Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year excluding foreign exchange impacts, and operating income rising 31% to $19.2 billion.</li><li>Earnings per share climbed to $1.68, significantly above Wall Street’s expectation of $1.33, and higher than the $1.26 recorded in the same quarter last year.</li><li>Free cash flow for the trailing 12 months stood at $18.2 billion, underscoring solid operational efficiency.</li></ul>

Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year excluding foreign exchange impacts, and operating income rising 31% to $19.2 billion.Earnings per share climbed to $1.68, significantly above Wall Street’s expectation of $1.33, and higher than the $1.26 recorded in the same quarter last year.Free cash flow for the trailing 12 months stood at $18.2 billion, underscoring solid operational efficiency.

Amazon.com Inc - Amazon’s Cloud Empire Is Booming—But There’s a Hidden Problem

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.</li><li>Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”</li><li>Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”</li></ul>

Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”

Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift 

<ul><li>Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.</li><li>After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.</li><li>Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.</li></ul>

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

Amazon.com Inc - Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

<ul><li>Amazon.com, Inc. delivered a strong performance in the first quarter of 2025, reporting $155.7 billion in revenue—a 9% year-over-year rise—and a net profit of $17.1 billion that exceeded Wall Street estimates.</li><li>Operating income also grew 20% to $18.4 billion, with trailing 12-month free cash flow hitting $25.9 billion.</li><li>The North American and international segments each posted approximately 8% revenue growth, even amid foreign exchange headwinds.</li></ul>

Amazon.com, Inc. delivered a strong performance in the first quarter of 2025, reporting $155.7 billion in revenue—a 9% year-over-year rise—and a net profit of $17.1 billion that exceeded Wall Street estimates.Operating income also grew 20% to $18.4 billion, with trailing 12-month free cash flow hitting $25.9 billion.The North American and international segments each posted approximately 8% revenue growth, even amid foreign exchange headwinds.

Amazon’s AI Push & Satellite Ambitions Are Colliding With Trade War Fears; What Could Pershing Square Be Seeing In The Company?

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25.</li><li>Ads revenue continued its momentum at 19% growth YoY which was higher than both Google and Meta.</li><li>After growing at ~19% YoY for the last three consecutive quarters, AWS growth decelerated this quarter to 17%.</li></ul>

While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25.Ads revenue continued its momentum at 19% growth YoY which was higher than both Google and Meta.After growing at ~19% YoY for the last three consecutive quarters, AWS growth decelerated this quarter to 17%.

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Amazon.com Inc - Amazon’s Cloud Empire Is Booming—But There’s a Hidden Problem

Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year...

Baptista Research

Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift

Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a...

Caixin Global

Amazon.com Inc - Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry...

Baptista Research

Amazon’s AI Push & Satellite Ambitions Are Colliding With Trade War Fears; What Could Pershing Square Be Seeing In The Company?

Amazon.com, Inc. delivered a strong performance in the first quarter of 2025, reporting $155.7 billion in revenue—a 9% year-over-year rise—and a...

Baptista Research

Amazon 1Q'25 Update

While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25. Ads revenue continued its...

MBI Deep Dives

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