Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
(Members can find an extended version of this post here and a PDF here) 2Q25 Update. Airbnb reported 2Q25 results and the stock fell -8% the next day, citing hard comps in 3Q and 4Q. Revenues grew+13% y/y in 2Q25. This was a slight acceleration from +11% y/y last quarter, driven by Gross Booking Value […]| Speedwell Research
(Speedwell Members click here for an extended version of this post or here for a PDF) 2Q25 Earnings. Axon reported 2Q25 earnings and the stock was up +17% the next day. Axon’s results marked the 14th consecutive quarter of 25%+ growth and 6th quarter of 30%+ growth. Total revenue growth improved sequentially to +33% y/y […]| Speedwell Research
(Speedwell Members click here for an extended version of this post or find a PDF here.) 2Q25 Earnings Update. Coupang reported 2Q25 earnings and net revenues grew +16% y/y, or +19% y/y on a FXN basis. Gross profits grew +20% y/y or +22% y/y FXN. As they shift more commerce from First-Party (or 1P, where […]| Speedwell Research
2Q25 Summary. Total revenues grew +9% y/y to $1.15bn, marking a deceleration from the +12% growth recorded in 2Q24 and the first single-digit revenue growth since 1Q24. Margins and profitability continued to be weighed down by elevated financial service expenses and SG&A. They maintained their full year guidance of 9,250 home closings, which includes the […]| Speedwell Research
(Speedwell Members please click here for an extended version of this post and here for a PDF version ) 2Q25 Update. AppFolio reported 2Q25 and the stock is up +16%. (It is now up 55% since we published our original research report in May, so we will update the valuation below). Revenues reaccelerated 300bps […]| Speedwell Research
(Speedwell Members click here for an extended version of this post and for a PDF click here) 2Q25 Update. FND reported 2Q25 and the stock was up 3% after hours. Net revenues increased +7% y/y to $1.13bn with comparable sales +0.4%. This was the first time they posted same store sales (SSS) growth since 4Q22. […]| Speedwell Research
