⁠Wall St Engine
UNITEDHEALTH $UNH SUSPENDS 2025 OUTLOOK, NAMES STEPHEN HEMSLEY CEO — replacing Andrew Witty, who steps down for personal reasons. Hemsley returns after leading UNH from 2006–2017. Co. cites rising medical costs, especially in Medicare Advantage. Expects to resume growth in 2026
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⁠Wall St Engine
$SE | Sea Ltd. Q1'25 Earnings Highlights

🔹 EPS: $0.65 (Est. $0.60) 🟢
🔹 Revenue: $4.84B (Est. $5.02B) 🔴; +29.6% YoY
🔹 Adj EBITDA: $946.5M (Est. $657M); 🟢 +135.9% YoY

Other Metrics:
🔹 Operating Income: $456.4M; UP +542% YoY
🔹 Service Revenue: $4.43B; UP +30.1% YoY
🔹 Sales of Goods: $406.6M; UP +24.6% YoY
🔹 Cost of Revenue: $2.60B; UP +19.5% YoY

Segment Performance
E-Commerce (Shopee)
🔹 GAAP Revenue: $3.12B; UP +28.7% YoY
🔹 Gross Orders: 3.1B; UP +20.5% YoY
🔹 GMV: $28.6B; UP +21.5% YoY
🔹 Marketplace Revenue: $3.1B; UP +28.7% YoY
🔹 Core Marketplace Revenue: $2.4B; UP +39.2% YoY
🔹 Value-Added Services Revenue: $752.2M; UP +4.1% YoY
🔹 Adjusted EBITDA: $264.4M (vs. -$21.7M YoY)

Digital Financial Services (Monee)
🔹 GAAP Revenue: $787.1M; UP +57.6% YoY
🔹 Adjusted EBITDA: $241.4M; UP +62.4% YoY
🔹 Consumer & SME Loans Outstanding: $5.8B; UP +76.5% YoY
🔹 NPLs (90+ days past due): 1.1% (Stable QoQ)

Digital Entertainment (Garena)
🔹 Bookings: $775.4M; UP +51.4% YoY
🔹 GAAP Revenue: $495.6M; UP +8.2% YoY
🔹 Adjusted EBITDA: $458.2M; UP +56.8% YoY
🔹 Quarterly Active Users: 661.8M; UP +11.3% YoY
🔹 Quarterly Paying Users: 64.6M; UP +32.2% YoY
🔹 Paying User Ratio: 9.8% (vs. 8.2% YoY)
🔹 Avg. Bookings per User: $1.17 (vs. $0.86 YoY)

Expense Breakdown
🔹 Sales & Marketing Expenses: $929.7M; UP +20.8% YoY
  - E-Commerce: $777.5M; UP +15.0% YoY
  - Digital Financial Services: $96.3M; UP +69.6% YoY
  - Digital Entertainment: $28.9M; UP +49.2% YoY
🔹 General & Administrative Expenses: $307.2M; UP +5.6% YoY
🔹 R&D Expenses: $295.9M; DOWN -2.8% YoY
🔹 Provision for Credit Losses: $281.9M; UP +74.3% YoY

Other Metrics
🔹 Cost of Goods Sold: $373.8M; UP +20.8% YoY
🔹 Non-Operating Income: $89.2M (vs. -$17.5M YoY)
🔹 Income Tax Expense: $136.3M; UP +73.1% YoY
🔹 Operating Expenses: $1.78B; UP +20.0% YoY

CEO Forrest Li’s Commentary
🔸 “We have delivered another great quarter of strong growth with improving profitability across all three businesses.”
🔸 “Shopee achieved record-high GMV and gross order volume in Q1, sustaining market leadership with improved profitability in Asia and Brazil.”
🔸 “SeaMoney, now rebranded to Monee, grew revenue and adjusted EBITDA more than 50% YoY, while maintaining stable asset quality.”
🔸 “Garena had its best quarter since 2021, driven by Free Fire’s collaboration with NARUTO and a resurgence in engagement.”
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BARCLAYS EXPECTS FED RATE CUT IN DECEMBER VS JULY PREVIOUSLY
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$UAA | Under Armour Q4 Earnings Highlights

🔹 Adj. EPS: -$0.08 (Est. -$0.08) 🟡
🔹 Revenue: $1.2B (Est. $1.16B) 🟢; -11% YoY
🔹 Gross Margin: 46.7%; +170 bps YoY
🔹 Inventory: $946M; -1% YoY

FY26 Guidance
🔹 Revenue: -4% to -5% YoY
🔹 Gross Margin: +40 to +60 bps YoY
🔹 Adj. Operating Income: $20M–$30M
🔹 Adj. EPS: $0.01–$0.03

Q4 Segment Breakdown
🔹 North America: $689M; DOWN -11% YoY
🔹 International: $489M; DOWN -13% YoY
  — EMEA: DOWN -2%
  — APAC: DOWN -27%
🔹 Wholesale: $768M; DOWN -10% YoY
🔹 DTC: $386M; DOWN -15% YoY
🔹 Apparel: $780M; DOWN -11% YoY
🔹 Footwear: $282M; DOWN -17% YoY
🔹 Accessories: $92M; UP +2% YoY

CEO Kevin Plank’s Commentary
🔸 “We’re rebuilding Under Armour into a more focused and profitable brand.”
🔸 “Macro uncertainty and tariffs impact our outlook, but execution and alignment remain strong.”
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Robinhood $HOOD to acquire Canada’s WonderFi in all-cash deal worth ~C$250M, a 41% premium to last close.

WonderFi operates Bitbuy & Coinsquare, with over C$2.1B in AUC. Deal expands Robinhood’s crypto footprint in one of the world’s fastest-growing crypto markets. https://t.co/YpmlU29vgN
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⁠Wall St Engine
GOLDMAN SACHS RAISES S&P 500 YEAR-END TARGET TO 6,100 FROM 5,900
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USTR GREER:

WE WILL TALK TO INDIA’S 🇮🇳 TRADE TEAM TODAY; GLOBAL 10% TARIFF IS STRONG INCENTIVE TO REDUCE DEFICIT

US NOT RELYING ON ANY TRADE PARTNER FOR CRITICAL GOODS

TRUMP TO CONSIDER CHANGE IF WE SEE RESULTS ON FENTANYL
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⁠Wall St Engine
KeyBanc says the House draft bill to modify IRA provisions brings earlier phase-outs for clean energy tax credits and transferability—seen as a mild negative to neutral for developers like $NEE, $CMS, $XEL. Nuclear names $CEG, $PEG, $DUK could see downside too.
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⁠Wall St Engine
Citi says proposed IRA changes are less severe than feared for renewables. $FSLR is top beneficiary on tighter FEOC rules and extended support; $RUN gains pricing power. Negative for $ENPH, $SEDG as Section 25D ends after 2025, and for $PLUG on early hydrogen credit cutoff.
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⁠Wall St Engine
UNITEDHEALTH $UNH SINKS 11% AS CEO STEPS DOWN, OUTLOOK SUSPENDED https://t.co/3GQDa6DBQ2

UNITEDHEALTH $UNH SUSPENDS 2025 OUTLOOK, NAMES STEPHEN HEMSLEY CEO — replacing Andrew Witty, who steps down for personal reasons. Hemsley returns after leading UNH from 2006–2017. Co. cites rising medical costs, especially in Medicare Advantage. Expects to resume growth in 2026 - Wall St Engine
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⁠Wall St Engine
BARCLAYS EXPECTS US FED TO DELIVER THREE 25 BPS CUTS IN MARCH, JUNE AND SEPTEMBER IN 2026
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⁠Wall St Engine
Guess nobody told Optimus he’s got smoother moves than half the humans out there!
https://t.co/4oFkWO5kSP
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⁠Wall St Engine
BARCLAYS DOES NOT EXPECT US 🇺🇸 TO FALL INTO A RECESSION IN H2 2025 VS PRIOR FORECAST OF MILD RECESSION
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INDIA 🇮🇳 TRADE MINISTER TO VISIT US ON MAY 17-20 FOR TRADE TALKS
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JPMORGAN SEES FED RATE CUT IN DECEMBER VS SEPTEMBER PREVIOUSLY; SAYS US 🇺🇸RECESSION RISK IS NOW BELOW 50%
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$UBER CEO DARA KHOSROWSHAHI: YOU WILL SEE AUTONOMOUS VEHICLES IN SAUDI ARABIA THIS YEAR https://t.co/EKunUUepGC
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