Daily Brief TMT/Internet: AppFolio Inc A, Belden Inc, CCC Intelligent Solutions Hold, Newsmax, Riot Blockchain, StubHub Holdings, Vontier Corp and more

• AppFolio, Inc. has reported its financial results for the third quarter of 2025, showcasing both advancements and challenges as it navigates the property management software industry.
• The company achieved revenue of $249 million, marking a robust 21% increase year-over-year.
• This growth underscores AppFolio’s market strength, driven by their strategic initiatives in expanding new business and enhancing current service offerings, particularly in their Plus and Max premium tiers.

• Belden Inc., a company specializing in high-quality signal transmission solutions, recently released its third quarter results for 2025, showcasing both accomplishments and challenges.
• The financial performance was characterized by record highs in revenue and adjusted earnings per share (EPS).
• Revenue reached $698 million, a 7% year-over-year increase, and adjusted EPS grew to $1.97, placing both metrics above the company’s guidance and marking the best quarterly results in its history.

• CCC Intelligent Solutions presented its third quarter results for fiscal 2025, demonstrating a strong financial position with a notable revenue increase and robust performance in expanding AI-driven solutions.
• The company reported a 12% year-over-year revenue growth to $267 million, exceeding guidance estimates.
• This growth was propelled by a 5% contribution from cross-sell and upsell initiatives, 3% from new client acquisitions, and 4% from EvolutionIQ.

• Newsmax is a rapidly growing conservative media company that has successfully positioned itself as a key player in the cable news landscape, demonstrating significant viewership growth and expanding its distribution reach across multiple platforms.
• The company’s diversified revenue model, which includes affiliate fees, advertising, subscriptions, and product sales, provides a solid foundation for future growth, although it currently operates at a net loss as it invests in expansion and content.
• While facing intense competition and the inherent risks of a politically polarized media environment, Newsmax‘s strong brand recognition among its target demographic and strategic initiatives in digital streaming and international markets present significant long-term opportunities.

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• Riot Platforms, formerly known as Riot Blockchain, showcased a comprehensive transformation in its business strategy during its third-quarter 2025 presentation.
• CEO Jason Les highlighted that the company is evolving from primarily a Bitcoin mining firm into a significant player in data center development, banking on its vast power and land assets.
• One positive takeaway from the results was the strategic shift towards data centers to meet the surging demand, particularly from hyperscalers and enterprises needing significant data processing capabilities.

• StubHub Holdings reported a mixed 3Q’25 as a public company pushing shares down over 20% during regular trading session on Friday.
• Management declined to provide specific guidance for 4Q’25 and asked analysts to wait for the next call in early 2026. Shares tanked 25% and hit all-time low of ~$13/share.
• At ~2.8x EV/2026E Revenue and 1-year forward P/E of ~24x I view risk reward as favorable and believe the current selloff creates an attractive entry point for long-term investors.

• In reviewing Vontier Corporation’s third-quarter 2025 financial results and strategic updates, the company has exhibited several key aspects that inform an investment thesis.
• Overall, Vontier has managed a stable financial performance amid dynamic market conditions, with strategically positioned growth initiatives and consistent focus on operational improvement.
• Starting with the financial results, Vontier reported flat total sales for the quarter at $753 million.