Earnings reports are the single biggest catalyst for individual stock moves. Key focus areas: (1) EPS beat/miss vs. consensus — a beat of 5%+ usually drives a positive reaction, but the magnitude of the surprise matters more than the absolute number. (2) Revenue growth — even if EPS beats, declining revenue signals unsustainable cost-cutting. (3) Forward guidance is often more important than the actual results — an EPS beat with lowered guidance often triggers selling. (4) Gross margin trends — expanding margins suggest pricing power; contracting margins signal cost pressure. (5) Operating cash flow vs. net income — if cash flow lags net income significantly, earnings quality is poor. (6) Listen to the earnings call for management tone, especially on AI/capex spending, supply chain comments, and consumer demand trends. (7) Compare 'same-store sales' or key operational metrics (DAU, ARPU, bookings) across quarters for trend analysis.