Photograph by Vasko Getty Images
By Michal Lev-Ram
July 20, 2016

It’s that time of the year again: earnings season for some of the largest tech companies around.

Already this week we’ve seen IBM (ibm), Yahoo (yhoo), Netflix (nflx), and Microsoft (msft) release quarterly financial results. Up next week? None other than the Four Horsemen of Tech, or as I like to call them, the GAAF. (That means “cool” in Dutch, but also stands for Google (goog), Apple (aapl), Amazon (amzn), and Facebook (fb).)

There are a lot of minute details—and jargon—crammed into each of these companies’ earnings calls, but most can be boiled down to just one key word. In the spirit of simplification, here is what you need to know about the companies that have already released their latest results. Stayed tuned for the GAAF, which I will write about next week.

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IBM: Transition. As in, it’s hard turning around a century-old tech company. Despite some bright spots—Big Blue did beat analysts’ expectations—it has now reported its 17th consecutive quarter of revenue decline.

Yahoo: Goodbye. No, not to Tumblr, the acquisition that has struggled for years to make money, but to Yahoo itself. The company’s sale process is likely nearing its end, and this was likely Yahoo’s last quarterly earnings call as a whole, independent entity.

Netflix: “Un-grandfather.” As in, phasing in price increases for customers by $1 or $2 per month. Also known as, people don’t like to pay more for the same product. Cue the company’s stock tumbling about 15% in after-hours trading Monday after it announced lower-than-expected subscriber numbers.

Microsoft: Azure is kicking ass. OK, that’s more than one word. On Tuesday, the Redmond, Wash.-based giant said its Azure cloud business doubled revenue year over year. The only missing info? An actual dollar amount.

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