Equity Research Earnings Update Report

# 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

Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.

Include specific citations WITH CLICKABLE LINKS in every figure and table.

### 5. Updated Estimates
- Update forward estimates based on results
- Show old vs. new estimates clearly
- Explain what changed and why

## High-Level Workflow

### Phase 1: Data Collection (30-60 minutes)
- Search for latest earnings release and transcript
- Verify dates are current (not training data)
- Collect consensus estimates for comparison

### Phase 2: Analysis (2-3 hours)
- Beat/miss analysis for each key metric
- Segment/geographic/product breakdown
- Margin and guidance analysis
- Update financial model and estimates

### Phase 3: Chart Generation (1-2 hours)
Create 8-12 charts focusing on quarterly trends and what's new.

### Phase 4: Report Creation (2-3 hours)
Create 8-12 page DOCX report with structured sections.

### Phase 5: Quality Check & Delivery (30 minutes)
Verify content, formatting, accuracy, and timeliness before delivery.

## Output Specification

**Primary Deliverable**: DOCX report (8-12 pages)
**File Name**: `[Company]_Q[Quarter]_[Year]_Earnings_Update.docx`

## Key Differences from Initiation Report

| Aspect | Earnings Update | Initiation Report |
|--------|----------------|-------------------|
| **Length** | 8-12 pages | 30-50 pages |
| **Words** | 3,000-5,000 | 10,000-15,000 |
| **Tables** | 1-3 summary | 12-20 comprehensive |
| **Figures** | 8-12 | 25-35 |
| **Turnaround** | 1-2 days | 3-6 weeks |
| **Scope** | Quarterly results | Complete company |
| **Focus** | What's NEW | Everything |

## Dependencies

**Required:**
- Python (matplotlib, pandas, seaborn) for chart generation
- DOCX skill for report creation