Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q1 2025
- BFIN Q1 2025 Cost of Credit Just Erased a Year of Improvement - So Why Did Profit Still Rise 12%?May 06
- PAYTM Q1 2025 Did This Quarter Just Prove the Losses Were Never the Real Problem?May 06
- BMRI Q1 2025 Every Lending Segment Shrank Again - Is the Head Office Trick Running Out?May 06
- CPNG Q1 2025 A Material Weakness Vanished - But Nobody Actually Fixed AnythingMay 05
- BBCA Q1 2025 Is the Loan-to-Deposit Squeeze Actually Easing, or Just Taking a Seasonal Breather?May 05
- BABA Q1 2025 Profit Jumped 63%, and This Time the Filing Actually Says WhyMay 04
- GRAB Q1 2025 Grab's Cash Flow Base Grew Again - So Why Did The Stock Fall?Apr 30
- SEABANK Q1 2025 SeaBank's Loan Book Grew 10.3% in a Quarter - Its Capital Buffer Is the Thing to Watch NowApr 25
- JIOFIN Q1 2025 First Debt, First Dividend: Did FY25 Finally Turn the Story Real?Apr 17
- BIRD Q1 2025 Net Income Jumped 43% This Quarter - So Why Did the Stock Keep Falling?Mar 31
Q4 2024
- SEABANK Q4 2024 SeaBank's Margin Is Still Enormous. Its Return on Equity Still Isn't.Apr 25
- SUPERBANK Q4 2024 Superbank's First Full-Year Report Reveals a Rp1 Trillion Asset Sale to Its Old OwnerApr 22
- XYZ Q4 2024 $2.9 Billion of Net Income Was Reported - $1.9 Billion of It Was a Tax Accounting EntryApr 10
- PDD Q4 2024 Net Income Nearly Doubled and the Stock Fell 34% Anyway - Was 2024 the Cheapest PDD Ever Got?Apr 05
- MELI Q4 2024 Net Income Nearly Doubled in 2024 - So Why Did the Company's Own Auditor Flag the Credit Book?Mar 25
- SE Q4 2024 Sea Cleared the Profitability Bar This Series Set Two Quarters Ago. Its Earnings Call Skipped the $86 Million Settlement.Mar 18
- TLKM Q4 2024 The Government Just Moved Its Entire Stake Into a New State Holding CompanyMar 15
- ICICIBANK Q4 2024 Management Finally Confirms the Contingency Buffer Was Frozen in March 2023Mar 14
- GOTO Q4 2024 FinTech Hit Breakeven By Rp14 Billion. Is That a Real Turnaround?Mar 13
- ISAT Q4 2024 FY2024 Closed Indosat's Cleanest Year Yet, With the Stock Split Now Fully Reflected in the NumbersMar 10
- HOOD Q4 2024 Net Income Tripled to $1.4 Billion - How Much of That Is Actually Operating Profit?Mar 04
- DMART Q4 2024 The Employee-Cost Cooldown Was a Miscalculation - It Actually Accelerated to 30%Mar 01
- DNET Q4 2024 Indomaret Just Posted Its Best Year Ever. Fast Food's Loss Nearly Doubled.Feb 24
- MEITUAN Q4 2024 Meituan Just Booked Its Best Profit Ever. Why Did the Stock Fall 46% First?Feb 20
- GRAB Q4 2024 Grab's Stock Rallied 24% This Quarter - Its First Full Year Of Positive Cash Flow Didn't Keep UpFeb 20
- NU Q4 2024 Nu's Margin Just Compressed for the First Time Since Its IPO. Should That Worry You?Feb 19
- SOFI Q4 2024 SoFi's Full-Year Profit Was Half a Tax Release, Not Half OperationsFeb 18
- IDEA Q4 2024 EBITDA Margin Just Hit a Post-Merger High - While the Cash Pile Keeps DrainingFeb 15
- PAYTM Q4 2024 Did Paytm Just Trade Its Japanese Stake for a Year of Runway?Feb 15
- BHARTIARTL Q4 2024 Profit Jumped 505%. A Joint Venture Turning Into a Subsidiary Is Why.Feb 14
- DASH Q4 2024 DoorDash Closed Its First Full Year of GAAP Net Income - Then Let the Buyback Go Dormant AgainFeb 13
- LYFT Q4 2024 Lyft Closed 2024 With Its First Full Year of GAAP Net Income - $22.8 Million - and a New $500 Million Buyback AuthorizationFeb 12
- BMRI Q4 2024 Every Banking Segment Shrank in 2024 - So Why Did Profit Still Grow?Feb 10
- CPNG Q4 2024 Adjusted EBITDA Grew 28% - Net Income Fell 95%. Which One Is the Real Story?Feb 06
- BBCA Q4 2024 Is the Bank Running Out of Cheap Deposits to Lend Against?Feb 06
- SWIGGY Q4 2024 Why Faster Growth Meant A Bigger Loss, Not A Smaller OneFeb 05
- BFIN Q4 2024 Every Credit Metric Improved in Q4 - So Why Did One Segment Just Turn Negative?Feb 05
- AMRT Q4 2024 Why Did Profit Fall for the First Time This Site Has Tracked, Even as Jabodetabek Recovered?Feb 05
- UBER Q4 2024 Uber's FY2024 - $9.9 Billion Net Income, Mostly a Tax Valuation Release, on a Genuinely Record Operating YearFeb 05
- BBRI Q4 2024 FY2024 Profit Barely Moved - So Why Did Corporate Segment Income Fall By Almost Half?Feb 04
- ADYEN Q4 2024 Take Rate Fell for a Second Straight Year — Is This the New Normal?Feb 04
- ARTO Q4 2024 Net Income Nearly Doubled This Year - So Why Did the Stock End It Lower?Feb 03
- ETERNAL Q4 2024 Net Income Has Now Fallen Three Straight Quarters - Is the Profitable Era Cracking?Jan 29
- JIOFIN Q4 2024 The Profit 'Crash' That Happens Every December, Right on ScheduleJan 17
- BIRD Q4 2024 Profit Jumped 74% This Quarter - So Why Did the Stock Fall 18%?Dec 31
Q3 2024
- SWIGGY Q3 2024 The Profitable Business Bankrolling the One That Isn'tDec 18
- ICICIBANK Q3 2024 The Margin Keeps Sliding — Is ICICI Bank Still the Cheap-Deposit Bank?Dec 08
- DMART Q3 2024 Three Straight Quarters of ~27%+ Employee-Cost Growth Is a Trend, Not NoiseDec 01
- SEABANK Q3 2024 SeaBank's Nine-Month Profit Is Up 32%. Its Third Quarter Alone Fell.Nov 29
- SE Q3 2024 Shopee Hit Its Promised Profitability Deadline. Did Sea's Own Numbers Finally Agree?Nov 25
- MELI Q3 2024 Why Did Operating Income Fall 29% While Revenue Grew 35%?Nov 25
- SOFI Q3 2024 Four Straight Profitable Quarters, and Financial Services Is Now the Second-Biggest EarnerNov 20
- DNET Q3 2024 The Stock Jumped 84% in a Quarter. Nothing in the Filing Explains Why.Nov 19
- TLKM Q3 2024 The Multiple Just Hit a New Low - And This Time Profit Actually Fell TooNov 18
- XYZ Q3 2024 Revenue Growth Slowed to 6% - Gross Profit Grew Almost Three Times as FastNov 15
- IDEA Q3 2024 Revenue Bounced Back 4% in a Quarter - But the Cash Pile Is Already ShrinkingNov 15
- DASH Q3 2024 DoorDash Posted Its First-Ever Profitable Quarter, Both on an Operating and Net Income BasisNov 14
- ISAT Q3 2024 Profit Grew 39% in 9M 2024, and a 1-for-4 Stock Split Landed as a Subsequent EventNov 14
- NU Q3 2024 Nu Just Crossed 100 Million Customers in Brazil Alone. Is Adult-Population Saturation Actually a Problem?Nov 13
- SUPERBANK Q3 2024 Superbank Doubled Its Interest Income. Its Net Loss Still Got Worse.Nov 12
- GRAB Q3 2024 A Full Trailing Year Of Positive Cash Flow Finally Exists - So Why Doesn't The Math Support The Price?Nov 11
- PAYTM Q3 2024 Is Paytm's First Profitable Quarter Actually Real?Nov 09
- BHARTIARTL Q3 2024 Net Income Jumped 168% Again. The Real Number Underneath Was 32%.Nov 08
- ETERNAL Q3 2024 Segment Profits Rose 12% This Quarter - So Why Did Net Income Fall 30%?Nov 06
- HOOD Q3 2024 Election Betting Contracts Just Launched - Is That a Regulatory Time Bomb?Nov 06
- BMRI Q3 2024 Mandiri's LDR Just Jumped to a Record 93% in One Quarter - Should That Worry You?Nov 06
- LYFT Q3 2024 Lyft Slipped Back to a Net Loss One Quarter After Its First-Ever Profit, Even as Operating Cash Flow Hit a New HighNov 06
- AMRT Q3 2024 Why Did the Stock Hit a Two-Year High the Same Quarter the Capital Region Had Its Worst Result Since 2023?Nov 05
- CPNG Q3 2024 Profitable Again - So Why Did Free Cash Flow Turn Negative?Nov 05
- BBRI Q3 2024 Is the Falling Net Credit Cost Hiding a Provisioning Problem That's Still Above Guidance?Nov 05
- ARTO Q3 2024 Operating Cash Flow Grew 5x This Quarter - So Why Does the Stock Still Trade at 5x Book?Nov 05
- GOTO Q3 2024 The Highest Adjusted EBITDA Ever Posted, and a Country Exit That Never Made It Into the FilingNov 04
- BFIN Q3 2024 Did the Four-Quarter Profit Slide Just End?Nov 04
- BBCA Q3 2024 Did the Bad-Loan Scare Already Pass, or Just Pause?Nov 04
- UBER Q3 2024 Uber's Net Income Jumps to $2.6 Billion on a $1 Billion Aurora Markup - Plus a Genuine Operating RecordNov 01
- JIOFIN Q3 2024 How Jio Financial Collects Reliance's Dividend TwiceOct 18
- BIRD Q3 2024 The Stock Jumped 32% in One Quarter - Did the Business Actually Get That Much Better?Sep 30
Q2 2024
- DMART Q2 2024 Employee Costs Are Now Growing at 29% for a Second Straight QuarterSep 15
- ICICIBANK Q2 2024 Profit Keeps Climbing While the Cheap-Deposit Base Keeps ShrinkingSep 12
- DHER Q2 2024 Delivery Hero's Adjusted EBITDA Nearly Tripled. Then the EU Antitrust Bill Came to €403 Million.Sep 09
- MELI Q2 2024 Is Margin Being Traded for Market Share in Mexico?Sep 05
- SE Q2 2024 Sea Said All Three Businesses Got More Profitable. One of Them Didn't.Aug 27
- NU Q2 2024 Nu Paid Off Its Foreign Guaranteed Term Loans, Then Borrowed $813 Million at Home InsteadAug 27
- IDEA Q2 2024 Vi's Cash Balance Jumped 35x in One Quarter - Here's What That Actually BuysAug 20
- SEABANK Q2 2024 SeaBank's Profit Quadrupled. Its Core Lending Margin Actually Shrank.Aug 20
- XYZ Q2 2024 Block's Operating Profit Streak Hit Two Quarters - While the Stock Fell 24%Aug 20
- TLKM Q2 2024 The Stock Is Down 37% From Its Two-Year Peak - The Business Isn'tAug 20
- ADYEN Q2 2024 Volume Grew Almost Twice as Fast as Revenue This Half — Is the Take-Rate Flywheel Broken?Aug 20
- ISAT Q2 2024 A Clean 43% Profit Jump Arrived Alongside an "AI Native Telco" Strategy PitchAug 20
- DNET Q2 2024 Indomaret Bounced Back Hard in Q2. Fast Food's Loss Kept Growing.Aug 20
- BHARTIARTL Q2 2024 Net Income Jumped 158%. The Actual Business Shrank.Aug 19
- ETERNAL Q2 2024 Adjusted EBITDA Hit a Record Rs. 299 Crore - So Why Did the Re-Rating Finally Stall?Aug 16
- DASH Q2 2024 The California Supreme Court Finally Ended DoorDash's Three-Year Proposition 22 FightAug 15
- SOFI Q2 2024 A Third Straight Profitable Quarter, This Time Without a One-Time GainAug 15
- GRAB Q2 2024 A Second 'Positive' Free Cash Flow Quarter Still Adds Up To A Negative First HalfAug 15
- AMRT Q2 2024 The Capital Region's Slump Just Entered a Third Straight Quarter - and Got WorseAug 12
- BMRI Q2 2024 Mandiri's Profit Growth Came Back - So Why Did the Stock Fall 15%?Aug 09
- PAYTM Q2 2024 Can a Fintech Survive Losing Its Own Bank?Aug 09
- LYFT Q2 2024 Lyft Reported Its First-Ever Quarterly GAAP Profit - $5.0 Million Net Income - as the Stock Fell 27% AnywayAug 07
- HOOD Q2 2024 A Deal to Buy a Global Crypto Exchange Just Landed - Why Bitstamp, Why Now?Aug 07