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>Snap Inc. entered 2026 with a business that is finally showing signs of sharper financial discipline, better gross margin performance, stronger free cash flow generation, and a more deliberate focus on monetization.</li><li>That is precisely why the company’s long-running push into Specs now stands out so clearly.</li><li>The debate is no longer just about whether smart glasses can become a meaningful computing platform over time.</li></ul>

Snap Inc. entered 2026 with a business that is finally showing signs of sharper financial discipline, better gross margin performance, stronger free cash flow generation, and a more deliberate focus on monetization.That is precisely why the company’s long-running push into Specs now stands out so clearly.The debate is no longer just about whether smart glasses can become a meaningful computing platform over time.

Snap’s $3.5 Billion Detour Could Be Its Biggest Strategic Error Yet!

<ul><li>Snap Inc.'s fourth quarter 2025 financial results indicate significant progress in several strategic areas while facing ongoing challenges.</li><li>The company reported total revenue of $1.72 billion, marking a 10% increase year-over-year, with advertising revenue contributing $1.48 billion, up by 5%.</li><li>This growth in advertising was primarily driven by direct response advertising demand, especially from small- and medium-sized businesses, as well as increased use of dynamic ads.</li></ul>

Snap Inc.'s fourth quarter 2025 financial results indicate significant progress in several strategic areas while facing ongoing challenges.The company reported total revenue of $1.72 billion, marking a 10% increase year-over-year, with advertising revenue contributing $1.48 billion, up by 5%.This growth in advertising was primarily driven by direct response advertising demand, especially from small- and medium-sized businesses, as well as increased use of dynamic ads.

Snap Inc.: AI-Driven Ad Reinvention & ROAS Acceleration—A Powerful Engagement Shift!

<ul><li>Snap Inc.'s recent earnings report highlights a mix of progress and challenges as the company continues its strategic initiatives.</li><li>On the positive side, Snap has demonstrated significant growth in user engagement and revenue.</li><li>The company reported 477 million daily active users, marking an 8% increase year-over-year, and achieved a 10% year-over-year increase in revenue, reaching $1.51 billion.</li></ul>

Snap Inc.'s recent earnings report highlights a mix of progress and challenges as the company continues its strategic initiatives.On the positive side, Snap has demonstrated significant growth in user engagement and revenue.The company reported 477 million daily active users, marking an 8% increase year-over-year, and achieved a 10% year-over-year increase in revenue, reaching $1.51 billion.

Snap Inc.: Inside the Strategy Supercharging Engagement Across Ads, AI, & AR!

<ul><li>Snap Inc.'s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges.</li><li>Positively, the company's engagement metrics continue to demonstrate strong growth, with Monthly Active Users (MAUs) reaching 932 million, an increase of 7% year-over-year.</li><li>This growth signifies Snap's appeal, particularly among Gen Z and Millennial demographics.</li></ul>

Snap Inc.'s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges.Positively, the company's engagement metrics continue to demonstrate strong growth, with Monthly Active Users (MAUs) reaching 932 million, an increase of 7% year-over-year.This growth signifies Snap's appeal, particularly among Gen Z and Millennial demographics.

Snap + Perplexity AI: The $400 Million Deal That Has Investors Buzzing!

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>From C1Q24 results we concluded that media platforms with large, untapped and preferably contextual traffic tend to benefit the most from Generative AI (GAI). C2Q24 largely trended the same line;</li>
<li>But Google is experimenting with inserting ads above or below the AI Overview Box. We hold reservation on the result but Baidu can likely copy;</li>
<li>New growth emerged in AI Agent with API calls on Microsoft Azure, Google, Linked-In and Snap showing accelerated sequential growth. AI agent is likely the next hot spot in GAI.</li>
</ul>


From C1Q24 results we concluded that media platforms with large, untapped and preferably contextual traffic tend to benefit the most from Generative AI (GAI). C2Q24 largely trended the same line;
But Google is experimenting with inserting ads above or below the AI Overview Box. We hold reservation on the result but Baidu can likely copy;
New growth emerged in AI Agent with API calls on Microsoft Azure, Google, Linked-In and Snap showing accelerated sequential growth. AI agent is likely the next hot spot in GAI.


A Few Signs Beyond Advertising Optimization In GAI Commercialization

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Snap’s $3.5 Billion Detour Could Be Its Biggest Strategic Error Yet!

Snap Inc. entered 2026 with a business that is finally showing signs of sharper financial discipline, better gross margin performance, stronger...

Baptista Research

Snap Inc.: AI-Driven Ad Reinvention & ROAS Acceleration—A Powerful Engagement Shift!

Snap Inc.'s fourth quarter 2025 financial results indicate significant progress in several strategic areas while facing ongoing challenges. The...

Baptista Research

Snap Inc.: Inside the Strategy Supercharging Engagement Across Ads, AI, & AR!

Snap Inc.'s recent earnings report highlights a mix of progress and challenges as the company continues its strategic initiatives. On the positive...

Baptista Research

Snap + Perplexity AI: The $400 Million Deal That Has Investors Buzzing!

Snap Inc.'s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges. Positively, the company's...

Baptista Research

A Few Signs Beyond Advertising Optimization In GAI Commercialization

C2Q24 Generative AI (GAI) showed increased uptake from US Internet companies. AI agent activities are on the rise, particularly in mid-sized...

Blue Lotus Research Institute

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