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Kevin G.

@kevg1412

12 Nov

1/ $CPNG was down 7% this morning on 3Q21 earnings.

Is this a case of investors getting ahead of themselves with high expectations or is there something wrong with the direction of the business?

A short update on Coupang below 🧵.

2/ Their 1P business, “Net Retail Sales” was +43% y/y to $4.1bn, down from +65% y/y last quarter. This 2300bps sequential deceleration is on very tough comps though and still good in absolute with $CPNG growing more than 2x as fast as the Korean ecommerce market.

3/ Active customers increased to 16.8mn, for the 15th consecutive quarter of 20%+ growth. However, active buyers in 2Q21 were 17mn. This sequential decrease is what is likely spooking the market.

Read 21 tweets

Kevin G.

@kevg1412

6 Oct

1/ In the early 2000s, The Walt Disney Company was in a bad way…

...It fended off a hostile takeover by Comcast.

2/ Its core business—animation—released commercial flops like Brother Bear, Atlantis, and Dinosaur. Meanwhile, Dreamworks and Pixar churned out hit after animated hit...

...And Michael Eisner—Disney’s CEO of 21 years—was on his way out after a shareholder revolt.

3/ In the midst of Disney’s crisis, Bob Iger spotted an opportunity. After 30 years at one company, the mild-mannered empath from Long Island was about to shake things up…

Read 15 tweets

Kevin G.

@kevg1412

5 Oct

1/ Some say you can pay any price for a great company, but was $CPNG at ~$100bn too high?

Well, one things for certain: you wouldn't have paid that for what it started out as.

2/ It started as a money-losing Groupon-clone that stemmed its losses by pivoting to an eBay model, but failed to develop beyond a mediocre business.

Bom Kim recognized he had to stop emulating what was easy and took on what no one though was possible: out-Amazoning Amazon.

3/ They built out their own entire logistics network and stocked their warehouses with the largest 1P selection in Korea.

They made delighting their customers their ethos and didn't shy away from hiring all of their own drivers to speed up delivery times.

Read 11 tweets

Kevin G.

@kevg1412

2 Sep

1/ Nintendo $NTDOY, a multi-generational icon, with 26 of the top 50 best selling titles, an IP portfolio 2nd to only Disney, trades at just 12x ex-cash earnings.

2/ Margins have only been improving because of the shift to digital, and they have over 30mn paying online subscribers--their first recurring revenue ever.

3/ Not to mention, their initiatives with DLC extends a game’s monetizable life and drives consumer spending higher, while increasing engagement.

Read 10 tweets

Kevin G.

@kevg1412

1 Jul

1/ $BABA added half an $AMZN of GMV and increased top line by $PDD total revenue just last year…

Investor sentiment?

Competition is going to smoke them...

2/ But wait, I thought they were a monopoly? They were just fined by the SAMR.

Investor response: Regulation is a big concern too

3/ Well, does China really want to cripple the engine that facilitates over $1.2tn of commerce that millions of merchants’ livelihood depend on?

We don’t think so.

Read 15 tweets

Kevin G.

@kevg1412

12 May

@rabois

The PayPal Mafia on Hiring

6 stories (and even more insights) from @rabois, @davidsacks, @davemcclure, and @yishan

Including:
The Interview Process
Getting Recruited
Joining
+ More

@yishan

1/ @yishan on his interview process

(His interview with @mlevchin is particularly funny and insightful)

@davemcclure

2/ @davemcclure on his interview process

Read 7 tweets

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