I actually voted for your first comment: the FX impact on results cannot be ignored in understanding these results (which otherwise, could have been very good progress).
But your point on "false premise that what worked in Australia would be also profitable in developing countries" is quite debatable. FDV adapts quite a lot in emerging markets including its value proposition (facilitating the transaction itself beyond ad particularly for off-market unist) and revenue model (commision). So taking what worked in Australia to emerging markets is not fair.
What is disappoinint is their cherrypicking (using semantics) to claim #1 position in some of the countries. For example, they count only those portals that are focused on property to claim #1 in many LATAM countries. If they count diversified players such as Mercado Libre, they would not be # 1 in quite a few of those countries (even in the property section: playing with semantics). That's perhaps the biggest turn-off for me and why I stopped topping up.
FDV Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held
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