How They Make Money

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How They Make Money
πŸ“Š PRO: This Week in Visuals
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πŸ“Š PRO: This Week in Visuals

PDD MU FDX GIS CCL DRI NIO HQY ASAN STNE

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App Economy Insights
Mar 22, 2025
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How They Make Money
How They Make Money
πŸ“Š PRO: This Week in Visuals
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Welcome to the Saturday PRO edition of How They Make Money.

Over 200,000 subscribers turn to us for business and investment insights.

In case you missed it:

  • πŸ’³ Klarna IPO: Key Takeaways

  • ☁️ Google’s Biggest Acquisition Ever


Premium subscribers get:

  • πŸ“Š Monthly reports: 200+ companies visualized.

  • πŸ“© Tuesday articles: Exclusive deep dives and insights.

  • πŸ“š Access to our archive: Hundreds of business breakdowns.

PRO subscribers get everything PLUS:

  • πŸ“© Saturday PRO reports: Timely insights on the latest earnings.


Today at a glance:

  1. πŸ“¦ PDD Holdings: Temu Expansion Slows

  2. βš™οΈ Micron: AI Fuels Growth

  3. 🚚 FedEx: Third Guidance Cut

  4. πŸͺ General Mills: Snacking Slowdown

  5. πŸ›³οΈ Carnival: Full Steam Ahead

  6. πŸ§‘β€πŸ³ Darden: Expansion Ahead

  7. ⚑️ NIO: Growing Pains

  8. πŸ₯ HealthEquity: Fraud Costs Weigh

  9. πŸ“ Asana: Moskovitz Steps Down

  10. πŸ’³ StoneCo: Banking Scale Up


1. πŸ“¦ PDD Holdings: Temu Expansion Slows

Pinduoduo’s parent PDD Holdings reported Q4 revenue growth of 24% year-over-year to $15.2 billion ($0.9 billion miss), marking its second consecutive top-line miss as domestic competition and global challenges intensified. Net income rose 18% to $3.8 billion, with EPS of $2.76 ($0.04 beat). Online marketing services grew 17%, while Transaction services revenue increased 33%, but both came in below expectations. Management has implemented a fee reduction program, waiving $1.4 billion in transaction fees to attract high-quality merchants, expanding logistics support in rural areas, and adding merchant protection initiatives to drive long-term platform sustainability.

Despite strong profitability, growth is moderating, and the e-commerce giant faces rising competitive pressure from Alibaba and JD.com, as well as US trade policy risks affecting Temu. PDD acknowledged slowing expansion in its global business, emphasizing supply chain investments and compliance efforts as it navigates regulatory scrutiny. While margins remain solid, the stock remains under pressure after the revenue miss and recent concerns over intensifying competition and geopolitical headwinds.


2. βš™οΈ Micron: AI Fuels Growth

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