๐ PRO: This Week in Visuals
WMT BABA BKNG ANET MELI ADI CDNS NTES NU NET XYZ OXY DDOG LYV TOST LENOVO GRAB KVYO GLBE ETSY LYFT TRIP
Welcome to the Saturday PRO edition of How They Make Money.
Over 190,000 subscribers turn to us for business and investment insights.
In case you missed it:
๐ซ๐ท Luxury Leaders Visualized
๐ง Free members get our Friday articles and sneak peeks.
๐ Premium members receive monthly reports with 200+ companies visualized, one extra weekly article, and access to our archive.
๐ผย PRO membersย enjoy everything in Premium, plus our timely coverage of the past week's most important earnings on Saturday.
Today at a glance:
๐ Walmart: Digital Strength
๐ฆ Alibaba: AI Powers Growth
๐๏ธ Booking: Travel Demand Still Strong
๐ Arista Networks: AI-Driven Growth
๐ค MercadoLibre: Expanding Ecosystem
โ๏ธ Analog Devices: Gradual Recovery
๐ก Cadence: AI Momentum
๐ฎ NetEase: Marvel Rivals Boost
๐ฆ Nu Holdings: FX Headwinds
โ๏ธ Cloudflare: Acceleration Ahead
๐ฒ Block: Weak Quarter
๐ข๏ธ Oxy: Weak Pricing
๐ถ Datadog: Cautious Outlook
๐ค Live Nation: Record Concert Demand
๐ Toast: Profitable Growth
๐ป Lenovo: AI Servers Fuel Growth
๐ต Grab: Rising Competition
๐ด Klaviyo: Scaling Upmarket
๐๏ธ Global-E: Record Growth & Profitable
๐ฆ Etsy: GMS Decline Continues
๐ Lyft: Record Growth
๐ฝ๏ธ Tripadvisor: Experiences Drive Growth
1. ๐ Walmart: Digital Strength
Walmartโs revenue grew 4% Y/Y to $180.6 billion ($1.6 billion beat) in its Q4 FY25 (ending in January 2025), with US comparable sales up 5%. E-commerce remained a standout, rising 16% Y/Y and now comprising 18% of total sales. Higher-income households continued driving growth, and global advertising revenue jumped 29%.
However, FY26 guidance disappointed, with projected sales growth of 3%-4% and EPS of $2.50-$2.60 ($2.76 expected). Management cited economic uncertainty and potential tariff impacts, though it expects to outperform initial targets, as seen in prior years.
Walmartโs focus on digital expansion, automation, and new revenue streams like advertising (including the recent VIZIO acquisition) and membership growth positions it well, even as consumer spending remains cautious. Despite near-term headwinds, market share gains and e-commerce profitability continue to drive long-term momentum.
2. ๐ฆ Alibaba: AI Powers Growth
Alibabaโs revenue grew 8% Y/Y to $38.4 billion ($130 million beat), its fastest pace since 2023. Cloud revenue growth accelerated to 13% Y/Y (from 7% Y/Y in the previous quarter), fueled by six consecutive quarters of triple-digit AI growth. The company is doubling down on AI investments, with CEO Eddie Wu calling Artificial General Intelligence (AGI) Alibabaโs "primary objective."
E-commerce also rebounded, withย Taobao and Tmallย revenue up 5%, including a 9% rise in customer management revenue, signaling improving monetization. International commerce soared 32%, led byย AliExpressย andย Trendyol.
Alibabaโs renewed focus on AI and infrastructure investments, coupled with a partnership with Apple to integrate its AI into iPhones in China, has fueled a $100 billion market cap surge in 2025. Despite fierce competition from PDD and ByteDance, Alibabaโs strategy is showing results.