Financial PerformanceAdjusted EBITDA missed MSe by 5% as Product Commerce margins fell short, despite solid revenues, on increased spending on technology.
Operational ExpensesHigher OG&A spending the key culprit behind the Product Commerce EBITDA miss: While revenues and gross profit were in-line with our estimates, OG&A spending was approximately US$100mn higher than our numbers.
ValuationRemain Neutral due to valuation premium to peers, regulatory uncertainty and Softbank headwinds.