$SE Q4 2025 Earnings in Charts

Here are 7 standout visuals from the quarter:

1. Gross Merchandise Volume

Growth showing no signs of slowing down. 2. Loans Outstanding

Monee growth accelerated and remains the fastest growing business segment.

$SE

$SE Q3 2025 Earnings in Charts

Here are 7 standout visuals from the quarter:

1. Gross Merchandise Volume

Growth showing no signs of slowing down. 2. Loans Outstanding

Monee remains the fastest growing business segment.

$SE

$NU Q2 2025 Earnings in Charts

Here are 7 standout visuals from the quarter:

1. Customers 2. Revenue

$NU

$SE Q1 2025 Earnings in Charts - a Thread

Here are 5 of the most eye-catching:

1. Gross Merchandise Volume 2. Quarterly Paying Users

$SE

$ABNB Q1 2025 Earnings in Charts - a Thread

Here are 7 of the most eye-catching:

1. Nights & Experiences Booked 2. Gross Booking Value

$ABNB

$SE Q4 2024 Earnings in Charts - a Thread

Here are 6 of the most eye-catching:

1. Gross Merchandise Volume 2. Quarterly Paying Users

$SE

$NU Q4 2024 Earnings in Charts - a Thread

Here are 7 of the most eye-catching:

1.Customers 2. Purchase Volume

$NU

$SE Q3 2024 Earnings in Charts - a Thread

Here are 5 of the most eye-catching:

1. Gross Merchandise Volume 2. Quarterly Paying Users

$SE

Mercado Libre $MELI Consumer Trends Report in Argentina - Key Takeaways

1. After a decline in early 2024, consumption on $MELI showed consistent recovery starting in May.

In August, $MELI reached a record of 20 million units sold, equivalent to $916 million. 2. There are more people buying and more SMEs selling on $MELI.

From January to September, more than 1.5 million new buyers and 28,000 new sellers joined $MELI. Additionally, in the first nine months of the year, sellers increased the number of units sold by an average of 30%.

$NU in Charts - a Thread

They say a picture is worth a thousand words, and the same goes for charts. Here are 7 of the most eye-catching:

1. Customers 2. Purchase Volume

$NU

MELI+ The Most Valuable Loyalty Program in Latin America

MELI+ is poised to revolutionize $MELI's ecosystem by offering unique benefits that leverage the platform's strengths, similar to Amazon Prime.

Here's how: 1. Increased Customer Loyalty

MELI+ incentivizes users to engage more frequently with the $MELI ecosystem by offering exclusive benefits such as free and expedited shipping and early access to deals.

1/ Block $SQ Q1 2023 Earnings Analysis

Net revenue: $4.99 billion +26% YoY

Gross profit: $1.71 billion +32% YoY

Operating Income: -$6 million vs -$227 million YoY

Gross Payment Volume: $51.12 billion +17% YoY 2/ Cash App

Revenue: $3.27 billion +33% YoY

Gross Profit: $931 million +49% YoY

Inflows: $61 billion +27% YoY

Monetization rate: 1.41% excluding gross profit contributions BNPL platform

GPV: $4.90 billion +24% YoY

$SQ

1/ Datadog $DDOG Q1 2023 Earnings Analysis

Revenue: $482 million +33% YoY, +3% QoQ
- outage in March $5 million impact on revenue

Gross profit: $388 million -> gross margin of 79% flat YoY

Operating income: -$35 million vs +10 million YoY 2/ Total customers: 25,500 +29% YoY

Exceeded $2 billion in total ARR for the first time

% customers using 4 or more and 6 or more products continuing to increase QoQ

$DDOG

Sea Limited $SE 2022 earnings catch up - why is the stock down 73% YTD?

$SE grew revenue by +100% for 14 consecutive quarters but in 2022 this growth rate has fallen to 64% and 29% with full year 2022 expected to be about 19%

1/n $SE reported gross margins of 41% and 37% in 2022

Gross margin for all three segments actually improved in Q2 2022 however the mix of revenue (higher e-commerce revenue which is lower margin than digital entertainment) caused the margin to plateau

2/n

The fifth earnings catch up is Fiverr $FVRR

Before the pandemic $FVRR was growing revenue by 40%+ and this accelerated to 80%+ during the pandemic

Over the last number of quarters growth has reset and it appears that significant growth has been pulled forward

1/n $FVRR maintains a very health gross margin which fluctuates between 79% and 83% at its peak during the pandemic

2/n

The third earnings catchup is PayPal $PYPL

Revenue growth of 7% and 9% in 2022 is the lowest growth since 2019

$PYPL benefited handsomely during covid as consumers favoured cashless transaction meaning a significant amount of growth was pulled forward

1/n While the slowdown in revenue growth can be somewhat excused, the deterioration in operating margin during 2022 is much more of a concen

Operating income declined by 32% YoY with the main driver being the credit loss rate increasing from 0.05 to 0.13 at the end of Q2

$PYPL

2/n

Next up on the earnings catch up is Airbnb $ABNB

Revenue has tainted strong growth in 2022, increasing by 70% and 58% in the first two quarters

1/n Gross profit increased by 81% and 65% in 2022 however it is the increase in gross margin YoY that should be noted which increased from 71% and 78% to 76% and 81% respectively

$ABNB streamlined operations considerably during the pandemic in 2020 and this is now bearing fruit

2/n

Since I returned from my sabbatical I’ve been reviewing the quarterly ERs in detail for each of my holdings

I’m going to share a summary of my analysis

First up MercadoLibre $MELI

While competitors growth has slowed, $MELI continued to grow revenue by 63% and 53% in 2022

1/n Gross Profit is following a similar trend to revenue

In fact, gross profit has grown faster than revenue for 4 quarters in succession

$MELI gross margin for Q2 was 49%

2/n

Skift Research recently published their Online Travel Agency (OTA) Factbook for 2022

This thread is a summary of the findings

Stocks referenced $ABNB $BKNG $DESP $EDR $EXPE $HSW $LMN $MMYT $OTB $TOCM $YTRA

Let's dive in! 👇

1/n Digital Distribution Revenue Estimates

Revenue from digital travel distribution businesses is expected to grow 50%+ in both 2021 and 2022.

The sector will likely return to 2019 levels in 2023.

2/n

$NIO +12% today on above average volume of 54 million (average 43 million)

Let’s see if it holds or follows through tomorrow $SE +5% today on below average volume of 1.5 million (average 4.2 million)

Would prefer to see more volume entering

I’ve been taking a look at MercadoLibre $MELI recently from a financial perspective

Time for a thread to share my findings 🧵

Revenue: Extremely strong growth since the start of 2019

Also estimate 55% growth in Q4 and 36% for full year 2022

1/n Gross Profit: Similar trend to revenue. Interesting to note that gross profit (68%) increased faster than revenue (66%) last quarter. Scale

Gross margin currently sits at 43%

$MELI

2/n