Industry Overview - Internet stocks are benefiting from the ongoing digitalization wave, which is driving rapid adoption of AI and cloud computing [1] - The deployment of standalone 5G networks and AI-powered services is increasing the usage of social media platforms, digital advertising, online delivery models, streaming, and e-commerce growth [2] - Despite macroeconomic challenges, these factors are expected to positively impact Internet stocks during the earnings season [2] Company Earnings Insights - Four Internet stocks, Globant (GLOB), NICE (NICE), Affirm Holdings (AFRM), and Bill Holdings (BILL), are well-positioned to exceed earnings estimates this season [3] - Meta Platforms reported a 5% increase in ad conversions on Instagram and 3% on Facebook due to its new AI-powered recommendation model [5] - Microsoft’s AI assistants have reached 100 million monthly active users, and Alphabet is enhancing user experience through AI in its Search features [6] - Amazon's advertising business grew 23% year-over-year to $15.69 billion, attributed to successful AI-powered optimization [7] Company-Specific Projections - Globant expects revenues of at least $612 million for Q2 2025, reflecting a 4.2% year-over-year growth, with earnings estimated at $1.52 per share [12][13] - NICE anticipates non-GAAP revenues of $709-$719 million for Q2 2025, indicating 7% year-over-year growth, with earnings projected between $2.93 and $3.03 per share [15][16] - Affirm Holdings forecasts GMV between $9.4 billion and $9.7 billion for Q4 fiscal 2025, with revenues expected to be between $815 million and $845 million [17] - BILL Holdings expects revenues between $370.5 million and $380.5 million for Q4 fiscal 2025, suggesting year-over-year growth of 8-11% [19][20]

Company Performance - Affirm Holdings closed at $78.96, marking a +2.17% increase from the previous day, outperforming the S&P 500's daily loss of 0.08% [1] - The stock has risen by 11.89% in the past month, leading the Computer and Technology sector's gain of 3.95% and the S&P 500's gain of 1.21% [1] Upcoming Financial Results - Affirm Holdings is set to announce its earnings on August 28, 2025, with an expected EPS of $0.11, indicating a 178.57% growth compared to the same quarter last year [2] - The Zacks Consensus Estimate for revenue is projecting net sales of $839.88 million, up 27.41% from the year-ago period [2] Full Year Projections - For the full year, the Zacks Consensus Estimates project earnings of $0.05 per share and revenue of $3.19 billion, representing changes of +102.99% and 0%, respectively, from the prior year [3] - Recent changes to analyst estimates for Affirm Holdings reflect short-term business trends, with positive revisions indicating a favorable business outlook [3][4] Valuation Metrics - Affirm Holdings has a Forward P/E ratio of 101.98, significantly higher than the industry average of 28.8, indicating it is trading at a premium [6] - The company has a PEG ratio of 2.86, compared to the Internet - Software industry's average PEG ratio of 2.18 [7] Industry Ranking - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 69, placing it in the top 28% of all industries [8] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1, indicating strong potential for growth [8]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - Stocks are rated A, B, C, D, or F based on their value, growth, and momentum characteristics, with higher scores indicating better performance potential [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] Value Score - Focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - Concentrates on a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - Aims to capitalize on price trends by evaluating recent price changes and earnings estimate revisions [5] VGM Score - Combines the three Style Scores to identify stocks with attractive value, strong growth forecasts, and positive momentum [6] Zacks Rank Integration - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to assist investors in portfolio building [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +23.75% since 1988, significantly outperforming the S&P 500 [8] Stock Selection Strategy - For optimal returns, investors should prioritize stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [10] - Stocks with a 3 (Hold) rank should also have A or B Scores to maximize upside potential [10] Earnings Estimate Revisions - The direction of earnings estimate revisions is crucial in stock selection, as stocks with lower ranks but high Style Scores may still face price declines [11] Company Spotlight: Affirm Holdings - Affirm Holdings, a financial technology company, specializes in payment solutions offering flexible installment loans [12] - Currently rated 3 (Hold) with a VGM Score of B, Affirm has a Momentum Style Score of B and a 10.5% increase in shares over the past four weeks [12][13] - The company has seen upward revisions in earnings estimates, with an average earnings surprise of +102.2% [13]

Company Performance - Affirm Holdings closed at $68.56, reflecting a +1.68% change from the previous day, outperforming the S&P 500's loss of 0.37% [1] - Over the last month, Affirm's shares decreased by 1.37%, while the Computer and Technology sector gained 4.58% and the S&P 500 gained 2.68% [1] Upcoming Earnings - The upcoming earnings disclosure is expected to show an EPS of $0.11, a significant increase of 178.57% year-over-year [2] - Revenue is projected at $839.88 million, representing a 27.41% increase from the same quarter last year [2] Annual Forecast - For the entire year, earnings are forecasted at $0.05 per share, indicating a +102.99% change, while revenue is expected to remain at $3.19 billion, showing no change from the previous year [3] Analyst Estimates - Recent revisions in analyst estimates are crucial as they reflect near-term business trends, with positive revisions indicating confidence in performance and profit potential [3][4] - The Zacks Consensus EPS estimate has increased by 7.74% over the past month, and Affirm Holdings currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - Affirm Holdings has a Forward P/E ratio of 88.98, significantly higher than the industry average of 28.48, suggesting it is trading at a premium [6] - The company has a PEG ratio of 2.49, compared to the Internet - Software industry's average PEG ratio of 2.18 [7] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 73, placing it in the top 30% of over 250 industries [8]

（原标题：智利推行"先买后付"信用免息分期服务） 智利《信使报》线上版7月25日报道，智利近期兴起"先买后付"（BNPL）消费模式，允 许无信用卡用户通过快速审核享受分期付款服务，旨在扩大信贷覆盖范围。多家平台 如Mercado Pago、CLEO、BCI旗下MACH及Falabella银行已加入该市场，部分提供免息 分期，部分可能收取手续费。与传统信用卡相比，BNPL无需提交收入证明或线下签 约，仅需绑定有效银行账户即可完成身份验证，流程更便捷。该模式在疫情后逐渐普 及，国际平台如Affirm、Sezzle率先推广，智利本土企业CLEO等自2022年已开始运营。 据《2025年BNPL全球商业报告》，2024年BNPL市场规模达4928亿美元，预计2030年将 突破9000亿美元。目前，智利监管机构正关注相关金融风险，如国家消费者服务局已 对两所大学校园内违规放贷的银行提起诉讼，凸显市场扩张与合规并重的趋势。 ...

Market Overview - The U.S. equity markets have reached record highs, driven by strong quarterly earnings across all sectors, particularly from blue-chip technology stocks, highlighting the impact of AI infrastructure spending on investor sentiment [1] - Renewed trade deals between the U.S. and its trading partners have contributed to positive market conditions, with investors looking for clarity on potential interest rate cuts from the Federal Reserve [1] Momentum Investing Strategy - Momentum investing is characterized by the strategy of "buying high and selling higher," based on the belief that stocks with established trends are likely to continue in that direction [3] - This strategy has been shown to generate alpha over time and across various market conditions, although it requires skill in detecting trends [4] Screening Parameters for Momentum Stocks - The screening process identifies the top 50 stocks with the best percentage price change over the last 52 weeks, ensuring selection of stocks that have appreciated steadily [5] - From these, the bottom 10 performers over the past week are chosen to identify those experiencing short-term pullbacks [6] - Stocks with a Zacks Rank 1 (Strong Buy) and a Momentum Style Score of B or better are prioritized, indicating a higher probability of success [7] Selected Momentum Stocks - Netflix (NFLX) has seen an 86.2% increase over the past year but a 7.3% decline in the last week, earning a Momentum Score of A [8] - Robinhood Markets (HOOD) has surged 381.3% in the past year but dropped 3.3% last week, also holding a Momentum Score of A [10] - Affirm Holdings (AFRM) has gained 148.7% annually with a 5.2% decline last week, resulting in a Momentum Score of B [11]

Company Performance - Affirm Holdings (AFRM) closed at $66.75, reflecting a -3.12% change from the previous day, underperforming the S&P 500 which gained 0.14% [1] - Over the past month, shares of Affirm Holdings have increased by 11.02%, outperforming the Computer and Technology sector's gain of 7.37% and the S&P 500's gain of 5.35% [1] Upcoming Financial Results - The upcoming earnings report for Affirm Holdings is expected to show an EPS of $0.1, representing a 171.43% increase year-over-year [2] - Revenue is anticipated to reach $838.52 million, indicating a 27.21% increase compared to the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $0.03 per share, reflecting a +101.8% change from the prior year, while revenue is expected to remain at $3.18 billion, unchanged from the previous year [3] Analyst Estimates and Stock Performance - Recent adjustments to analyst estimates for Affirm Holdings suggest positive short-term business trends, with positive revisions indicating a favorable business outlook [3] - The Zacks Rank system, which incorporates estimate changes, currently ranks Affirm Holdings as 1 (Strong Buy), indicating strong potential for stock price performance [5] Valuation Metrics - Affirm Holdings has a Forward P/E ratio of 93.83, significantly higher than the industry average of 29.16, indicating a premium valuation [6] - The company has a PEG ratio of 2.63, compared to the Internet - Software industry average PEG ratio of 2.2 [6] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 79, placing it in the top 32% of over 250 industries [7] - Research indicates that industries in the top 50% of the Zacks Rank tend to outperform those in the bottom half by a factor of 2 to 1 [7]

Analyst Ratings - Oppenheimer initiated coverage of Affirm with an "outperform" rating [1] Company Focus - Affirm is a buy now, pay later firm [1]

Core Insights - Affirm Holdings Inc (AFRM) is focusing on vertical integration to enhance profitability in the competitive Buy Now, Pay Later (BNPL) industry, amidst regulatory pressures and high interest rates [1][4] Vertical Integration Strategy - The company is taking control of the entire BNPL value chain, including underwriting, loan origination, servicing, and collections, using its own in-house algorithm for creditworthiness assessment [2][9] - This strategy allows for better risk-based pricing, quicker approvals, and greater control over loan performance [2][9] Funding and Profitability - AFRM is increasingly relying on in-house funding, blending its balance sheet with warehouse credit funding to reduce dependence on expensive external capital, thereby improving its net interest margin [3][9] - This structural shift is expected to mitigate the impact of rising costs of funds, which pose challenges to profitability for many BNPL companies [3] Financial Performance - In Q3 of fiscal 2025, AFRM's total revenues increased by 36% year over year, and its adjusted operating margin improved by 860 basis points [4][9] - The Zacks Consensus Estimate for fiscal 2025 earnings indicates a growth of 101.8% compared to the previous year [11] Competitive Landscape - Competitors like PayPal Holdings, Inc. (PYPL) and Block, Inc. (XYZ) have different approaches; PayPal manages the entire value chain efficiently, while Afterpay, part of Block, is less vertically integrated and relies on Block's capital access [5][6] Valuation Metrics - AFRM's shares have increased by 131.9% over the past year, outperforming the industry growth of 41.8% [7] - The company trades at a forward price-to-sales ratio of 5.64, slightly below the industry average of 5.7 [10]

Core Insights - Affirm Holdings, Inc. (AFRM) has established a strong technology infrastructure that supports a significant increase in transaction volume, with approximately 358,000 active merchants as of March 31, 2025 [1] Company Performance - The company's revenue is closely linked to transaction volume, which saw a 46% year-over-year increase in Q3 of fiscal 2025 [2][8] - Affirm's 0% APR monthly installment GMV increased by 44% year-over-year in Q3 fiscal 2025, although this impacts interest margins negatively [3][8] - The company is focusing on attracting higher-quality borrowers through 0% APR plans, which can enhance conversion metrics and reduce risk [3] Competitive Landscape - Key competitors in the buy now, pay later (BNPL) market include PayPal Holdings, Inc. (PYPL) and Visa Inc. (V), both of which have a strong market presence [4] - PayPal processed 6 billion transactions in Q1 2025, with net revenues rising 1% year-over-year to $7.8 billion [5] - Visa's processed transactions increased by 9% year-over-year in Q2 fiscal 2025, with total revenues advancing 9% year-over-year [6] Valuation and Estimates - Affirm's shares have increased by 104.9% over the past year, outperforming the industry growth of 42.3% [7] - The forward price-to-sales ratio for AFRM is 5.38, which is below the industry average [10] - The Zacks Consensus Estimate for Affirm's fiscal 2025 earnings suggests a 101.8% improvement year-over-year, with revenue growth projected at 37% [12]