Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q2 2026
- ARTO Q2 2026 Profit Grew 49% This Half - So Why Did the Stock Just Hit a New Two-Year Low?Aug 01
- SUPA Q2 2026 Superbank's Stock Has Lost Almost Half Its Value Since Its IPO. Insiders Are Still Buying.Jul 31
- BFIN Q2 2026 Cost of Credit Was Cut Nearly in Half This Quarter - So Why Did New Bookings Keep Shrinking?Jul 30
- GOTO Q2 2026 GoTo's Profit Nearly Tripled and Adjusted EBITDA Topped Rp1 Trillion - So Why Did the Buyback Slow 60%?Jul 30
- GROWW Q2 2026 The Quarter a Wrong Answer on the Call Actually MatteredJul 30
- PAYTM Q2 2026 Paytm's Highest-Ever Quarterly Profit Comes Right as Its Government Subsidy Runs OutJul 30
- BBCA Q2 2026 Why Is Profit Growth Grinding to a Halt While Corporate Loans Boom 14%?Jul 30
- ETERNAL Q2 2026 Segment Profit Hit a Record Rs. 849 Crore - So Why Did Net Income Fall 47%?Jul 29
- JIOFIN Q2 2026 Finally, the Segments - And Lending Is the Least Profitable OneJul 24
- BMRI Q2 2026 Mandiri's Revenue Fell 13% This Quarter - So Why Did Profit Jump 33%?Jul 24
Q1 2026
- MELI Q1 2026 Free Shipping Got Cut in Brazil - and Operating Margin Nearly HalvedMay 27
- NU Q1 2026 Nu Says Revenue Crossed $5 Billion. Its Own Filed Statements Say $347 Million Less.May 27
- SE Q1 2026 Sea's Revenue Grew 47%. Its Adjusted EBITDA Grew Just 9%May 26
- SEABANK Q1 2026 SeaBank's Best Quarter Yet Comes With a Familiar CatchMay 25
- PAYTM Q1 2026 Paytm's First-Ever Profitable Fiscal Year Arrives With Its Own Bank in Wind-DownMay 21
- ETERNAL Q1 2026 Net Income Rose for a Third Straight Quarter - So Why Did the Full Fiscal Year Fall 31%?May 20
- GROWW Q1 2026 The Quarter the Scoreboard Quietly ChangedMay 20
- BHARTIARTL Q1 2026 A New Rs3,161 Crore Charge Appeared, and the CFO Wouldn't Say What It Was ForMay 19
- SWIGGY Q1 2026 Instamart's Full-Year Loss Grew 62%. Its Own Breakeven Deadline Is Due Starting Next Quarter.May 11
- BFIN Q1 2026 Profit Fell 12.6% While Revenue Grew - What's Actually Wrong Here?May 10
- GOTO Q1 2026 GoTo's Real Operating Income Hit a Record Rp418 Billion. Its Stock Fell 20% Anyway.May 08
- BBRI Q1 2026 Every Guidance Metric Was Beaten This Quarter. The Stock Just Hit a Two-Year Low Anyway.May 06
- CPNG Q1 2026 Did a $1.2 Billion Voucher Bill Just Wipe Out a Quarter's Profits?May 06
- ARTO Q1 2026 Profit Grew 42% This Quarter - So Why Did the Stock Just Crash 33%?May 06
- SUPA Q1 2026 Superbank Turned Its First Real Profit as a Public Company - With 84% of Its Capital Still Sitting IdleMay 06
- JIOFIN Q1 2026 The Balance Sheet That Tripled Its Leverage in One YearMay 06
- BMRI Q1 2026 It Lost a Quarter of the Group's Balance Sheet Overnight - So Why Did Profit Still Jump 17%?May 06
- BABA Q1 2026 Why Did Profit Fall Only 20% When Operating Income Cratered 64%?May 06
- BBCA Q1 2026 Why Did the Stock Fall 20% This Quarter Even as Profit Kept Growing?May 06
- AMRT Q1 2026 Why Did the Stock Hit a New Low the Same Quarter the Overhead Problem Finally Reversed?May 05
- GRAB Q1 2026 Grab's Stock Fell 27% This Quarter - Its Best-Ever Q1 Says the Business Didn'tMay 05
- BIRD Q1 2026 Revenue Rose 11.5% This Quarter - So Why Did Operating Profit Fall Nearly 10%?Mar 31
Q4 2025
- BFIN Q4 2025 Book Value Just Fell Below Book - Is the Market Pricing in a Credit Crisis That Isn't in the Numbers?Jul 30
- AMRT Q4 2025 Why Did Every Region That Collapsed in Q3 Suddenly Surge in Q4?May 06
- DHER Q4 2025 Delivery Hero Hit Its Adjusted EBITDA Target - So Why Does One Subsidiary Have a Going-Concern Warning?Apr 20
- SEABANK Q4 2025 Whose Money Is Actually Sitting Inside SeaBank?Apr 15
- NU Q4 2025 Nu Introduced a New P&L Framework the Same Quarter Its Growth Rate Needed FlatteringApr 14
- CHYM Q4 2025 Is the Underwriting Finally Catching Up With Growth?Apr 03
- SE Q4 2025 Sea Posted Its Best Profit Quarter Ever. Its Stock Fell 29% AnywayMar 16
- GOTO Q4 2025 GoTo Beat Its Full-Year Guidance. Its Real Operating Loss Tripled the Same Quarter.Mar 13
- SUPA Q4 2025 Superbank Went Public at Rp635 a Share. The Market Priced It 47% Higher Within Two Weeks.Mar 11
- MELI Q4 2025 Revenue Grew 39% This Year - So Why Did Net Income Barely Move?Mar 10
- ADYEN Q4 2025 The Take-Rate Reversal Held All Year — So Why Did the Stock Get Cheaper?Feb 24
- BHARTIARTL Q4 2025 A 26% Growth Quarter Reported Itself as a 55% Profit CollapseFeb 12
- GRAB Q4 2025 Grab Just Posted Its First Full Year Of Profit - The Stock Fell 17% AnywayFeb 12
- PAYTM Q4 2025 Paytm Just Posted Its Biggest Profit Ever — Is the Loss Era Actually Over?Feb 10
- BMRI Q4 2025 Mandiri's Profit Decline Reversed in Q4 - So What Actually Changed?Feb 09
- CPNG Q4 2025 Did a 33-Million-Account Data Breach Just Sink the Holiday Quarter?Feb 05
- BBRI Q4 2025 Profit Grew Again After Three Straight Declines. So Did the Riskiest Part of the Loan Book.Feb 03
- GROWW Q4 2025 The Quarter Where Profit Fell and the Business Didn'tFeb 03
- BBCA Q4 2025 Is Profit Growth Finally Running Out of Steam?Feb 03
- JIOFIN Q4 2025 Why Profit Fell 61% Quarter-on-Quarter, AgainFeb 03
- SWIGGY Q4 2025 Two Straight Quarters of a Shrinking Loss, Bought With an 11.5% Dilution and a Quick-Commerce Business Going the Wrong WayJan 29
- ETERNAL Q4 2025 Net Income Rose for a Second Straight Quarter - So Why Is the Founder Stepping Down as CEO?Jan 29
- ARTO Q4 2025 Bank Jago's Profit Doubled This Year - So Why Did the Stock Fall 18.7%?Jan 25
- BIRD Q4 2025 Net Income Rose 8.7% This Year - So Why Did Bank Debt Jump 66%?Dec 31
Q3 2025
- SEABANK Q3 2025 SeaBank's ROE Just Hit a Filing-History High - Its NPL Ratio Just Turned Unfavorable TooDec 10
- SE Q3 2025 Sea Grew 38% and Stayed Silent on Its $86 Million Settlement for a Third Straight QuarterNov 21
- GROWW Q3 2025 The Quarter Where Profit Grew and the Business Didn'tNov 21
- NU Q3 2025 Nu Deliberately Grew Into Lower-Yield Assets in Q3. Its Risk-Adjusted Margin Still Went Up.Nov 20
- MELI Q3 2025 A Brazilian Court Just Handed Down a $501 Million Tax Bill - Why Isn't It in the Headlines?Nov 14
- AMRT Q3 2025 Why Did Nine-Month Profit Fall for the First Time Outside the Pandemic?Nov 11
- CHYM Q3 2025 Why Did the Stock Fall 42% the Quarter Adjusted EBITDA Finally Turned Real?Nov 10
- ARTO Q3 2025 The Sharia Book That Collapsed in Q2 Just Grew 140% in Q3 - What Changed?Nov 07
- BHARTIARTL Q3 2025 The Distortion That Shrank Last Quarter's Headline Flipped and Inflated This OneNov 07
- GOTO Q3 2025 GoTo Raised Its Guidance and Turned Cash Flow Positive. Its Real Operating Line Slipped Back Into a LossNov 06
- BFIN Q3 2025 Credit Quality Improved Every Which Way in Q3 - So Why Did Two of Three Segments' Profit Crater?Nov 06
- BBRI Q3 2025 Credit Costs Are Falling. Profit Still Isn't Recovering.Nov 05
- BBCA Q3 2025 Is a 26% Stock Slide Bigger Than the Actual Slowdown?Nov 05
- CPNG Q3 2025 The Buyback Finally Executed - Right as the Record Margins Cooled OffNov 04
- GRAB Q3 2025 Grab Raised Guidance Twice This Year - Then Went Quiet On Capital Returns AgainNov 04
- BMRI Q3 2025 Mandiri's Profit Fell Again in Q3 - But This Time It Wasn't Promotion SpendingNov 04
- JIOFIN Q3 2025 The Quarter the Lending Book Grew 12xNov 04
- PAYTM Q3 2025 The Payment Aggregator License Is Finally Back - So Why Did Profit Crater 90%?Nov 04
- ETERNAL Q3 2025 Revenue Nearly Doubled in a Quarter — Was Any of That Growth Real?Oct 30
- SWIGGY Q3 2025 For the First Time, the Loss Shrank From Last Quarter. It's Also Asking For More Cash It Says It Isn't Needed.Oct 30
- SUPERBANK Q3 2025 Superbank's Loan-to-Deposit Ratio Finally Eased - Right As a Shareholder Quietly Reshuffled Its StakeOct 20
- BIRD Q3 2025 Revenue Rose 8.5% This Quarter - So Why Did Profit Fall 15%?Sep 30
Q2 2025
- DHER Q2 2025 Delivery Hero Finally Posted a Profitable Operating Result - So Why Is a €860 Million Spain Liability Still Unrecognized?Sep 15
- SE Q2 2025 Sea Just Posted Its Best Quarter Ever. Its $86 Million Settlement Still Hasn't Come Up on a Call.Aug 25
- SEABANK Q2 2025 SeaBank's Return on Equity Just Doubled - But Deposits Are Growing Faster Than Its Balance Sheet Can AbsorbAug 25
- NU Q2 2025 Nu's Margin Just Compressed on Funding Costs, Not Credit Risk. That's a Different Story.Aug 20
- MELI Q2 2025 MELI's Stock Doubled in Two Years - So Why Did Net Income Just Fall?Aug 20
- SUPERBANK Q2 2025 Superbank Is Profitable Again - By Lending Out Almost Every Rupiah It Takes InAug 19
- ADYEN Q2 2025 Take Rate Finally Rose — But Is It a Real Reversal or Just One Customer Shrinking?Aug 19
- BBCA Q2 2025 Q1's Deposit Rally Didn't Last - So Was the LDR Squeeze Ever Actually Easing?Aug 18
- CPNG Q2 2025 Record Margins, a Record Stock Price, and a Buyback Still Sitting UntouchedAug 11
- CHYM Q2 2025 A $923 Million Quarterly Loss That Isn't What It Looks LikeAug 08
- GOTO Q2 2025 Why Did GoTo's Stock Crash 30% in Its Best Quarter Yet?Aug 06
- BMRI Q2 2025 Mandiri's Profit Just Fell 18% in a Single Quarter - So Why Is There No Segment Note to Explain It?Aug 06
- AMRT Q2 2025 Why Did Growth Vanish the Moment Q1 Ended?Aug 05
- ARTO Q2 2025 The Strong Operating Cash Flow Quarter Didn't Last EitherAug 04
- BHARTIARTL Q2 2025 The Cleanest Quarter in Years Made the Headline Growth Number Look SmallerAug 04
- BFIN Q2 2025 A 3-Year Treasury Overhang Just Got Cancelled - Right as Credit Quality Hit a Multi-Year HighAug 04
- BBRI Q2 2025 The Cost Problem Vanished - So Why Is Profit Still Falling?Aug 04
- ETERNAL Q2 2025 Revenue Jumped 23% in a Quarter — So Why Did Net Income Fall a Fifth Straight Time?Aug 04
- SWIGGY Q2 2025 Instamart's Breakeven Guidance Finally Held Still. Everything Else Slowed Down To Get There.Jul 31
- GRAB Q2 2025 Grab Finished Its Buyback With Borrowed Money - Is That Capital Discipline?Jul 31
- PAYTM Q2 2025 Is the First-Ever Profitable Quarter Real, or Just a Weak Base Comparison?Jul 22
- JIOFIN Q2 2025 The 4% Profit 'Growth' That's Actually a Bargain-Purchase Accounting GainJul 17