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$NU 1Q22: The Purple Wave
Nubank reported a $45mn net loss vs. the company-provided consensus of a $77mn loss. Similar NPL rises to the incumbent consumer segment, but without payroll and mortgage to smooth the hit.…
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Food for Thought #16
The week's most significant event was the FOMC decision to increase the Fed Funds Rate (“FFR”) by 50bps. Also, Powell said that 50bp increases in the FFR should be on the table at the next couple of meetings.…
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MELI 1Q22: In a League of Its Own
If this quarter had a name, it would be MercadoPago. Yeah, I get it. You take Meli as an eCommerce company focused on growing its GMV. That’s simply not true.…
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3R Petroleum 1Q22
Adjusted EBITDA for the quarter came at R$199mn (+150% YoY). After adjusting for a one-off of R$11mn (goodwill from Areia Branca), adj. Ebitda was R$209mn, a touch above our expectations.…
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Cielo 1Q22
We were surprised by Cielo’s earnings, which was the 6th beat in a row to market consensus. In addition, Consolidated Net Income reached R$ 184.6mn in 1Q22 (+10% above Street), +35.9% YoY, due to excellent well cost control.…
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XP 2Q22
XP reported weaker-than-expected 1Q22 results after the market close. A softer quarter was already expected after KPIs were published on Apr 13th, but the numbers were disappointing.…
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What Really Happened to AMZN?
I spent roughly a dozen hours digging into AMZN’s reports, reading management’s and industry experts’ transcripts to figure out what happened to Amazon.…
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First Take (FB & VALE)
Hi 👋
Pretty busy week. A pleasant one, though. I thought about breaking down this
post into one for Meta and…
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First Take (GOOG/MSFT)
Hi 👋
We've got good news if you’re a Free Subscriber and wish to have access to paid
posts without…
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The Last Stand
Rising Covid-19 cases in China raised concerns about a global economic slowdown,
but Blue Chip stocks reversed losses in afternoon…