, there is still a small space for video advertising in the United States to continue to penetrate.

According to iResearch's prediction, in 2021, long video pre-roll ads + short video in-feed ads will account for about 25% of the overall internet advertising share, and it is expected to increase to 28.3% by 2023. However, long video pre-roll ads are gradually shrinking, while short video in-feed ads continue to expand.

3. One difference in the changes of video advertising between China and the United States

However, it is worth mentioning that in 2021, the fastest-growing segment of digital video advertising in the United States is not the same as the situation in China:

  1. In China, the growth of video advertising is clearly driven by the rise of short video ads, while in the United States, it mainly comes from CTV.

Here, CTV mainly refers to streaming platforms that can be watched on TV, including AVOD models (ad-supported video on demand) such as Pluto TV, Tubi, Hulu, Paramount+, as well as vMVPDs (virtual multichannel video programming distributors) such as YouTube TV, fuboTV, etc.

2) "Social video ads," which are similar to the definition of short video in China, have a slightly lower growth rate than CTV ads but still exceed the overall growth rate of the digital video industry. Therefore, their market share is also increasing in the industry.

  1. "Other video ads," which are mainly web-based video ads, have a growth rate of 15%, but they are still slightly inferior to the other two types of video ads.

After all that has been said, the Dolphin is just finding a "suitable excuse" for the strategic mistakes made by the giants in the past two years. During these two years, the overall prosperity of internet advertising and the dominance of video advertising have made Google, Meta, and other American advertising giants less alert to TikTok's invasion when they obtained impressive performance data. As mentioned by Meta and Netflix management in a conference call last year, "Currently, streaming/social platforms are enjoying the benefits of the industry's online migration, where users are shifting their attention from cable TV to internet platforms. This opens up the overall industry's upward potential, and we haven't seen significant competitive impact."

Alternatively, it may be TikTok's deliberate choice to slow down its commercialization pace, which has prevented the giants from seeing any erosion in their performance data and thus reduced their wariness towards TikTok. Additionally, TikTok's youthful nature was also a hesitation for some advertisers last year, especially for small and medium-sized businesses with limited budgets. Therefore, they sought platforms with broader user coverage and more comprehensive user profiles for advertising.

However, with a year of development, TikTok currently has over 100 million users in the United States alone. Even though young users account for a large proportion, as the scale grows, it naturally covers a considerable number of middle-aged and older users as well.

According to App Annie's data in May this year, TikTok's "youthfulness" feature has significantly weakened, and the overall user population aged 25-44 is approaching that of Instagram.

Therefore, we have reason to believe that as TikTok's user base and age profile continue to mature, more advertisers will allocate budgets to the TikTok platform this year.

4. Short video tools or short video only?

If we compare the ways various platforms enter the short video race, we can see a clear difference:

  1. TikTok is a platform dedicated solely to short videos, with almost all content presented in videos under 3 minutes. Although TikTok is testing the direction of medium-length videos under 10 minutes, most videos on the platform are still short.

  2. Instagram, Snapchat, and YouTube treat short videos as a functional tool embedded in their current platforms. This approach is similar to platforms in China such as Bilibili, Zhihu, Weibo, and Xiaohongshu, which allow various content formats such as text, images, and short/long videos to coexist on the platform.

However, this embedded approach cannot fully leverage the immersive advantage of short video waterfall-style information flow (increased user engagement). In terms of user engagement, it still lags behind short video-only platforms like Douyin and Kuaishou, which already have a large user base.

What's worse is that after introducing short videos, YouTube, as a platform for medium and long videos, did not see an overall increase in user engagement. Despite the management's high-profile announcement that Shorts has reached a global user base of 1.5 billion and daily video views exceeding 30 billion, when combined with the "overall decrease in user engagement on YouTube," it actually indicates that Shorts' prosperity may mainly rely on cannibalizing the original medium and long video ecosystem. **

To maximize the algorithm addiction mechanism, the ultimate solution is to develop a separate short video app. As the first giant to recognize the demand for short videos, Meta, due to its long-term lag in mobile product design and development capabilities, did not make much of a splash with its independent short video app "Lasso".

In the face of TikTok's current dominance, it is almost impossible for giants to defeat TikTok through natural competition. After all, the success of both Douyin and TikTok is not only due to their first-mover advantage, but more importantly, they have developed a set of highly effective content recommendation algorithms.

When it comes to how to leverage the mobile platform ecosystem, Chinese counterparts have long been ahead. The speed of innovation in domestic platforms in the United States still lags behind, and they can only try to imitate. Therefore, we can see that most of the features of YouTube Shorts and Instagram Reels can basically be found in TikTok.

At the same time, TikTok is also introducing the business models of its predecessors in order to provide local advertisers with rich advertising tools, such as launching brand filter ads similar to Snap.

Since independent apps are no longer viable, leveraging the traffic advantages of existing platforms to develop short videos has become the first choice for social platforms in the United States. However, based on the lessons learned from China, the monetization efficiency of short videos is almost unbeatable. The practice of inserting short videos as tools into existing platforms naturally limits the coverage of short video content, and the switch between text and short videos can easily weaken the immersive effect of short videos.

Therefore, platforms with lower "short video content" will face significant growth pressure in terms of releasing commercial value in the face of intensified competition.

5. How to view the impact on YouTube, Meta, and Snap?

Although we mentioned earlier that there is still room for further penetration of internet advertising in the United States, TikTok's invasion with highly efficient short videos will undoubtedly lead to fierce competition. The original platforms will not only have their market share divided (potential revenue growth reduced), but they may also be directly snatched away from their existing revenue scale.

1. Ranking of TikTok's competitive impact: Snap > Instagram > YouTube

(1) First, it affects Snap, which mainly relies on brand advertising. Currently, TikTok is still in the stage of commercial expansion, and the first entry point is brand advertising. By using "brand tag challenges" to market users' brand awareness.

And due to the small volume of Snap's advertising, the overall number of brand advertisers is also small, so when some brand advertising budgets migrate, the impact can be directly seen on Snap.

Secondly, there is Instagram. Since Facebook's appeal to young people has decreased and the overall ecosystem has gradually "aged," Facebook has become a platform for businesses to directly advertise e-commerce and facilitate transactions. The advertising budgets on Facebook have been decreasing year by year. Therefore, Meta increasingly relies on its subsidiary Instagram to take on the main role.

Instagram is somewhat similar to China's Weibo, with a large number of active celebrities, fashionistas, and others, making it popular among many young people, especially fan users. As of now, Instagram has over 2 billion global users, and Reels on Instagram can help Meta fill the gap in short videos that they have been longing for.

However, just like Weibo, with the trend towards video, user attention (duration) is likely to shift towards video platforms. When the celebrity influencers on Instagram also choose to join TikTok, user attrition for Instagram is inevitable.

Therefore, the risk for Instagram is that when user attention undergoes irreversible migration, it will directly weaken its overall commercial value.

Lastly, there is YouTube Shorts. Riding the wave of video trends, YouTube has been accelerating monetization in recent years. However, in this wave of short video competition, Google has been the slowest to act, only launching the Shorts feature in 2021.

In reality, YouTube has a large number of creators who are skilled in producing video content. With the lower barrier to entry for short video production, it is also advantageous for quick production and explosive products.

However, YouTube Shorts is still lagging far behind TikTok in terms of tool functionality and the commercial ecosystem for short video creators, mainly due to its late launch. YouTube is still limited to using its own funds to reward creators with high view counts.

In addition, TikTok has already started testing the functionality to publish videos within 10 minutes, showing ambitious intentions to enter YouTube's core territory.

In May of this year, YouTube officially announced that Short has reached 1.5 billion monthly active users, seemingly surpassing TikTok. However, Dolphin has learned through research that the fastest growth mainly comes from the Indian market, where the commercial value per user is also discounted compared to the European and American regions. On the other hand, the doors to the Indian market have not yet opened for TikTok, which has Chinese origins.

In 2021, the sponsor of the Vidcon global creator conference shifted from YouTube, which had been on the stage for 8 years, to TikTok. It is hard not to speculate that this may be a signal indicating a major turning point in the future. 2. The Commercial Value of TikTok: Adjusting Google and Meta's Expectations

This year marks the official beginning of TikTok's commercial power. Given its outstanding ecological data, we must acknowledge its impact on the existing advertising landscape in the United States and even globally.

Currently, TikTok has set its global advertising revenue target for 2022 at a staggering $12 billion, but no long-term expectations have been provided. Market expectations for TikTok's medium to long-term revenue vary greatly.

For example, Cowen's expectations are relatively conservative, projecting global revenue of $15 billion by 2024. On the other hand, eMarketer estimates that TikTok's revenue in the purely American market alone could reach $11 billion by 2024 (with a monthly active user base of 103 million), roughly accounting for 50% of global revenue, amounting to $22 billion.

Taking the American market as an example, according to eMarketer's projections, TikTok's single daily active user (DAU) advertising revenue in the United States would amount to $110. If we compare this to the financial data from 2021, TikTok's monetization efficiency is essentially on par with YouTube's current level.

However, Dolphin believes that eMarketer's expectations may still be too conservative. Let's calculate the commercial value that TikTok can unleash in the long term (by 2026) and adjust our expectations for Google and Meta's revenue accordingly.

  1. Daily Active Users (DAU): Assuming that TikTok can achieve the same penetration rate among American internet users as Douyin and Kuaishou currently have among Chinese internet users (60-70%), this would correspond to approximately 195 million monthly active users, or 3 * 65% = 195 million. Considering a user stickiness rate of 60% (DAU/MAU), the estimated daily active user base (DAU) would be 120 million.

  2. Single DAU Advertising Revenue: eMarketer has used YouTube's current level as the benchmark for TikTok's monetization efficiency. However, as mentioned earlier, based on the current competition in China, short video platforms have the highest efficiency. Compared to YouTube, which focuses on medium to long videos, TikTok's monetization efficiency should be even better. Therefore, the assumption of $100 in advertising revenue per user is too low. We lean towards selecting a monetization level of $150-200 per daily active user.

Taking the above factors into account, we can roughly estimate TikTok's advertising revenue in the United States to be in the range of $18-24 billion, far exceeding eMarketer's predicted $11 billion.

3. What will be the competitive landscape of the US market under the assumption of TikTok's disruption?

From the perspective of the overall industry, the US advertising market generally accounts for 1% of the total GDP. With the increase in online activities during the pandemic, the penetration rate of internet advertising has gradually increased, and the proportion of internet advertising in the overall GDP is also continuously climbing. However, considering that the pandemic period is abnormal, it is expected that the migration of advertising to online platforms will slow down significantly, although there is still room for growth.

Assuming that in the medium to long term (by 2026), the proportion of internet advertising in GDP will slowly climb to 0.9% (corresponding to internet advertising accounting for 78% of the total advertising), according to the latest forecast by the IMF (as of June 24, 2022), the GDP growth rate in the United States for 2022-2024 will be 2.9%, 1.7%, and 0.8% respectively, reflecting the expectation of a recession. We assume a compound growth rate of 2% for 2025-2026, implying a weakening of the economic downturn. Based on these assumptions, the market size of internet advertising in 2026 will be around 227.1 billion US dollars.

Due to recent significant changes in Meta's VR business, and while Meta is in a transition period between old and new businesses, its core business is still in a downward cycle. Although the price is already quite cheap, there is no significant online space in the short term, and it is not included in the portfolio of Dolphin Alpha. Therefore, the following mainly focuses on updating the performance expectations and valuation of Google.

Combining the aforementioned revenue forecast for TikTok, it is estimated that by 2026, TikTok's market share in the US internet advertising market will be in the range of 8% to 11%. If Google can maintain its current competitive position in the remaining market size (assuming TikTok's revenue is 20 billion, the remaining market size is 207 billion), it means that the advertising revenue by 2026 may have a growth potential of around 10% (2070/1890, based on the size of the US internet advertising market in 2021), corresponding to a CAGR of 2%. If Google makes further efforts to capture some market share from smaller platforms and maintains relatively high growth rates in non-US markets, the CAGR can reach a level of 4-5%.

However, compared to Dolphin's previous expectation of an 8% CAGR for Google's advertising revenue growth, this still leaves much room for imagination. In addition to the factor of TikTok's involvement, the risk of accelerated decline in the US macroeconomy was not fully anticipated.

Therefore, assuming the growth expectations for other businesses remain unchanged:

(1) We will adjust Google's advertising revenue CAGR for the period 2022-2026 to 4.3%, with YouTube still having the highest growth rate among various types of advertising. Review of Dolphin's "Google" Research Article

Earnings Season

April 27, 2022 Conference Call: "Management Avoids Talking About TikTok, But Competition Intensifies Behind Shorts"

April 27, 2022 Earnings Review: "Google: Facing Headwinds, Big Brother Struggles"

February 2, 2022 Conference Call: "Increased Investment, Accelerated Hiring - Google Actively Seeking Expansion"

February 2, 2022 Earnings Review: "Blinding Performance, Rare Stock Split - Google Soaring Again"

October 27, 2021 Conference Call: "Google, the Vast Ocean of Stars - The World's Number One AI Company"

October 27, 2021 Earnings Review: "Google: Imperfections Do Not Dim Its Brilliance - Advertising Big Brother Shines Alone"

July 28, 2021 Earnings Review: "Google: Riding Favorable Winds, Soaring in Growth"

2021 July 28th Conference Call "Google Q2 2021 Earnings Conference Call Summary | Dolphin Research"

2021 April 28th Conference Call "Google Q1 2021 Earnings Conference Call Summary: Management's Focus on Long-term Development"

2021 April 28th Earnings Review "Google: The Strong Get Stronger, Once Again Impressive in Advertising"

2021 April 27th Earnings Preview "Google Earnings Preview: How Long Can the Flag of Advertising Recovery Fly?"

2021 February 4th Conference Call "Understanding the Core Content of Google's Conference Call in One Article"

2021 February 3rd Earnings Review "Dolphin Research | Emerging from the Haze of the Pandemic, Google Makes a Strong Comeback"


2022 February 16th "Internet Advertising Overview - Google: Creating a Storm"

2021 November 23rd "Google: Performance Soars Alongside Stock Price, Strong Recovery is the Theme of the Year"

2021 February 22nd "Dolphin Research | Dissecting Google: Is the Recovery of the Advertising Leader Coming to an End?"

Dolphin Research "Meta" Article Review:

Earnings Season

2022 April 28th Conference Call "Not in a Hurry to Commercialize Reels to Address Competition (Meta Conference Call Summary)"

2022 April 28th Earnings Review "Is the Surge a Matter of Faith? Meta's Turning Point Has Yet to Come" 2022年2月3日电话会《能否期待 Reels 像 3 年前的 Stories 再次激活 Meta 用户增长?(电话会纪要)》

2022年2月3日财报点评《雷上加雷,改名 Meta 后 Facebook 变身 “衰神”》

2021年10月26日电话会《Facebook 电话会关键词:元宇宙、苹果隐私政策、年轻人、竞争》

2021年10月26日财报点评《Facebook:无惧预期内 “暴雷”,下血本押注 “元宇宙”》


2021年7月29日财报点评《Facebook 的能量,可能超出你的想象 | 海豚投研》

2021年4月29日电话会《Facebook 一季度业绩电话会纪要》


2021年4月28日财报前瞻《Facebook 业绩前瞻:被市场寄予厚望后,能否还有惊喜?》

** 深度 **


2021年9月24日《苹果拔刀,第一个 “见血” 的巨头是 Facebook? invite-code=032064)》

On August 6, 2021, "Facebook: Digging Deep into the 'Business Value' of the World's Top Netizen Harvester" was published.

On November 23, 2021, "Facebook: After the Double Pressure of Heavy Investment, the Turning Point Is Not Far Away When 'Meta' Is Turned" was published.

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