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Q3 Earnings growth continues to improve, with 91% of constituents reporting thus far, ® EPS growth for Q3 2025 accelerated to 13.1% This week we get results from an onslaught of recent IPOs such as Gemini Space Station, Via Transportation, Figure Technology, Stubhub and more. This marks the final peak week of the Q3 earnings season with 2,697 companies set to release results AI Earnings Beat Expectations, But Some Investors Still Unimpressed Last week, AI-related companies reported mixed Q3 results. , , and all exceeded top and bottom-line expectations and offered optimistic guidance; however, this did not necessarily translate to investor satisfaction. Palantir’s stock took a nosedive in after-hours trading on Monday, despite the company’s strong Q3 results and raised guidance.1 This downturn was triggered by cryptic social media messages from "Big Short" investor Michael Burry. Burry disclosed significant bearish bets against both Palantir, buying over $900 million in puts, and , with $187 million in puts.2 On Tuesday, AMD reported record revenues of $9.2 billion, solidifying its position as the primary alternative to Nvidia’s AI chips (GPUs). Despite these strong results and Q4 guidance, the stock experienced a more than 3% drop in after-hours trading. This decline was likely due to investors engaging in profit-taking, partly driven by concerns over AMD’s extremely high valuation.3 On Wednesday, Qualcomm’s stock rose over 2% in after-hours trading following their strong forward guidance.4 This comes just a week after the company announced its plans to develop AI chips, positioning it as a competitor to AMD and Nvidia.5 McDonald’s Q3 Highlights a "Bifurcated" Consumer Base Ahead of Major Retail Reports Shifting focus from AI to the consumer, recently offered a sobering assessment of lower-income consumers’ spending habits. On Tuesday, the fast-food giant reported third-quarter results, missing on both the top and bottom-line, but with impressive same-store sales of 3.6%.6 CEO Chris Kempczinski highlighted a "bifurcated consumer base" on the earnings call, “with quick-service restaurant traffic from lower-income consumers declining nearly double digits in the third quarter, a trend that’s persisted for nearly two years.” He went on to note, “In contrast, QSR traffic growth among higher-income consumers remains strong, increasing nearly double digits in the quarter.”7 With the addition of the aforementioned reports, the S&P 500 blended EPS growth rate stands at 13.1%, up from 10.7% the week prior. According to FactSet, this would be the ninth consecutive quarter of growth, and the fourth consecutive quarter of double-digit growth. Revenues are now anticipated to grow 8.3% YoY, up from an expectation of 7.0% in the week prior.8 Government Shutdown and Conflicting Data Create Murky Labor Picture All of this commentary came as the labor market picture here in the US remains very murky. With the government shutdown stretching into its 38th day (at the time this article was written on Friday, November 7), the longest in history, we did not get the Bureau of Labor Statistics’ Employment Situation Summary as we typically do on the first Friday of the month. As such, all eyes were on ADP’s private payroll report on Wednesday. The latest report showed private payrolls rose 42,000 in October, more than expected.9 However, on Thursday, outplacement firm Challenger, Gray and Christmas reported that job cuts for October totaled 153,074, a 183% increase MoM, and 175% higher YoY. It was the highest number for any October since 2003 and has been the worst year for layoffs since 2009.10 Recent IPOs Reporting Earnings this Week Along with results from big names such as , , Tencent, we’ll also get a read on how some recent IPOs have been performing. Monday, November 10 Gemini Space Station (GEMI): The Winklevoss twin cryptocurrency exchange that made its public debut on September 12 will release its first quarterly report as a publicly traded company before the market opens. The stock is down 50% since they went public. Etoro (ETOR): The Israeli-based stock broker and social investment platform which IPO’d back in May will report before the open. The stock is down 47% since they went public. (CRWV): This AI cloud-computing company debuted back in March and is getting ready to report for its third time as a public company on Monday after the close. The stock is up 167% since they went public. Tuesday, November 11 Black Rock Coffee Bar (BRCB): The coffee chain that made its public debut on September 12 will release its first quarterly report as a publicly traded company after market close. The stock is down 12% since they went public. Thursday, November 13 Via Transportation (VIA): Like many others on this list, VIA also went public on September 12 and will be reporting its first quarter as a publicly traded company on Thursday before the market opens. The stock is up 3% since they went public. Stubhub (STUB): The ticket reseller went public the following week on September 17, and will report their first quarter as a public company on Thursday after the market closes. The stock is down 22% since they went public. Figure Technology (FIGR): The stablecoin issuer which IPO’d on September 11 will go live with their first public quarterly earnings report and call on Thursday after the market closes. The stock is up 15% since they went public. Friday, November 14 Legence Corp (LGN): The HVAC company wraps up the week of recent IPO earnings when they release Q3 results before the market opens. The stock is up 20% since they went public. Source: Wall Street Horizon. Source: Wall Street Horizon. Alibaba unconfirmed as of November 10, 2025. Q3 Earnings Wave This will be the last peak week of the Q3 earnings season with 2,697 companies expected to release results. Thus far, 89% of companies have confirmed their earnings date (out of our universe of 11,000+ global names), and 58% have reported. Source: Wall Street Horizon The Bottom Line The mixed signals from last week have set the stage for a critical test of market sentiment. While the AI boom continues to produce record revenues, bearish bets and valuation concerns—like those seen with AMD and Palantir—are colliding with sobering warnings about a "bifurcated" consumer from restaurants and retailers. With the historic government shutdown obscuring the true state of the labor market, all eyes now turn to the upcoming earnings from a wave of recent IPOs. The performance of these newer, riskier companies, from Coreweave to Gemini, will offer a clearer picture on whether investors still have an appetite for growth amid such a deeply uncertain economic backdrop.
