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>Reddit's second-quarter 2025 financial results position the company at a crossroads of opportunity and challenge.</li><li>The company reported notable revenue growth, registering a 78% year-over-year increase to $500 million, its fastest growth since 2022.</li><li>This was driven significantly by a strong performance in its advertising business, which grew 84% to $465 million, bolstered by increased investments from existing advertisers and the acquisition of new ones.</li></ul>

Reddit's second-quarter 2025 financial results position the company at a crossroads of opportunity and challenge.The company reported notable revenue growth, registering a 78% year-over-year increase to $500 million, its fastest growth since 2022.This was driven significantly by a strong performance in its advertising business, which grew 84% to $465 million, bolstered by increased investments from existing advertisers and the acquisition of new ones.

Reddit Inc.: Strategic International Growth & Localization to Expand Global Footprint!

<ul><li>Reddit, Inc.’s first-quarter 2025 results underscored the platform’s momentum since its 2024 IPO, combining rapid top-line expansion with improving profitability.</li><li>Revenue reached $392 million, a 61 percent year-over-year jump, and advertising remained the engine of growth by delivering $359 million, also up 61 percent.</li><li>Weekly active users climbed to 401 million and daily active users to 108 million—both increases of roughly 31 percent—while international communities in markets such as France, Spain, and Brazil expanded at nearly double the overall pace, pointing to early success in Reddit’s localisation strategy.</li></ul>

Reddit, Inc.’s first-quarter 2025 results underscored the platform’s momentum since its 2024 IPO, combining rapid top-line expansion with improving profitability.Revenue reached $392 million, a 61 percent year-over-year jump, and advertising remained the engine of growth by delivering $359 million, also up 61 percent.Weekly active users climbed to 401 million and daily active users to 108 million—both increases of roughly 31 percent—while international communities in markets such as France, Spain, and Brazil expanded at nearly double the overall pace, pointing to early success in Reddit’s localisation strategy.

Reddit Is Tweaking Its Ad Strategy—Can Outcome-Based Pricing Outperform the Competition?

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>LLMs have finally made large-scale product recommendation viable by transforming Reddit threads, YouTube transcripts, and Wirecutter and RTINGS reviews—the last bastions of authentic product knowledge on a gamed web—into structured, trustworthy input for AI shopping assistants.</li><li>As agents take over more of the shopping workflow from research to comparison to purchase, the adtech and SaaS ecosystem behind modern e-commerce—ad networks, affiliate networks, retargeting engines, on-site optimization—stands to get bypassed by upstream recommendation engines where purchases are researched (Vetted) and downstream payment rails where transactions are executed (Stripe, PayPal).</li><li>When you ask a question to Vetted, we actually make over a hundred LLM calls. It's not just one model spitting out an answer. Each one of those steps imbue how we think people should research products and consider what's relevant.</li></ul>

LLMs have finally made large-scale product recommendation viable by transforming Reddit threads, YouTube transcripts, and Wirecutter and RTINGS reviews—the last bastions of authentic product knowledge on a gamed web—into structured, trustworthy input for AI shopping assistants.As agents take over more of the shopping workflow from research to comparison to purchase, the adtech and SaaS ecosystem behind modern e-commerce—ad networks, affiliate networks, retargeting engines, on-site optimization—stands to get bypassed by upstream recommendation engines where purchases are researched (Vetted) and downstream payment rails where transactions are executed (Stripe, PayPal).When you ask a question to Vetted, we actually make over a hundred LLM calls. It's not just one model spitting out an answer. Each one of those steps imbue how we think people should research products and consider what's relevant.

Stuart Kearney, co-founder Of Vetted, On AI Agents In Shopping

<ul><li>Reddit's recent fourth-quarter and full-year 2024 earnings call presents a picture of a company in the midst of notable growth and transformation, with several key takeaways for investors.</li><li>As a social media platform, Reddit has achieved significant milestones, including surpassing $1 billion in annual revenue and reaching over 100 million daily active users (DAUs).</li><li>The year marked Reddit’s first as a publicly traded company, underscoring its evolution in the tech and social media landscape.</li></ul>

Reddit's recent fourth-quarter and full-year 2024 earnings call presents a picture of a company in the midst of notable growth and transformation, with several key takeaways for investors.As a social media platform, Reddit has achieved significant milestones, including surpassing $1 billion in annual revenue and reaching over 100 million daily active users (DAUs).The year marked Reddit’s first as a publicly traded company, underscoring its evolution in the tech and social media landscape.

Reddit Inc.: Search Optimization Through Reddit Answers Can Truly Catalyze Growth?

<ul><li>Sacra estimates Xiaohongshu generated $4.8B in revenue in 2024, up 30% from $3.7B in 2023, with 300M monthly active users and a $20B valuation.</li><li>The little-known Chinese social media app Xiaohongshu, backed by both domestic companies (Alibaba, Tencent) and international venture firms (DST Global, GGV Capital) shot to #1 in the iOS App Store in the week leading up to the TikTok ban as 3M American “TikTok refugees” flocked to it as a replacement.</li><li>We dug deeper into the Chinese-incorporated Xiaohongshu—aka RedNote—to learn more in advance of an anticipated 2025 IPO on the Hong Kong Stock Exchange (HKEX).</li></ul>

Sacra estimates Xiaohongshu generated $4.8B in revenue in 2024, up 30% from $3.7B in 2023, with 300M monthly active users and a $20B valuation.The little-known Chinese social media app Xiaohongshu, backed by both domestic companies (Alibaba, Tencent) and international venture firms (DST Global, GGV Capital) shot to #1 in the iOS App Store in the week leading up to the TikTok ban as 3M American “TikTok refugees” flocked to it as a replacement.We dug deeper into the Chinese-incorporated Xiaohongshu—aka RedNote—to learn more in advance of an anticipated 2025 IPO on the Hong Kong Stock Exchange (HKEX).

United States

Reddit, Inc. operates as an online discussion platform. The Company publicizes online items recommended by members and aggregates news stories submitted by users. Reddit serves customers worldwide.

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Reddit (RDDT US)

Reddit Inc.: Strategic International Growth & Localization to Expand Global Footprint!

Reddit's second-quarter 2025 financial results position the company at a crossroads of opportunity and challenge. The company reported notable...

Baptista Research

Reddit Is Tweaking Its Ad Strategy—Can Outcome-Based Pricing Outperform the Competition?

Reddit, Inc.’s first-quarter 2025 results underscored the platform’s momentum since its 2024 IPO, combining rapid top-line expansion with...

Baptista Research

Stuart Kearney, co-founder Of Vetted, On AI Agents In Shopping

Tell us about the journey from Slant to Lustre to Vetted, what you learned at each stage and what inspired you to build & focus on Vetted...

Sacra

Reddit Inc.: Search Optimization Through Reddit Answers Can Truly Catalyze Growth?

Reddit's recent fourth-quarter and full-year 2024 earnings call presents a picture of a company in the midst of notable growth and transformation,...

Baptista Research

$4.8B/yr Instagram Of China

TL;DR: Originally a PDF shopping guide for Chinese tourists, Xiaohongshu has evolved into China's answer to Instagram, capturing an affluent...

Sacra

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