The news: Affirm’s gross merchandise volume (GMV) grew 43% YoY to $10.4 billion, per Q4 FY 2025 earnings (ended June 30). The buy now, pay later (BNPL) company reported strong numbers across the board. Revenues soared 33% YoY to $876 million. Active consumers increased 24% YoY to 23 million. Transactions per active customer grew 19% to 5.8. The number of active merchants jumped 24% to 337,000. Our take: Affirm’s dominance in the US market is propelled by powerful Affirm Card spend—we forecast Affirm will edge out Klarna in terms of US volume by $4.7 billion. If the firm can keep growing its average ticket size, it could carve out a healthy niche in the consumer credit market: purchases that are too small to jump through the hoops of securing a personal loan but too large to pay off in one month on a credit card balance.

This earnings season revealed retailers with strong value propositions and efficient omnichannel operations are positioned to outperform, while those relying on middle-market discretionary spending face challenges.

Disney’s password-sharing changes didn’t boost subscriptions—yet: The company saw a slight dip in Disney+ subs as it faced a tough holiday period.

Meta wants 1 billion Meta AI users this year: The company is hoping its strong Q4 performance can propel it through a year rife with challenges.

A hot mic moment revealed Disney’s advertising audience: The company’s Q4 earnings came with AVOD revelations and significant gains in India.

To weather the ongoing storm, they’re investing in a variety of growth strategies.

Netflix rounds out its best quarter with a WWE rights deal: The streamer is still seeing strong subscription and revenue growth thanks to an ad-supported boom.

Profits dropped when big banks got the bill for last year’s banking crisis—along with some other expenses.

In the last quarter of 2022, Amazon increased its total net sales 9% YoY to hit $149.2 billion. But compared to the massive growth the company has experienced in the past, its Q4 results were a bit lackluster. From ad revenues to physical store sales, let’s take a closer look at how some of Amazon’s business units fared in Q4.

Twitter’s balance sheet is looking rough: The company lost more than 500 of its top advertisers, and Q4 revenues tanked 35%.

On today's episode, we discuss what to make of the apparent turnaround in Amazon's online store sales growth, why Amazon's ad business stands out, and what to expect from the ecommerce giant in Q4. "In Other News," we talk about the secret to returns convenience and how much people will be shopping in stores this holiday season. Tune in to the discussion with our analyst Andrew Lipsman.

On today's episode, we discuss why Google's advertising business has slowed, the significance of YouTube's growth going in the wrong direction, and what to expect from Google in Q4 and beyond. "In Other News," we talk about Apple Search Ads' market share and why live sports may not be that big of a driver of pay TV subscriptions. Tune in to the discussion with our analyst Max Willens.

Global iPhone production hits record growth despite chip, component crisis: Demand for iPhone 13 models, reduced pricing on older handsets, and Huawei’s declining market share help Apple reclaim smartphone leadership.