EverHint — Earnings Reports Pulse - November 13, 2025

November 13, 2025

Earnings Pulse (quick)

• Mega-cap Asia still carrying the growth torch: Tencent delivers double-digit revenue and profit growth, powered by gaming and AI, while Bilibili squeezes out margin gains despite a mixed headline. (Reuters)
• Media & platforms trade like factor bets: Disney’s mixed report and a deepening YouTube TV dispute hit the stock, while WEBTOON and DLocal are punished for softer guidance and margin worries despite EPS beats. (Los Angeles Times)
• Europe leans defensive: Alstom, Deutsche Telekom, Talanx and even discount retailer B&M are all about guidance and outlook — rail, telecom and insurance are raising bars, while value retail is still fighting weak UK consumers. (Investing.com)

Headline Scan — Selected Earnings Moves

*Market reaction based on today’s reported moves where available; not investment advice.

Field Notes & Takeaways

1. Media & Platforms — Guidance > Headlines

• Disney (DIS)
  • The numbers: EPS comes in ahead of consensus, helped by profitable streaming and resilient parks, but revenue misses expectations. Management still calls for double-digit EPS growth into 2026 and doubles its buyback target, plus a higher dividend. (Moomoo)
  • The snag: A potentially long distribution fight with YouTube TV and ongoing linear-TV softness are front and center, with the stock trading down ~8% as the market focuses on near-term revenue pressure over long-term capital-return promises. (ksl.com)
• WEBTOON (WBTN)
  • The good: EPS beats as the company continues to scale its digital comics platform, following on the heels of a high-profile Disney partnership and equity stake disclosed earlier this year. (Investopedia)
  • The bad: Q3 revenue modestly misses estimates, and Q4 guidance implies a step-down vs consensus — a jarring reset after prior “Disney halo” momentum. Shares drop ~18%, a reminder that markets are treating guidance misses harshly in high-growth names. (StockStory)
• DLocal (DLO)
  • Prints a classic “good quarter, bad reaction”: EPS and revenue both beat, with revenue up >50% YoY on strong payment volume across emerging markets. (Investing.com)
  • But margin compression and tariff-related growth headwinds dominate the narrative, and the stock trades 7–9% lower as investors reassess how much they’re willing to pay for that growth profile. (Investing.com)
• Jumia (JMIA)
  • Top line finally shows meaningful traction: revenue +25% YoY, GMV and first-party sales both accelerate, and operating loss narrows ~13%. Active users and order volume move higher, reinforcing a slow but real turnaround in the “Amazon for Africa” story. (Techpoint Africa)
  • The catch: Jumia still misses revenue forecasts and now guides to a larger full-year loss than previously expected, which keeps the debate alive on how quickly the platform can reach durable profitability. (Investing.com)

2. Asia Tech — Quality Growth Still Commanding a Premium

• Tencent (0700.HK)
  • Q3 is a clean beat: 15% revenue growth to ~RMB193B, ahead of consensus, with gaming re-accelerating and advertising up over 20% as AI-driven ad tools improve monetization. Net profit also beats as cost discipline holds. (Reuters)
  • Strategic backdrop stays supportive: management highlights measured but ongoing AI investment and new monetization levers across WeChat and its broader ecosystem, even as cloud growth remains constrained by AI chip supply.
• Bilibili (BILI)
  • Mixed at the headline level — one release flags an EPS miss and revenue shortfall, but the detailed filings show continued profitability on an adjusted basis, 5% revenue growth and the 13th consecutive quarter of gross-margin expansion to ~36.7%. (MarketBeat)
  • The bigger story is a platform that has quietly shifted from pure growth to profitable growth, leaning on advertising, controlled content costs and better user-engagement economics.

3. Europe — Guidance Games in Rail, Telco, Insurance & Retail

• Alstom (ALO.PA)
  • First-half 2025/26 shows organic sales up ~7.9%, with all product lines contributing and demand strong in rolling stock, signalling and North America. Management lifts its growth outlook for the year, suggesting the post-order-book digestion phase is progressing as planned. (Investing.com)
• Deutsche Telekom (DTE.DE)
  • Q3 earnings land in line, but the message is about another guidance hike: adjusted EBITDA AL for 2025 is now targeted at ~€45.3B and free cash flow after leases at ~€20.1B, helped by US exposure and the UScellular acquisition via T-Mobile. (Reuters)
  • Management also leans into a long-term fiber and AI build-out, including a planned Nvidia-backed AI cloud “gigafactory” in Europe — positioning the name as an infrastructure + digital-services hybrid rather than a plain telco. (Reuters)
• Talanx (TLX)
  • The insurer posts record nine-month net income of ~€1.96B, a 23% YoY jump, with a combined ratio under 90% and ROE above 21%. Management lifts the 2025 net-income target to >€2.4B and signals a faster path to its 2027 goal. (Talanx)
  • The tone here is classic “quiet compounder”: diversified earnings across primary and reinsurance, improving underwriting quality, and a clear roadmap for multi-year earnings growth.
• B&M European Value Retail (BME.L)
  • In contrast, the UK discount retailer reports a 30–55% drop in profit for the first half as weak discretionary demand and higher costs bite. Revenue still edges higher, but operating leverage works in reverse and management remains in turnaround mode. (The Times)
  • Management is cutting prices on a large chunk of key items and dealing with C-suite churn and prior accounting issues, which keep the risk premium elevated heading into the holiday season. (The Times)

4. Thematic Angle — Energy Transition & “Future of Mobility”

• Ballard Power (BLDP)
  • Q3 showcases what a high-beta energy-transition name looks like when execution improves: revenue up 120% YoY to $32.5M, a 71-point gross-margin swing into positive territory, and narrowing net losses. Orders in bus, rail and marine fuel-cell systems underpin the longer-term pipeline. (Yahoo Finance)
  • It’s still early-stage and volatile, but today’s print gives fuel-cell bulls more fundamental backing than they’ve had in a while.

How to Use Today’s Earnings Radar

• Growth vs. guidance: Names like WEBTOON and DLocal show how quickly sentiment can flip when forward guidance contradicts the growth narrative — even if the current quarter looks fine on paper.
• Defensives as compounding stories: Deutsche Telekom and Talanx illustrate the quieter side of earnings season: incremental guidance upgrades + capital-return capacity without flashy headlines.
• Turnarounds need proof, not just beats: Jumia and B&M both have moving parts; the market is rewarding visible progress on profitability and penalizing any signal that the journey will take longer (or require more capital) than hoped.

Independent research. No hype, no pumps, no paid promotions — just clean, data-driven signals and concise context.