AkhenOsiris
FT comparing $PDD to Luckin Coffee.
"For instance, why does PDD look like much smaller peers when staff levels and research spending are compared? Why haven't competitors described the impact of PDD's rise? Why do balance sheet metrics move at a different pace to revenues? How does a $200bn company own less than $150mn worth of hard assets?"
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FT comparing $PDD to Luckin Coffee.
"For instance, why does PDD look like much smaller peers when staff levels and research spending are compared? Why haven't competitors described the impact of PDD's rise? Why do balance sheet metrics move at a different pace to revenues? How does a $200bn company own less than $150mn worth of hard assets?"
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AkhenOsiris
FT on $PDD
Perhaps the biggest mystery about PDD is how lar truly become.
A metric published by some ecommerce businesses merchandise value (GMV) sold via the platform effectively, of its entire ecosystem of sales.
Ebay, for instance reported GMV of $73bn for its marketplace last year which it earned $10bn of revenues. PDD used to report such a figure. For 2021 it said GMV was Rmb2.4tn ($383bn). From that, PDD generated a total of $14.7bn of revenues from marketing and transaction services, a 3.6 per cent margin known as the “take rate."
However, while PDD still publishes revenue from marketing and transaction fees, it no longer reveals its GMV. Estimating how big its ecosystem has become thus depends on assumptions about what the take rate now is, or what share of GMV the company keeps for itself. Analysts offer a range of estimates for last year's total GMV between Rmb3.6tn ($500bn) and Rmb4.8tn ($700bn), according to Bloomberg, with a consensus of Rmb3.9tn ($550bn). At the higher end, that would be similar to estimates for Amazon's total GMV this year. But complicating that picture are metrics on the income statement and balance sheet moving at very different speeds. In the blow-out recent quarter, marketing services grew at roughly the same pace they have since the middle of 2021, about 40 per cent year-on-year. But over the same period, transaction fee revenues grew at more than three times the rate of marketing services.
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FT on $PDD
Perhaps the biggest mystery about PDD is how lar truly become.
A metric published by some ecommerce businesses merchandise value (GMV) sold via the platform effectively, of its entire ecosystem of sales.
Ebay, for instance reported GMV of $73bn for its marketplace last year which it earned $10bn of revenues. PDD used to report such a figure. For 2021 it said GMV was Rmb2.4tn ($383bn). From that, PDD generated a total of $14.7bn of revenues from marketing and transaction services, a 3.6 per cent margin known as the “take rate."
However, while PDD still publishes revenue from marketing and transaction fees, it no longer reveals its GMV. Estimating how big its ecosystem has become thus depends on assumptions about what the take rate now is, or what share of GMV the company keeps for itself. Analysts offer a range of estimates for last year's total GMV between Rmb3.6tn ($500bn) and Rmb4.8tn ($700bn), according to Bloomberg, with a consensus of Rmb3.9tn ($550bn). At the higher end, that would be similar to estimates for Amazon's total GMV this year. But complicating that picture are metrics on the income statement and balance sheet moving at very different speeds. In the blow-out recent quarter, marketing services grew at roughly the same pace they have since the middle of 2021, about 40 per cent year-on-year. But over the same period, transaction fee revenues grew at more than three times the rate of marketing services.
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AkhenOsiris
RT @mdsmaldon: Beginning to think this will be the most important question in our upcoming GenAI Survey (#3) given the Klarna AI data point, investor expectations of 'software' AI-beneficiaries and mgt 'conservative' full yr guides #buildvbuy
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RT @mdsmaldon: Beginning to think this will be the most important question in our upcoming GenAI Survey (#3) given the Klarna AI data point, investor expectations of 'software' AI-beneficiaries and mgt 'conservative' full yr guides #buildvbuy
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AkhenOsiris
$ZS CEO Chaudhry at MS TMT Conference
"When I look at the top 10 deal or 20 deals for new logos, the starting point is Internet Gateway. You start with secure web gateway, then you add DLP on top, you add sandboxing. We are the full outbound DMZ that's why our deal size starts going up."
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$ZS CEO Chaudhry at MS TMT Conference
"When I look at the top 10 deal or 20 deals for new logos, the starting point is Internet Gateway. You start with secure web gateway, then you add DLP on top, you add sandboxing. We are the full outbound DMZ that's why our deal size starts going up."
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BizToc
4) Egypt's Bold Currency Move —
Egypt lets currency depreciate sharply and hikes interest rates in a drastic move to stabilize its economy. #EgyptEconomy
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4) Egypt's Bold Currency Move —
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BizToc
3) Royal Caribbean Privacy Scandal —
Royal Caribbean cleaner arrested over allegations of hiding cameras in ship bathrooms, sparking privacy uproar. #PrivacyScandal
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3) Royal Caribbean Privacy Scandal —
Royal Caribbean cleaner arrested over allegations of hiding cameras in ship bathrooms, sparking privacy uproar. #PrivacyScandal
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BizToc
2) Gearing Up For Green —
GE Vernova plans to amp up free cash flow post-spinoff, focusing on renewable energy innovations. #GreenEnergy
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2) Gearing Up For Green —
GE Vernova plans to amp up free cash flow post-spinoff, focusing on renewable energy innovations. #GreenEnergy
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BizToc
📰 BizToc.com Hourly News Flash
1) US Mulls TikTok Ban —
US House Panel considers banning TikTok amid data privacy concerns and geopolitical tensions. #TikTokBan
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📰 BizToc.com Hourly News Flash
1) US Mulls TikTok Ban —
US House Panel considers banning TikTok amid data privacy concerns and geopolitical tensions. #TikTokBan
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BizToc
📰 BizToc.com Hourly News Flash
1) China's TikTok Tug-of-War —
China resists U.S. demands for ByteDance to divest TikTok, amidst wider tech crackdown tensions. #ByteDance
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📰 BizToc.com Hourly News Flash
1) China's TikTok Tug-of-War —
China resists U.S. demands for ByteDance to divest TikTok, amidst wider tech crackdown tensions. #ByteDance
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