Equity Research Earnings Update

Create professional **EARNINGS UPDATE REPORTS** analyzing quarterly results for companies already under coverage, following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format).

**Key Characteristics:**

**Length**: 8-12 pages
**Word Count**: 3,000-5,000 words
**Tables**: 1-3 summary tables (NOT comprehensive)
**Figures**: 8-12 charts
**Turnaround**: 1-2 days (within 24-48 hours of earnings)
**Audience**: Clients already familiar with the company
**Focus**: What's NEW - beat/miss, updated estimates, thesis impact
**Font**: Times New Roman throughout (unless user specifies otherwise)

When to Use

Use when the user requests:

"Create an earnings update for [Company] Q3 2024"
"Analyze [Company]'s quarterly results"
"Post-earnings report for [Company]"
"Q1/Q2/Q3/Q4 update for [Company]"

**Do NOT use if:**

User requests "initiation report" → Use different skill
User requests "flash note" or "quick take" → Different format
Company is not already covered → Need initiation first

Critical Requirements

1. Speed & Timeliness

Publish within 24-48 hours of earnings release
Focus on NEW information only
Don't rehash company background extensively

2. Beat/Miss Analysis

Lead with whether company beat or missed estimates
Quantify variances (e.g., "Revenue beat by $120M or 3%")
Explain WHY results differed from expectations

3. Summary Format

Keep tables to 1-3 (summary only, not comprehensive)
No full P&L/Cash Flow/Balance Sheet (just key metrics)
Assume reader has seen initiation report

4. Citations & Source Attribution ⭐⭐⭐ MANDATORY

**CRITICAL**: Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.

**Include specific citations WITH CLICKABLE LINKS in every figure and table:**

Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
        [Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
        [Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]

**HOW HYPERLINKS SHOULD APPEAR IN WORD:**

Document names appear as blue, underlined clickable links
Reader can Ctrl+Click to open source directly
Not plain text URLs - formatted hyperlinks with display text

**REQUIRED SOURCES LIST:**

Cite in every earnings update:

✅ Earnings release (with date and URL)
✅ 10-Q filing (with filing date and EDGAR link)
✅ Earnings call transcript (with date)
✅ Investor presentation/supplemental materials (if available)
✅ Consensus estimates source (Bloomberg/FactSet/etc. with date)
✅ Prior guidance (from previous quarter's materials)

**REFERENCE SECTION WITH CLICKABLE HYPERLINKS:**

Include "Sources" section at end of report:

SOURCES & REFERENCES

Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
  [Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]

• Form 10-Q (Filed November 8, 2024)
  [Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]

• Earnings Call Transcript (November 7, 2024)
  [Hyperlink to: https://seekingalpha.com/article/...]

• Investor Presentation (November 7, 2024)
  [Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]

**VERIFICATION CHECKLIST:**

[ ] Every figure has source with specific document and date
[ ] Every table has source with document reference
[ ] Beat/miss analysis cites consensus source with date
[ ] Guidance changes cite current a

Equity Research Earnings Update

Page Outline

Source Content