Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q3 2023
- JIOFIN Q3 2023 The Debut Quarter Where 94% of the Balance Sheet Was One StockOct 16
- BIRD Q3 2023 Revenue Grew 18% YoY, But Both Profit Lines Shrank — What Broke The StreakSep 30
Q2 2023
- DMART Q2 2023 Five Quarters In, the Margin Squeeze Keeps Finding a New CauseSep 15
- DHER Q2 2023 Delivery Hero Just Hit Adjusted EBITDA Breakeven. So Why Is the Stock Down 64% in Two Years?Sep 05
- SE Q2 2023 Sea Just Posted a Third Straight Profitable Quarter — Then Said It's Done Playing It SafeAug 29
- MELI Q2 2023 Every Country Segment Improved Margin Again - Is the Business Actually This Consistent?Aug 25
- SOFI Q2 2023 Financial Services Nearly Broke Even - After Eight Straight Quarters of Losing MoreAug 25
- MEITUAN Q2 2023 Turned Profitable Again — Then Bought Its Own Departing Co-Founder's AI StartupAug 24
- GRAB Q2 2023 Grab's Breakeven Guidance Jumped $165 Million in One Quarter - Here's What's Actually Behind ItAug 23
- DNET Q2 2023 The Associate Slowdown Continued Into Q2. FiberStar Kept Compensating.Aug 22
- TLKM Q2 2023 The IndiHome Spin-Off Is Now Signed - What Happens to Telkom's Own Segment Table?Aug 20
- LYFT Q2 2023 Lyft's Adjusted EBITDA Definition Rewrote Its Own Q2 2022 History, Turning a $79 Million Profit Into a $196 Million LossAug 19
- NU Q2 2023 Nu's Profit Just Doubled Again. So Did the Skepticism About Whether It Lasts.Aug 18
- XYZ Q2 2023 Adjusted EBITDA Doubled Again - But Free Cash Flow Just Turned Positive for the First Time in a YearAug 15
- DASH Q2 2023 DoorDash Nearly Exhausted a $750 Million Buyback in Five Months While Adjusted EBITDA Kept CompoundingAug 15
- IDEA Q2 2023 The Government Just Became Vi's Third-Largest Shareholder - Did It Fix Anything?Aug 15
- PAYTM Q2 2023 Paytm's Loss Widened Again the Moment the UPI Incentive DisappearedAug 15
- CPNG Q2 2023 Coupang's Fifth Straight Quarter of Rising Profit Also Hides Its Widest Segment Gap YetAug 14
- SEABANK Q2 2023 Why a 19% Net Interest Margin Still Isn't EnoughAug 14
- ETERNAL Q2 2023 The First Profitable Quarter Ever - So Why Was the Underlying Business Still Losing Money?Aug 10
- SUPERBANK Q2 2023 The Loan-to-Deposit Ratio Just Hit 218% - And the Loss Kept GrowingAug 08
- HOOD Q2 2023 The First-Ever Profitable Quarter Just Landed - What Actually Got It There?Aug 08
- ISAT Q2 2023 A 41.5% Profit Drop That Was Really Just a Rp3.6 Trillion Comparison Base ProblemAug 08
- BBCA Q2 2023 Why Did Profit Growth Outrun Its Own Operating Income?Aug 06
- ARTO Q2 2023 H1 Net Income Jumped 40% - Because The Business That Built It Just Lost MoneyAug 04
- BMRI Q2 2023 Retail's Credit Costs Tripled, Treasury's Margin Nearly Vanished - Profit Still Rose 25%Aug 04
- AMRT Q2 2023 Profit Grew 28.6% and Cash Flow Flipped Positive - So Why Did the Stock Fall 10%?Aug 03
- BBRI Q2 2023 Why Did Core Revenue Shrink Even As Profit Kept Climbing?Aug 03
- BFIN Q2 2023 A Cyberattack, a Near-Quadrupled Cost of Credit, and a Cure Rate Still Nowhere in SightAug 03
- UBER Q2 2023 Uber Posted Its First-Ever Quarterly Operating Profit - $326 Million, After 14 Years of LossesAug 01
- GOTO Q2 2023 The New CEO Said Out Loud What Two Quarters of Earnings Calls Wouldn'tJul 27
- BIRD Q2 2023 Free Cash Flow Is Still Negative — But The Gap Just Shrank By Two-ThirdsJun 30
Q1 2023
- DMART Q1 2023 The Margin-Compression Streak Hits a Fourth Straight QuarterJul 01
- SOFI Q1 2023 Deposits Crossed $10 Billion the Same Month SVB Collapsed - And SoFi Says It Didn't Lose AnyJun 15
- MELI Q1 2023 Operating Income Jumped 144% - Is the Credit Book Finally Under Control, or Just Standing Still?Jun 05
- PAYTM Q1 2023 A Full Year of Profitability Guidance, Met - With a Year-End Incentive Doing Some of the WorkJun 01
- SE Q1 2023 Headline Profit Fell 79% Quarter-on-Quarter. The Real Number GrewMay 30
- BHARTIARTL Q1 2023 Profit Jumped 50%, Free Cash Flow Fell 26% - Which Number Should You Believe?May 24
- XYZ Q1 2023 Revenue Grew 26% and Barely Broke Even - Is the BNPL Deal Finally Working?May 20
- DNET Q1 2023 Revenue Grew 47%. Net Income Attributable to Owners Fell 29% Anyway.May 20
- ETERNAL Q1 2023 The Slowest Revenue Growth in Two Years - So Why Did Food Delivery Just Post Its Best Quarter Ever?May 19
- GRAB Q1 2023 Revenue 'Grew' 130% - The Comparable Number Is 58%May 18
- NU Q1 2023 Nu's Biggest Profit Yet. Is the Loss-Making Story Actually Over?May 16
- TLKM Q1 2023 Enterprise Slipped Back to a Loss the Same Quarter Telkom Signed Away Its Biggest SegmentMay 15
- CPNG Q1 2023 Coupang's Seasonally Weakest Quarter Just Beat Its Own Holiday PeakMay 15
- DASH Q1 2023 Adjusted EBITDA Nearly Quadrupled the Same Quarter Proposition 22 Won on AppealMay 15
- HOOD Q1 2023 The Founders' Stock Awards Just Got Cancelled - Why Did That Widen the Loss?May 10
- ARTO Q1 2023 A "Return to Profitability" That's Actually a Year-on-Year DeclineMay 08
- BABA Q1 2023 Alibaba Voted to Split Into Six Companies the Same Year Profit Finally RecoveredMay 08
- BMRI Q1 2023 Where Did Rp108 Trillion in Deposits Go in Three Months?May 08
- AMRT Q1 2023 Profit Grew 15% This Quarter - So Why Did Operating Cash Flow Turn Negative?May 04
- BFIN Q1 2023 The Cost of Credit Tripled, and the Explanation Still Leaves a GapMay 04
- BBRI Q1 2023 Why Is the Cost of Funds Suddenly Rising Even As Profit Jumps 27%?May 04
- BBCA Q1 2023 Is a 43% Profit Jump Too Good to Be True?May 04
- LYFT Q1 2023 California's Court of Appeal Upheld Proposition 22 as Constitutional - Resolving Lyft's Longest-Running Legal Overhang, Just Not Quite YetMay 04
- SUPERBANK Q1 2023 Why Does a New Digital Bank's Loan Book Already Dwarf Its Deposit Book?May 03
- UBER Q1 2023 Uber's Adjusted EBITDA More Than Quadrupled - and Net Loss Narrowed 97% to Just $157 MillionMay 02
- ISAT Q1 2023 A Tower Sale-Leaseback Gain and a Rp2.7 Trillion Debt Paydown Both Landed in Indosat's Q1 2023May 02
- GOTO Q1 2023 Group Contribution Margin Turned Positive Exactly on Schedule. The User Base Kept Shrinking Anyway.Apr 27
- NU Q1 2023 Nu's Earnings Release Skipped Two Lawsuits. The Actual 20-F Didn't.Apr 24
- BIRD Q1 2023 Operating Profit Nearly Quadrupled - So Why Is Free Cash Flow Still Negative?Mar 31
Q4 2022
- PDD Q4 2022 Net Income Quadrupled the Same Year the Company Quietly Stopped Reporting the Metrics That Explained ItJun 10
- DHER Q4 2022 What Does It Cost to Discover a €742 Million Mistake Six Months In?May 15
- TLKM Q4 2022 A Rp6.4 Trillion Stock Markdown Made a Growing Business Look Like It ShrankMay 08
- SOFI Q4 2022 A First Full-Year Profitable Quarter on Adjusted EBITDA, While the Student Loan Business Stays FrozenApr 20
- ISAT Q4 2022 The Merged Indosat's First Full Year Grew Revenue 49% and Still Shrank ProfitApr 11
- AMRT Q4 2022 The Rights Issue Deadline Passed Eight Months Ago - the Annual Report Doesn't Mention It OnceMar 30
- SE Q4 2022 A First-Ever Profitable Quarter Came With $330 Million of Help That Won't RepeatMar 21
- GOTO Q4 2022 On-Demand Turned Profitable for a Full Quarter. The Balance Sheet Just Absorbed an Rp11 Trillion Hit for It.Mar 20
- XYZ Q4 2022 The First Annual Net Loss Landed the Same Year as the $13.8 Billion Afterpay DealMar 15
- MELI Q4 2022 Net Income Jumped 5.8x in a Year - But Is the Credit Book Growing Faster Than It Can Manage?Mar 10
- HOOD Q4 2022 FTX Just Collapsed - Why Does the DOJ Now Own 7.6% of the Company?Mar 05
- DASH Q4 2022 A $312 Million Writedown and DoorDash's First Layoff Drove Net Loss to $1.4 Billion in a Record-EBITDA YearMar 01
- DNET Q4 2022 A Full Year of Growth, a Restated Quarter, and a Q4 Cash ReversalFeb 28
- GRAB Q4 2022 Revenue Grew 310% - But a Tenth of It Was an Accounting ReclassificationFeb 23
- PAYTM Q4 2022 Paytm Says It Hit Profitability - So Why Is the Loss Still Rs 392 Crore?Feb 18
- NU Q4 2022 Nu Reported a $298 Million Loss. Its CEO Caused It On Purpose.Feb 16
- LYFT Q4 2022 Lyft Strengthened Insurance Reserves by $375 Million in Q4 2022, Redefined Adjusted EBITDA to Include Such Charges, and Swung to a Full-Year Adjusted EBITDA LossFeb 14
- BBRI Q4 2022 Did the Record 2022 Profit Mask a Quarter of Shrinking Core Revenue?Feb 13
- ICICIBANK Q4 2022 The Contingency Buffer Just Grew Another Rs. 1,500 Crore — Still No ExplanationFeb 10
- ETERNAL Q4 2022 Blinkit's First Full Quarter Landed - So Why Did the Real Story Turn Out to Be Food Delivery Stalling?Feb 09
- UBER Q4 2022 Uber Posted a Rare Quarterly Profit in Q4 2022 - After Paying $733 Million to Settle a UK Tax DisputeFeb 08
- CPNG Q4 2022 Coupang Cut Its Full-Year Loss 94% - So Why Did the Stock Fall 50%?Feb 06
- ARTO Q4 2022 A Net-Loss Quarter Hiding Inside a Profitable YearFeb 06
- BFIN Q4 2022 A Full Year of Filings Later, Two Numbers Are Still MissingFeb 06
- BBCA Q4 2022 Two of 2022's Threads Finally Untangle, a Third Gets WorseFeb 06
- BMRI Q4 2022 NPLs Fell to 1.88%. Restructured Covid Loans Are Still 11% of the Book.Feb 03
- DMART Q4 2022 Revenue Grew 25%. Margins Are Still Shrinking.Feb 01
- BIRD Q4 2022 The Best Year Since The Pandemic Came With A Negative Cash Flow QuarterDec 31
Q3 2022
- TLKM Q3 2022 GoTo's Stock Crashed This Quarter - So Did Telkom's Reported ProfitJan 23
- SE Q3 2022 Management Finally Said the Number Out Loud — Right as Its Own Users Started LeavingNov 30
- AMRT Q3 2022 Its Segments Barely Grew This Quarter - So Why Did Profit Jump 96%?Nov 28
- MELI Q3 2022 Past-Due Loans Just Hit 37% of the Credit Portfolio - Three Quarters Running. Should Investors Worry?Nov 21
- GOTO Q3 2022 Real Cost Discipline, or a Net Revenue Number That Doesn't Add Up?Nov 21
- ISAT Q3 2022 Profit Fell 36% in 9M 2022, But the Actual Business Barely MovedNov 18
- GRAB Q3 2022 Deliveries Broke Even Three Quarters Early - At What Cost to Growth?Nov 16
- XYZ Q3 2022 Block's Gross Profit Grew 38% While Its Stock Fell 80% From Its 2021 PeakNov 15
- NU Q3 2022 Nine Years, One Profitable Quarter - While Delinquencies Kept ClimbingNov 15
- DASH Q3 2022 DoorDash Bought Back $400 Million of Its Own Stock the Same Year It Was Still Posting GAAP LossesNov 15
- DNET Q3 2022 The Reversal Was Approved in May. The Balance Sheet Still Hasn't Moved.Nov 15