Episode Details

Susie and Miro unpack a quarter that looks like a disaster on paper but traded like a victory. Why did the stock rally despite EPS plunging 38% and operating income taking a massive hit? PM is aggressively rebranding its financials, scrapping geographic reporting to force Wall Street to value it as a tech-nicotine company rather than a legacy cigarette maker. We discuss if this "valuation hack" is genius or desperate. 🗺️✂️

We also dig into the ZYN narrative, which finally hit a speed bump with a shocking 17% sequential drop in U.S. shipments. Is it just "destocking," or is the rocket ship finally cooling down?

Plus, we cover the $241M cost of closing German factories, a $751M tax ransom, and a bizarre moment on the earnings call where the CEO had to correct an AI hallucination. It’s a messy, fascinating look at a company trying to destroy its history to save its future. 📉🚀