Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q1 2024
- BBCA Q1 2024 Why Did the Capital Ratio Just Fall Off a Cliff?May 06
- BFIN Q1 2024 Was Last Quarter's Recovery Real, or Just a One-Quarter Blip?May 03
- GOTO Q1 2024 GoTo's Numbers Just Got 9% Smaller and 63% Bigger, Depending on Which One You ReadApr 30
- JIOFIN Q1 2024 A 51x Profit Jump That Still Yields Under 1%Apr 19
- BIRD Q1 2024 Is Blue Bird's Margin Slide Now a Trend, Not a Blip?Mar 31
Q4 2023
- SEABANK Q4 2023 A Blowout First Half, Then a 10% Drop in Full-Year ProfitApr 05
- SUPERBANK Q4 2023 A Bank Whose Loan Book Runs on Shareholder Cash, Not DepositsApr 04
- AMRT Q4 2023 Why Did the Region That Gained the Most Margin Post the Weakest Quarter?Mar 23
- SE Q4 2023 Sea Booked Its First Full-Year Profit Ever. Its Most Mature E-commerce Market Just Went Negative Again.Mar 19
- NU Q4 2023 Nu Hit $1 Billion in Annual Profit. Its Founder Called It Time to Plant, Not Harvest.Mar 04
- BFIN Q4 2023 The Cyberattack Finally Got a Name - Everywhere Except the Audited NumbersMar 01
- MELI Q4 2023 A Decade-Old Tax Dispute Just Cut Quarterly Profit by More Than HalfFeb 27
- GRAB Q4 2023 A First-Ever Profitable Quarter Comes With A First-Ever Buyback - So Why Is Cash Flow Barely Positive?Feb 22
- BBCA Q4 2023 Did the Bank's Own Numbers Finally Stop Contradicting Themselves?Feb 15
- ETERNAL Q4 2023 Adjusted EBITDA Hit a Third Straight Positive Quarter - So Why Did the Revenue-to-GOV Ratio Just Fall?Feb 12
- BBRI Q4 2023 Net Cost of Credit Fell Below 1% - But Did Recoveries Just Mask a Rough Q4?Feb 06
- CPNG Q4 2023 Coupang's First Profitable Year Hides a $905 Million AsteriskFeb 05
- ARTO Q4 2023 The Sharia Wind-Down Is Basically Over - And the Conventional Bank Just Had Its Second Decent Quarter RunningFeb 05
- PAYTM Q4 2023 The Festive-Season Quarter That Finally Cracked Rs. 200 Crore of EBITDAFeb 04
- BMRI Q4 2023 Mandiri's Deposits Finally Caught Up in Q4 - So Why Didn't the LDR Come All the Way Back Down?Jan 31
- GOTO Q4 2023 GoTo Hit Its Q4 Profit Target. Its Balance Sheet Just Took a Rp79 Trillion Hit to Get There.Jan 30
- JIOFIN Q4 2023 The Quarter That Erased Last Quarter's 101% Profit HeadlineJan 15
- BIRD Q4 2023 Why Did Profit Fall Again Despite Double-Digit Revenue Growth?Dec 31
Q3 2023
- SE Q3 2023 Sea Ended Its Own Profit Streak — On PurposeNov 27
- NU Q3 2023 Three Straight Profitable Quarters. Nu's ARPAC Just Broke Into Double Digits.Nov 20
- CPNG Q3 2023 Coupang's Streak of Rising Profit Just Broke - Should Investors Care?Nov 13
- PAYTM Q3 2023 Why Did a "Record" Growth Quarter Still Post a Loss?Nov 11
- ETERNAL Q3 2023 The Tax-Credit Asterisk Is Gone - So What's Still Not Adding Up?Nov 10
- GRAB Q3 2023 Grab Turned Adjusted EBITDA Positive For The First Time - Its 'Positive Free Cash Flow' Didn'tNov 09
- MELI Q3 2023 A Stock Buyback That Lost $386 Million to Argentina's Currency ControlsNov 06
- AMRT Q3 2023 Why Did Segment Income Fall in the Same Quarter Net Income Grew 16%?Nov 06
- BMRI Q3 2023 Deposits Came Back in Q3 - So Why Is Mandiri's Loan-to-Deposit Ratio Still Climbing?Nov 05
- ARTO Q3 2023 The Sharia Unit "Recovered" - By Shrinking Its Loan Book Nearly 60%Nov 03
- BFIN Q3 2023 The Profit Growth Streak Finally Breaks, and the Cyberattack Behind It Still Has No NameNov 03
- SUPERBANK Q3 2023 A New Shareholder Just Wrote a Trillion-Rupiah Check - Guess WhoNov 03
- BBCA Q3 2023 Do This Bank's Own Quarterly Numbers Actually Add Up?Nov 03
- BBRI Q3 2023 Why Did Profit Growth Stall Even As Revenue Rebounded?Nov 02
- GOTO Q3 2023 The User Decline Just Stopped. Q4 Profitability Got Less Certain.Oct 26
- 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
- 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
- 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
- NU Q2 2023 Nu's Profit Just Doubled Again. So Did the Skepticism About Whether It Lasts.Aug 18
- 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
- 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
- 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
- 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
- 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
- CPNG Q1 2023 Coupang's Seasonally Weakest Quarter Just Beat Its Own Holiday PeakMay 15
- 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
- SUPERBANK Q1 2023 Why Does a New Digital Bank's Loan Book Already Dwarf Its Deposit Book?May 03
- GOTO Q1 2023 Group Contribution Margin Turned Positive Exactly on Schedule. The User Base Kept Shrinking Anyway.Apr 27
- BIRD Q1 2023 Operating Profit Nearly Quadrupled - So Why Is Free Cash Flow Still Negative?Mar 31
Q4 2022
- DHER Q4 2022 What Does It Cost to Discover a €742 Million Mistake Six Months In?May 15
- 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
- MELI Q4 2022 Net Income Jumped 5.8x in a Year - But Is the Credit Book Growing Faster Than It Can Manage?Mar 10
- 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
- BBRI Q4 2022 Did the Record 2022 Profit Mask a Quarter of Shrinking Core Revenue?Feb 13
- ETERNAL Q4 2022 Blinkit's First Full Quarter Landed - So Why Did the Real Story Turn Out to Be Food Delivery Stalling?Feb 09
- 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
- BIRD Q4 2022 The Best Year Since The Pandemic Came With A Negative Cash Flow QuarterDec 31
Q3 2022
- 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
- GRAB Q3 2022 Deliveries Broke Even Three Quarters Early - At What Cost to Growth?Nov 16
- NU Q3 2022 Nine Years, One Profitable Quarter - While Delinquencies Kept ClimbingNov 15
- ETERNAL Q3 2022 Food Delivery Finally Turned a Profit - So Why Did Zomato's Loss Get Bigger?Nov 10