The past week or so saw a lot of large positions in the Freedom Portfolio report earnings. I didn’t get a chance to write anything up individually for those earnings reports, so I thought I would combine them all and do a quick overview of what happened and my thoughts. And because I’m always looking for a good reason to come up with an acronym, I dub this overview S.A.R.S.

Shopify (SHOP)

What happened: Shopify announced earnings on August 1st, and the stock jumped in response. As of today it has given up most of those gains, although I suspect that has more to do with the overall market being down over concerns with what is going on in China.

Key Takeaways:

• Revenue was up 48% year over year, from $245 million to $362 million
• Margins increased to 56.6%, up from 55.9% a year ago
• Full year revenue projections were increased to $1.51 billion to $1.53 billion, up from the previous range of $1.48 billion to $1.50 billion

One sentence summary: Shopify’s main business is firing on all cylinders and they continue to invest in even more growth opportunities for the future like their fulfillment network.

Amazon (AMZN)

What happened: Amazon announced earnings on July 26th, and the market didn’t seem too impressed. The stock dropped a fair bit immediately afterwards and has continued to drop since (although as alluded to before, it’s hard to disentangle how much is related to larger market concerns).

Key Takeaways:

• Revenue increased 20% year over year, which is an acceleration of the previous two quarter’s growth rates
• Spending to upgrade from two day shipping to one day shipping was $800 million, with more spending planned next quarter
• Amazon Web Services (AWS) revenue grew 37% year over year, which was a deceleration from the previous quarter

One sentence summary: The long term investor in me is glad to see that Amazon continues to place long term growth over short term considerations with the investment to upgrade their shipping capabilities.

Redfin (RDFN)

What happened: Redfin reported earnings on August 1st, and the stock jumped the next day on the largely positive numbers. Some of those gains have been given back since, but it remains in the green.

Key Takeaways:

• Revenue grew 39% to $197.8 million from $142.6 million
• Revenue from Redfin Now, where they buy and sell homes directly, grew from $9 million to $39.9 million year over year
• The company accounted for 0.94% of U.S. existing home sales by value, which might not seem like much, but it’s up from 0.83% a year ago
• Monthly average visitors to the website increased 27% year over year

One sentence summary: Really impressive quarter where all the metrics appear to be moving in the right direction.

Square (SQ)

What happened: Square reported earnings on August 1st, and the market was not pleased with what it saw. The stock dropped sharply the next day and has continued to drop today.

Key Takeaways:

• Revenue grew 46% year over year, beating analysts’ forecasts
• Adjusted EBITDA grew 54% year over year
• Cash App revenue has grown from $0 to $135 million in three years
• Announced they were selling their Caviar business to Door Dash
• Maintained guidance for full year revenue

One sentence summary: The market seemed disappointed by the lack of a bump up in guidance, but I just see an incredibly fast growing company with a powerful foothold in the growing digital payments space.