# Internet Content & Information — company-by-company sector analysis

> Internet Content & Information: Spotify Technology S.A. owns the largest revenue base; Nebius Group N.V. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Internet Content & Information has underperformed S&P 500 by 15.5% over 52 weeks and 4.8% over 13 weeks. 9 of 23 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 23 beat the sector itself. Spotify Technology S.A. leads with revenue of $17,529 million, based on 21 of 24 comparable companies through Mar 2026.

## Sector relative strength

Internet Content & Information has underperformed S&P 500 by 15.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.8%. 9 of 23 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Nebius Group N.V. is the strongest against the sector itself at +57.1%.

13-week sector return versus NIFTY 500: 4.8%
52-week sector return versus NIFTY 500: -16%
Stocks leading NIFTY: 9/23
Stocks leading sector: 10/23

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 24
Combined market value: ₹63.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. EverQuote, Inc. (EVER): 70/100 — Favorable setup; evidence 71%
   - Growth & earnings 28.7/35 | Capital efficiency 14.9/25 | Valuation 11.5/20 | Relative strength 14.5/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 28.7 + 14.9 + 11.5 + 14.5 = 69.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Opera Limited (OPRA): 68/100 — Favorable setup; evidence 81%
   - Growth & earnings 24.2/35 | Capital efficiency 13.3/25 | Valuation 14.5/20 | Relative strength 15.7/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 24.2 + 13.3 + 14.5 + 15.7 = 67.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Match Group, Inc. (MTCH): 66/100 — Favorable setup; evidence 81%
   - Growth & earnings 22.4/35 | Capital efficiency 16.1/25 | Valuation 13.6/20 | Relative strength 14.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 22.4 + 16.1 + 13.6 + 14 = 66.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Taboola.com Ltd. (TBLA): 64/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 23.8/35 | Capital efficiency 12.6/25 | Valuation 11.1/20 | Relative strength 16.2/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 23.8 + 12.6 + 11.1 + 16.2 = 63.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Alphabet Inc. (GOOGL): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.3/35 | Capital efficiency 16.6/25 | Valuation 10.1/20 | Relative strength 12.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 17.3 + 16.6 + 10.1 + 12.6 = 56.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Spotify Technology S.A. (SPOT): 57/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 23.0/35 | Capital efficiency 14.8/25 | Valuation 11.0/20 | Relative strength 7.7/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 23 + 14.8 + 11 + 7.7 = 56.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. JOYY Inc. (JOYY): 51/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 10.4/35 | Capital efficiency 10.0/25 | Valuation 14.6/20 | Relative strength 16.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 10.4 + 10 + 14.6 + 16.3 = 51.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Nebius Group N.V. (NBIS): 50/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 24.6/35 | Capital efficiency 6.3/25 | Valuation 5.3/20 | Relative strength 14.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 24.6 + 6.3 + 5.3 + 14 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Reddit, Inc. (RDDT): 49/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 23.2/35 | Capital efficiency 14.7/25 | Valuation 9.0/20 | Relative strength 2.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 23.2 + 14.7 + 9 + 2.5 = 49.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Nextdoor Holdings, Inc. (NXDR): 49/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 20.4/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 14.5/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 20.4 + 4.3 + 10 + 14.5 = 49.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Weibo Corporation (WB): 46/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 13.4/35 | Capital efficiency 13.7/25 | Valuation 16.3/20 | Relative strength 2.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 13.4 + 13.7 + 16.3 + 2.6 = 46
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
12. Snap Inc. (SNAP): 45/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 21.8/35 | Capital efficiency 6.1/25 | Valuation 10.0/20 | Relative strength 6.8/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 21.8 + 6.1 + 10 + 6.8 = 44.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Groupon, Inc. (GRPN): 44/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 11.0/35 | Capital efficiency 6.4/25 | Valuation 9.9/20 | Relative strength 16.6/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 11 + 6.4 + 9.9 + 16.6 = 43.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Meta Platforms, Inc. (META): 44/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 14.1/35 | Capital efficiency 16.0/25 | Valuation 9.7/20 | Relative strength 4.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.1 + 16 + 9.7 + 4 = 43.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Zillow Group, Inc. (ZG): 41/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 21.5/35 | Capital efficiency 9.0/25 | Valuation 8.5/20 | Relative strength 2.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 21.5 + 9 + 8.5 + 2 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Yelp Inc. (YELP): 41/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 13.0/35 | Capital efficiency 12.6/25 | Valuation 8.4/20 | Relative strength 6.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 13 + 12.6 + 8.4 + 6.9 = 40.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Pinterest, Inc. (PINS): 40/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 12.0/35 | Capital efficiency 6.8/25 | Valuation 9.4/20 | Relative strength 11.9/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 12 + 6.8 + 9.4 + 11.9 = 40.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. WEBTOON Entertainment Inc. (WBTN): 39/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 18.1/35 | Capital efficiency 7.1/25 | Valuation 10.0/20 | Relative strength 3.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 18.1 + 7.1 + 10 + 3.8 = 39
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Upwork Inc. (UPWK): 38/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 10.8/35 | Capital efficiency 13.0/25 | Valuation 10.4/20 | Relative strength 3.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 10.8 + 13 + 10.4 + 3.4 = 37.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. People Incorporated (PPLI): 36/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 9.2/35 | Capital efficiency 6.8/25 | Valuation 8.7/20 | Relative strength 11.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 9.2 + 6.8 + 8.7 + 11.4 = 36.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Genius Sports Limited (GENI): 35/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 13.4/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 7.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 13.4 + 4.3 + 10 + 7.3 = 35
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. RUM Group Inc. (RUM): 33/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 13.1/35 | Capital efficiency 3.4/25 | Valuation 8.9/20 | Relative strength 7.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 13.1 + 3.4 + 8.9 + 7.3 = 32.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23. Trump Media & Technology Group Corp. (DJT): 31/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 7.2/35 | Capital efficiency 5.2/25 | Valuation 10.0/20 | Relative strength 8.3/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 7.2 + 5.2 + 10 + 8.3 = 30.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. StubHub Holdings, Inc. (STUB): 41/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 12.7/35 | Capital efficiency 8.6/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 12.7 + 8.6 + 10 + 10 = 41.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Nebius Group N.V. has the strongest one-year price move in Internet Content & Information at +228.1%. It also leads on Mansfield relative strength against the S&P 500 at +54.1%. 9 of 23 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Nebius Group N.V. (NBIS): 228%
2. Alphabet Inc. (GOOGL): 88%
3. Taboola.com Ltd. (TBLA): 61%
4. JOYY Inc. (JOYY): 48%
5. People Incorporated (PPLI): 36%

### Strongest relative strength versus NIFTY 500
1. Nebius Group N.V. (NBIS): 54%
2. Groupon, Inc. (GRPN): 33%
3. Taboola.com Ltd. (TBLA): 20%
4. Opera Limited (OPRA): 14%
5. Alphabet Inc. (GOOGL): 9.7%

## Revenue Scale & Growth Durability

What the numbers say: Spotify Technology S.A. is the scale leader at $17,529 million, 187.5% ahead of Snap Inc.. Nebius Group N.V.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 452.2% from a $878 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Spotify Technology S.A. is the scale benchmark; Nebius Group N.V. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Spotify Technology S.A.'s growth falls below Nebius Group N.V.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Spotify Technology S.A. · $17,529 million | 187.5% versus #2 · Snap Inc. | 8/8 recent comparable periods | 21/24 companies · 439 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Spotify Technology S.A. (SPOT): ₹17.5K Cr
2. Snap Inc. (SNAP): ₹6.1K Cr
3. Pinterest, Inc. (PINS): ₹4.4K Cr
4. Match Group, Inc. (MTCH): ₹3.5K Cr
5. Zillow Group, Inc. (ZG): ₹2.7K Cr

### Revenue growth — fastest growers
1. Nebius Group N.V. (NBIS): 100%
2. Genius Sports Limited (GENI): 33%
3. EverQuote, Inc. (EVER): 25%
4. Opera Limited (OPRA): 24%
5. Zillow Group, Inc. (ZG): 17%

### 20-quarter Revenue history
- GOOGL: Sep 2021 ₹65.1K Cr | Dec 2021 ₹75.3K Cr | Mar 2022 ₹68.0K Cr | Jun 2022 ₹69.7K Cr | Sep 2022 ₹69.1K Cr | Dec 2022 ₹76.0K Cr | Mar 2023 ₹69.8K Cr | Jun 2023 ₹74.6K Cr | Sep 2023 ₹76.7K Cr | Dec 2023 ₹86.3K Cr | Mar 2024 ₹80.5K Cr | Jun 2024 ₹84.7K Cr | Sep 2024 ₹88.3K Cr | Dec 2024 ₹96.5K Cr | Mar 2025 ₹90.2K Cr | Jun 2025 ₹96.4K Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 —
- META: Sep 2021 ₹29.0K Cr | Dec 2021 ₹33.7K Cr | Mar 2022 ₹27.9K Cr | Jun 2022 ₹28.8K Cr | Sep 2022 ₹27.7K Cr | Dec 2022 ₹32.2K Cr | Mar 2023 ₹28.6K Cr | Jun 2023 ₹32.0K Cr | Sep 2023 ₹34.1K Cr | Dec 2023 ₹40.1K Cr | Mar 2024 ₹36.5K Cr | Jun 2024 ₹39.1K Cr | Sep 2024 ₹40.6K Cr | Dec 2024 ₹48.4K Cr | Mar 2025 ₹42.3K Cr | Jun 2025 ₹47.5K Cr | Sep 2025 ₹51.2K Cr | Dec 2025 ₹59.9K Cr | Mar 2026 ₹56.3K Cr | Jun 2026 —
- SPOT: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- NBIS: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 — | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹228 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- RDDT: Sep 2021 ₹121 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹348 Cr | Dec 2024 ₹428 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹500 Cr | Sep 2025 ₹585 Cr | Dec 2025 ₹726 Cr | Mar 2026 ₹663 Cr | Jun 2026 —
- PINS: Sep 2021 ₹633 Cr | Dec 2021 ₹847 Cr | Mar 2022 ₹575 Cr | Jun 2022 ₹666 Cr | Sep 2022 ₹685 Cr | Dec 2022 ₹877 Cr | Mar 2023 ₹603 Cr | Jun 2023 ₹708 Cr | Sep 2023 ₹763 Cr | Dec 2023 ₹981 Cr | Mar 2024 ₹740 Cr | Jun 2024 ₹854 Cr | Sep 2024 ₹898 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹855 Cr | Jun 2025 ₹998 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SNAP: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹989 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- MTCH: Sep 2021 ₹802 Cr | Dec 2021 ₹806 Cr | Mar 2022 ₹799 Cr | Jun 2022 ₹795 Cr | Sep 2022 ₹810 Cr | Dec 2022 ₹786 Cr | Mar 2023 ₹787 Cr | Jun 2023 ₹830 Cr | Sep 2023 ₹882 Cr | Dec 2023 ₹866 Cr | Mar 2024 ₹860 Cr | Jun 2024 ₹864 Cr | Sep 2024 ₹895 Cr | Dec 2024 ₹860 Cr | Mar 2025 ₹831 Cr | Jun 2025 ₹864 Cr | Sep 2025 ₹914 Cr | Dec 2025 ₹878 Cr | Mar 2026 ₹864 Cr | Jun 2026 —
- ZG: Sep 2021 ₹550 Cr | Dec 2021 ₹535 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹504 Cr | Sep 2022 ₹483 Cr | Dec 2022 ₹435 Cr | Mar 2023 ₹469 Cr | Jun 2023 ₹506 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹529 Cr | Jun 2024 ₹572 Cr | Sep 2024 ₹581 Cr | Dec 2024 ₹554 Cr | Mar 2025 ₹598 Cr | Jun 2025 ₹655 Cr | Sep 2025 ₹676 Cr | Dec 2025 ₹654 Cr | Mar 2026 ₹708 Cr | Jun 2026 —
- JOYY: Sep 2021 ₹651 Cr | Dec 2021 ₹664 Cr | Mar 2022 ₹624 Cr | Jun 2022 ₹596 Cr | Sep 2022 ₹587 Cr | Dec 2022 ₹605 Cr | Mar 2023 ₹584 Cr | Jun 2023 ₹547 Cr | Sep 2023 ₹567 Cr | Dec 2023 ₹570 Cr | Mar 2024 ₹565 Cr | Jun 2024 ₹565 Cr | Sep 2024 ₹559 Cr | Dec 2024 ₹549 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹508 Cr | Sep 2025 ₹540 Cr | Dec 2025 ₹582 Cr | Mar 2026 ₹556 Cr | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹185 Cr | Jun 2022 ₹247 Cr | Sep 2022 ₹258 Cr | Dec 2022 ₹346 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹359 Cr | Sep 2023 ₹378 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹360 Cr | Jun 2024 ₹443 Cr | Sep 2024 ₹434 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹398 Cr | Jun 2025 ₹430 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹449 Cr | Mar 2026 ₹446 Cr | Jun 2026 —
- PPLI: Sep 2021 ₹924 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹624 Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹721 Cr | Mar 2025 ₹482 Cr | Jun 2025 ₹587 Cr | Sep 2025 ₹590 Cr | Dec 2025 ₹646 Cr | Mar 2026 ₹423 Cr | Jun 2026 —
- DJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- RUM: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- GENI: Sep 2021 ₹69 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹188 Cr | Jun 2026 —
- WB: Sep 2021 ₹607 Cr | Dec 2021 ₹616 Cr | Mar 2022 ₹485 Cr | Jun 2022 ₹450 Cr | Sep 2022 ₹454 Cr | Dec 2022 ₹448 Cr | Mar 2023 ₹414 Cr | Jun 2023 ₹440 Cr | Sep 2023 ₹442 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹395 Cr | Jun 2024 ₹438 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹457 Cr | Mar 2025 ₹397 Cr | Jun 2025 ₹445 Cr | Sep 2025 ₹442 Cr | Dec 2025 ₹473 Cr | Mar 2026 ₹421 Cr | Jun 2026 —
- OPRA: Sep 2021 ₹67 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹176 Cr | Jun 2026 —
- YELP: Sep 2021 ₹269 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹277 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹309 Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹312 Cr | Jun 2023 ₹337 Cr | Sep 2023 ₹345 Cr | Dec 2023 ₹342 Cr | Mar 2024 ₹333 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹362 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹370 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹360 Cr | Mar 2026 ₹361 Cr | Jun 2026 —
- TBLA: Sep 2021 ₹339 Cr | Dec 2021 ₹408 Cr | Mar 2022 ₹355 Cr | Jun 2022 ₹343 Cr | Sep 2022 ₹332 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹360 Cr | Dec 2023 ₹420 Cr | Mar 2024 ₹414 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹491 Cr | Mar 2025 ₹427 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹497 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹466 Cr | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹310 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹348 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹326 Cr | Jun 2025 ₹348 Cr | Sep 2025 ₹378 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹321 Cr | Jun 2026 —
- UPWK: Sep 2021 ₹128 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹157 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹195 Cr | Jun 2026 —
- GRPN: Sep 2021 ₹214 Cr | Dec 2021 ₹223 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹153 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- NXDR: Sep 2021 ₹53 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- EVER: Sep 2021 ₹108 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹191 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- GOOGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 6.1% | Dec 2022 1.0% | Mar 2023 2.6% | Jun 2023 7.1% | Sep 2023 11% | Dec 2023 13% | Mar 2024 15% | Jun 2024 14% | Sep 2024 15% | Dec 2024 12% | Mar 2025 12% | Jun 2025 14% | Sep 2025 16% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- META: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.9% | Sep 2022 -4.5% | Dec 2022 -4.5% | Mar 2023 2.6% | Jun 2023 11% | Sep 2023 23% | Dec 2023 25% | Mar 2024 27% | Jun 2024 22% | Sep 2024 19% | Dec 2024 21% | Mar 2025 16% | Jun 2025 22% | Sep 2025 26% | Dec 2025 24% | Mar 2026 33% | Jun 2026 —
- SPOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 21% | Dec 2022 18% | Mar 2023 14% | Jun 2023 11% | Sep 2023 11% | Dec 2023 16% | Mar 2024 20% | Jun 2024 20% | Sep 2024 19% | Dec 2024 16% | Mar 2025 15% | Jun 2025 10% | Sep 2025 7.1% | Dec 2025 6.8% | Mar 2026 8.2% | Jun 2026 —
- NBIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 93% | Sep 2022 76% | Dec 2022 51% | Mar 2023 — | Jun 2023 -4.2% | Sep 2023 -5.6% | Dec 2023 25% | Mar 2024 — | Jun 2024 -99% | Sep 2024 -98% | Dec 2024 -98% | Mar 2025 — | Jun 2025 600% | Sep 2025 356% | Dec 2025 274% | Mar 2026 682% | Jun 2026 —
- RDDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 42% | Dec 2022 13% | Mar 2023 12% | Jun 2023 23% | Sep 2023 21% | Dec 2023 25% | Mar 2024 48% | Jun 2024 54% | Sep 2024 67% | Dec 2024 71% | Mar 2025 61% | Jun 2025 78% | Sep 2025 68% | Dec 2025 70% | Mar 2026 69% | Jun 2026 —
- PINS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.7% | Sep 2022 8.2% | Dec 2022 3.5% | Mar 2023 4.9% | Jun 2023 6.3% | Sep 2023 11% | Dec 2023 12% | Mar 2024 23% | Jun 2024 21% | Sep 2024 18% | Dec 2024 18% | Mar 2025 16% | Jun 2025 17% | Sep 2025 17% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —
- SNAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 5.7% | Dec 2022 0.2% | Mar 2023 -7.0% | Jun 2023 -3.9% | Sep 2023 5.4% | Dec 2023 4.7% | Mar 2024 21% | Jun 2024 16% | Sep 2024 15% | Dec 2024 14% | Mar 2025 14% | Jun 2025 8.7% | Sep 2025 9.8% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- MTCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 1.0% | Dec 2022 -2.5% | Mar 2023 -1.5% | Jun 2023 4.4% | Sep 2023 8.9% | Dec 2023 10% | Mar 2024 9.3% | Jun 2024 4.1% | Sep 2024 1.5% | Dec 2024 -0.7% | Mar 2025 -3.4% | Jun 2025 0.0% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 4.0% | Jun 2026 —
- ZG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -12% | Dec 2022 -19% | Mar 2023 -13% | Jun 2023 0.4% | Sep 2023 2.7% | Dec 2023 9.0% | Mar 2024 13% | Jun 2024 13% | Sep 2024 17% | Dec 2024 17% | Mar 2025 13% | Jun 2025 15% | Sep 2025 16% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- JOYY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10.0% | Sep 2022 -9.8% | Dec 2022 -8.9% | Mar 2023 -6.4% | Jun 2023 -8.2% | Sep 2023 -3.4% | Dec 2023 -5.8% | Mar 2024 -3.3% | Jun 2024 3.3% | Sep 2024 -1.4% | Dec 2024 -3.7% | Mar 2025 -13% | Jun 2025 -10% | Sep 2025 -3.4% | Dec 2025 6.0% | Mar 2026 13% | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 61% | Jun 2023 45% | Sep 2023 47% | Dec 2023 -4.1% | Mar 2024 21% | Jun 2024 23% | Sep 2024 15% | Dec 2024 61% | Mar 2025 11% | Jun 2025 -2.9% | Sep 2025 7.8% | Dec 2025 -16% | Mar 2026 12% | Jun 2026 —
- PPLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 41% | Dec 2022 7.5% | Mar 2023 -18% | Jun 2023 -18% | Sep 2023 -15% | Dec 2023 -15% | Mar 2024 -42% | Jun 2024 -43% | Sep 2024 -42% | Dec 2024 -32% | Mar 2025 -23% | Jun 2025 -7.4% | Sep 2025 -8.1% | Dec 2025 -10% | Mar 2026 -12% | Jun 2026 —
- DJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- RUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 450% | Dec 2022 567% | Mar 2023 350% | Jun 2023 525% | Sep 2023 64% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 -12% | Sep 2024 39% | Dec 2024 50% | Mar 2025 33% | Jun 2025 14% | Sep 2025 0.0% | Dec 2025 -10% | Mar 2026 4.2% | Jun 2026 —
- GENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 14% | Dec 2022 25% | Mar 2023 13% | Jun 2023 23% | Sep 2023 29% | Dec 2023 21% | Mar 2024 24% | Jun 2024 9.2% | Sep 2024 18% | Dec 2024 39% | Mar 2025 20% | Jun 2025 25% | Sep 2025 38% | Dec 2025 36% | Mar 2026 31% | Jun 2026 —
- WB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 -25% | Dec 2022 -27% | Mar 2023 -15% | Jun 2023 -2.2% | Sep 2023 -2.6% | Dec 2023 -87% | Mar 2024 -4.6% | Jun 2024 -0.5% | Sep 2024 5.0% | Dec 2024 662% | Mar 2025 0.5% | Jun 2025 1.6% | Sep 2025 -4.7% | Dec 2025 3.5% | Mar 2026 6.1% | Jun 2026 —
- OPRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 27% | Dec 2022 32% | Mar 2023 21% | Jun 2023 21% | Sep 2023 21% | Dec 2023 18% | Mar 2024 17% | Jun 2024 18% | Sep 2024 20% | Dec 2024 29% | Mar 2025 40% | Jun 2025 29% | Sep 2025 23% | Dec 2025 21% | Mar 2026 23% | Jun 2026 —
- YELP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 15% | Dec 2022 13% | Mar 2023 13% | Jun 2023 13% | Sep 2023 12% | Dec 2023 11% | Mar 2024 6.7% | Jun 2024 5.9% | Sep 2024 4.4% | Dec 2024 5.9% | Mar 2025 7.8% | Jun 2025 3.6% | Sep 2025 4.4% | Dec 2025 -0.6% | Mar 2026 0.6% | Jun 2026 —
- TBLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 -2.1% | Dec 2022 -9.1% | Mar 2023 -7.6% | Jun 2023 -3.2% | Sep 2023 8.4% | Dec 2023 13% | Mar 2024 26% | Jun 2024 29% | Sep 2024 20% | Dec 2024 17% | Mar 2025 3.1% | Jun 2025 8.6% | Sep 2025 15% | Dec 2025 6.3% | Mar 2026 9.1% | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.5% | Jun 2024 0.0% | Sep 2024 9.4% | Dec 2024 5.7% | Mar 2025 -0.3% | Jun 2025 8.4% | Sep 2025 8.6% | Dec 2025 -6.2% | Mar 2026 -1.5% | Jun 2026 —
- UPWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 24% | Dec 2022 18% | Mar 2023 14% | Jun 2023 7.6% | Sep 2023 11% | Dec 2023 14% | Mar 2024 19% | Jun 2024 14% | Sep 2024 10% | Dec 2024 3.8% | Mar 2025 1.1% | Jun 2025 1.0% | Sep 2025 4.1% | Dec 2025 3.7% | Mar 2026 1.0% | Jun 2026 —
- GRPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -42% | Sep 2022 -33% | Dec 2022 -34% | Mar 2023 -20% | Jun 2023 -16% | Sep 2023 -13% | Dec 2023 -6.8% | Mar 2024 0.8% | Jun 2024 -3.1% | Sep 2024 -9.5% | Dec 2024 -5.8% | Mar 2025 -4.9% | Jun 2025 0.8% | Sep 2025 7.9% | Dec 2025 2.3% | Mar 2026 0.0% | Jun 2026 —
- NXDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 1.9% | Dec 2022 -10% | Mar 2023 -2.0% | Jun 2023 3.6% | Sep 2023 3.7% | Dec 2023 5.7% | Mar 2024 6.0% | Jun 2024 11% | Sep 2024 18% | Dec 2024 16% | Mar 2025 1.9% | Jun 2025 3.2% | Sep 2025 4.6% | Dec 2025 6.2% | Mar 2026 15% | Jun 2026 —
- EVER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.9% | Sep 2022 -4.6% | Dec 2022 -14% | Mar 2023 -1.8% | Jun 2023 -33% | Sep 2023 -47% | Dec 2023 -36% | Mar 2024 -17% | Jun 2024 72% | Sep 2024 164% | Dec 2024 163% | Mar 2025 84% | Jun 2025 34% | Sep 2025 20% | Dec 2025 33% | Mar 2026 14% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Meta Platforms, Inc. leads opm at 40.6%; Nebius Group N.V. leads margin change at +204.2 percentage points.

Investor read: Meta Platforms, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Meta Platforms, Inc. · 40.6% | 12.5% versus #2 · Alphabet Inc. | 5/8 recent comparable periods | 23/24 companies · 430 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Meta Platforms, Inc. (META): 41%
2. Alphabet Inc. (GOOGL): 36%
3. Reddit, Inc. (RDDT): 28%
4. Match Group, Inc. (MTCH): 27%
5. Weibo Corporation (WB): 26%

### Margin change — fastest expanders
1. Nebius Group N.V. (NBIS): +204.2 pp
2. Reddit, Inc. (RDDT): +26.6 pp
3. Nextdoor Holdings, Inc. (NXDR): +25.0 pp
4. Taboola.com Ltd. (TBLA): +16.4 pp
5. Snap Inc. (SNAP): +9.3 pp

### 20-quarter OPM history
- GOOGL: Sep 2021 32% | Dec 2021 29% | Mar 2022 30% | Jun 2022 28% | Sep 2022 25% | Dec 2022 24% | Mar 2023 25% | Jun 2023 29% | Sep 2023 28% | Dec 2023 28% | Mar 2024 32% | Jun 2024 32% | Sep 2024 32% | Dec 2024 32% | Mar 2025 34% | Jun 2025 32% | Sep 2025 31% | Dec 2025 32% | Mar 2026 36% | Jun 2026 —
- META: Sep 2021 36% | Dec 2021 37% | Mar 2022 31% | Jun 2022 29% | Sep 2022 20% | Dec 2022 20% | Mar 2023 25% | Jun 2023 29% | Sep 2023 40% | Dec 2023 41% | Mar 2024 38% | Jun 2024 38% | Sep 2024 43% | Dec 2024 48% | Mar 2025 42% | Jun 2025 43% | Sep 2025 40% | Dec 2025 41% | Mar 2026 41% | Jun 2026 —
- SPOT: Sep 2021 3.0% | Dec 2021 -0.3% | Mar 2022 -0.2% | Jun 2022 -6.8% | Sep 2022 -7.5% | Dec 2022 -7.3% | Mar 2023 -5.1% | Jun 2023 -7.8% | Sep 2023 1.0% | Dec 2023 -2.0% | Mar 2024 4.6% | Jun 2024 7.0% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 9.7% | Sep 2025 14% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- NBIS: Sep 2021 -6.2% | Dec 2021 -2.4% | Mar 2022 -12% | Jun 2022 7.4% | Sep 2022 8.1% | Dec 2022 3.7% | Mar 2023 — | Jun 2023 6.3% | Sep 2023 5.9% | Dec 2023 1.2% | Mar 2024 — | Jun 2024 -774% | Sep 2024 -251% | Dec 2024 -290% | Mar 2025 -236% | Jun 2025 -106% | Sep 2025 -89% | Dec 2025 -103% | Mar 2026 -32% | Jun 2026 —
- RDDT: Sep 2021 -5.9% | Dec 2021 4.1% | Mar 2022 -24% | Jun 2022 -38% | Sep 2022 -30% | Dec 2022 -15% | Mar 2023 -43% | Jun 2023 -29% | Sep 2023 -9.4% | Dec 2023 1.2% | Mar 2024 -243% | Jun 2024 -11% | Sep 2024 2.0% | Dec 2024 12% | Mar 2025 1.0% | Jun 2025 14% | Sep 2025 24% | Dec 2025 32% | Mar 2026 28% | Jun 2026 —
- PINS: Sep 2021 16% | Dec 2021 21% | Mar 2022 -0.6% | Jun 2022 -5.2% | Sep 2022 -10% | Dec 2022 0.7% | Mar 2023 -40% | Jun 2023 -10% | Sep 2023 -0.7% | Dec 2023 20% | Mar 2024 -7.4% | Jun 2024 -2.5% | Sep 2024 -0.7% | Dec 2024 23% | Mar 2025 -4.1% | Jun 2025 -0.4% | Sep 2025 5.6% | Dec 2025 23% | Mar 2026 -8.0% | Jun 2026 —
- SNAP: Sep 2021 -17% | Dec 2021 -1.9% | Mar 2022 -26% | Jun 2022 -36% | Sep 2022 -39% | Dec 2022 -22% | Mar 2023 -37% | Jun 2023 -38% | Sep 2023 -32% | Dec 2023 -18% | Mar 2024 -28% | Jun 2024 -21% | Sep 2024 -13% | Dec 2024 -1.7% | Mar 2025 -14% | Jun 2025 -19% | Sep 2025 -8.5% | Dec 2025 2.9% | Mar 2026 -4.9% | Jun 2026 —
- MTCH: Sep 2021 28% | Dec 2021 29% | Mar 2022 26% | Jun 2022 -1.3% | Sep 2022 26% | Dec 2022 14% | Mar 2023 25% | Jun 2023 26% | Sep 2023 28% | Dec 2023 30% | Mar 2024 22% | Jun 2024 24% | Sep 2024 24% | Dec 2024 26% | Mar 2025 21% | Jun 2025 23% | Sep 2025 24% | Dec 2025 32% | Mar 2026 27% | Jun 2026 —
- ZG: Sep 2021 11% | Dec 2021 8.2% | Mar 2022 9.3% | Jun 2022 1.0% | Sep 2022 -11% | Dec 2022 -17% | Mar 2023 -8.3% | Jun 2023 -13% | Sep 2023 -10% | Dec 2023 -20% | Mar 2024 -7.4% | Jun 2024 -6.6% | Sep 2024 -7.6% | Dec 2024 -13% | Mar 2025 -1.5% | Jun 2025 -1.7% | Sep 2025 -0.1% | Dec 2025 -1.7% | Mar 2026 5.1% | Jun 2026 —
- JOYY: Sep 2021 0.3% | Dec 2021 8.3% | Mar 2022 0.1% | Jun 2022 5.6% | Sep 2022 3.1% | Dec 2022 -3.1% | Mar 2023 -0.1% | Jun 2023 1.1% | Sep 2023 3.2% | Dec 2023 0.4% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 2.9% | Dec 2024 -78% | Mar 2025 2.3% | Jun 2025 1.1% | Sep 2025 3.5% | Dec 2025 3.1% | Mar 2026 1.1% | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 -39% | Jun 2022 -25% | Sep 2022 -37% | Dec 2022 3.2% | Mar 2023 11% | Jun 2023 17% | Sep 2023 24% | Dec 2023 21% | Mar 2024 -0.2% | Jun 2024 12% | Sep 2024 2.8% | Dec 2024 14% | Mar 2025 6.7% | Jun 2025 5.8% | Sep 2025 -292% | Dec 2025 -6.2% | Mar 2026 5.8% | Jun 2026 —
- PPLI: Sep 2021 -3.5% | Dec 2021 -6.0% | Mar 2022 -8.2% | Jun 2022 -12% | Sep 2022 -9.6% | Dec 2022 -6.0% | Mar 2023 -13% | Jun 2023 -5.0% | Sep 2023 -2.9% | Dec 2023 -1.3% | Mar 2024 -10% | Jun 2024 -3.4% | Sep 2024 1.3% | Dec 2024 6.7% | Mar 2025 5.0% | Jun 2025 0.1% | Sep 2025 -3.5% | Dec 2025 -18% | Mar 2026 -9.5% | Jun 2026 —
- DJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -317% | Sep 2023 -283% | Dec 2023 -708% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RUM: Sep 2021 -76% | Dec 2021 -290% | Mar 2022 -97% | Jun 2022 -107% | Sep 2022 -71% | Dec 2022 -96% | Mar 2023 -134% | Jun 2023 -138% | Sep 2023 -224% | Dec 2023 -183% | Mar 2024 -197% | Jun 2024 -173% | Sep 2024 -131% | Dec 2024 -80% | Mar 2025 -154% | Jun 2025 -106% | Sep 2025 -114% | Dec 2025 -131% | Mar 2026 -154% | Jun 2026 —
- GENI: Sep 2021 -94% | Dec 2021 -91% | Mar 2022 -76% | Jun 2022 -56% | Sep 2022 -42% | Dec 2022 -43% | Mar 2023 -24% | Jun 2023 -9.0% | Sep 2023 -8.7% | Dec 2023 -27% | Mar 2024 -20% | Jun 2024 -22% | Sep 2024 -5.0% | Dec 2024 -4.1% | Mar 2025 -14% | Jun 2025 -68% | Sep 2025 -15% | Dec 2025 -10% | Mar 2026 -23% | Jun 2026 —
- WB: Sep 2021 35% | Dec 2021 30% | Mar 2022 21% | Jun 2022 21% | Sep 2022 27% | Dec 2022 36% | Mar 2023 23% | Jun 2023 28% | Sep 2023 30% | Dec 2023 199% | Mar 2024 25% | Jun 2024 31% | Sep 2024 30% | Dec 2024 26% | Mar 2025 28% | Jun 2025 33% | Sep 2025 27% | Dec 2025 19% | Mar 2026 26% | Jun 2026 —
- OPRA: Sep 2021 -0.9% | Dec 2021 5.2% | Mar 2022 1.9% | Jun 2022 14% | Sep 2022 19% | Dec 2022 12% | Mar 2023 16% | Jun 2023 13% | Sep 2023 16% | Dec 2023 18% | Mar 2024 19% | Jun 2024 20% | Sep 2024 19% | Dec 2024 19% | Mar 2025 15% | Jun 2025 13% | Sep 2025 15% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- YELP: Sep 2021 8.0% | Dec 2021 7.2% | Mar 2022 -1.6% | Jun 2022 5.4% | Sep 2022 4.3% | Dec 2022 11% | Mar 2023 -2.1% | Jun 2023 5.6% | Sep 2023 12% | Dec 2023 7.3% | Mar 2024 3.4% | Jun 2024 11% | Sep 2024 13% | Dec 2024 15% | Mar 2025 8.2% | Jun 2025 14% | Sep 2025 14% | Dec 2025 14% | Mar 2026 7.6% | Jun 2026 —
- TBLA: Sep 2021 0.0% | Dec 2021 4.6% | Mar 2022 -2.2% | Jun 2022 -2.8% | Sep 2022 -6.5% | Dec 2022 6.7% | Mar 2023 -8.8% | Jun 2023 -7.5% | Sep 2023 -5.2% | Dec 2023 2.1% | Mar 2024 -4.4% | Jun 2024 -1.8% | Sep 2024 1.1% | Dec 2024 9.6% | Mar 2025 -1.5% | Jun 2025 0.0% | Sep 2025 1.3% | Dec 2025 8.4% | Mar 2026 15% | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -6.4% | Jun 2023 -1.7% | Sep 2023 -2.1% | Dec 2023 -1.3% | Mar 2024 4.3% | Jun 2024 -25% | Sep 2024 -2.3% | Dec 2024 -7.9% | Mar 2025 -8.2% | Jun 2025 -2.5% | Sep 2025 -3.9% | Dec 2025 -4.0% | Mar 2026 -2.5% | Jun 2026 —
- UPWK: Sep 2021 -6.5% | Dec 2021 -16% | Mar 2022 -17% | Jun 2022 -15% | Sep 2022 -16% | Dec 2022 -13% | Mar 2023 -16% | Jun 2023 -3.6% | Sep 2023 6.5% | Dec 2023 4.6% | Mar 2024 6.8% | Jun 2024 9.2% | Sep 2024 11% | Dec 2024 7.1% | Mar 2025 20% | Jun 2025 17% | Sep 2025 15% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- GRPN: Sep 2021 -1.7% | Dec 2021 1.0% | Mar 2022 -21% | Jun 2022 -43% | Sep 2022 -25% | Dec 2022 -22% | Mar 2023 -25% | Jun 2023 -3.8% | Sep 2023 -0.4% | Dec 2023 13% | Mar 2024 6.0% | Jun 2024 3.5% | Sep 2024 -4.9% | Dec 2024 2.0% | Mar 2025 1.6% | Jun 2025 10% | Sep 2025 1.8% | Dec 2025 4.9% | Mar 2026 -2.8% | Jun 2026 —
- NXDR: Sep 2021 -36% | Dec 2021 -49% | Mar 2022 -65% | Jun 2022 -70% | Sep 2022 -68% | Dec 2022 -68% | Mar 2023 -78% | Jun 2023 -73% | Sep 2023 -79% | Dec 2023 -86% | Mar 2024 -65% | Jun 2024 -77% | Sep 2024 -32% | Dec 2024 -26% | Mar 2025 -50% | Jun 2025 -31% | Sep 2025 -25% | Dec 2025 -11% | Mar 2026 -25% | Jun 2026 —
- EVER: Sep 2021 -7.2% | Dec 2021 -8.3% | Mar 2022 -5.1% | Jun 2022 -3.7% | Sep 2022 -6.4% | Dec 2022 -8.4% | Mar 2023 -2.2% | Jun 2023 -20% | Sep 2023 -54% | Dec 2023 -12% | Mar 2024 1.9% | Jun 2024 5.4% | Sep 2024 8.1% | Dec 2024 8.2% | Mar 2025 4.8% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 9.5% | Mar 2026 12% | Jun 2026 —

### 20-quarter Margin change history
- GOOGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.4 pp | Sep 2022 −7.5 pp | Dec 2022 −5.2 pp | Mar 2023 −4.5 pp | Jun 2023 +1.4 pp | Sep 2023 +3.0 pp | Dec 2023 +3.6 pp | Mar 2024 +6.6 pp | Jun 2024 +3.1 pp | Sep 2024 +4.5 pp | Dec 2024 +4.6 pp | Mar 2025 +2.3 pp | Jun 2025 0.0 pp | Sep 2025 −1.8 pp | Dec 2025 −0.5 pp | Mar 2026 +2.2 pp | Jun 2026 —
- META: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.5 pp | Sep 2022 −15.5 pp | Dec 2022 −17.5 pp | Mar 2023 −5.3 pp | Jun 2023 +0.4 pp | Sep 2023 +19.9 pp | Dec 2023 +20.9 pp | Mar 2024 +12.7 pp | Jun 2024 +8.6 pp | Sep 2024 +2.4 pp | Dec 2024 +7.5 pp | Mar 2025 +3.6 pp | Jun 2025 +5.0 pp | Sep 2025 −2.6 pp | Dec 2025 −7.0 pp | Mar 2026 −0.9 pp | Jun 2026 —
- SPOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.3 pp | Sep 2022 −10.5 pp | Dec 2022 −7.0 pp | Mar 2023 −4.9 pp | Jun 2023 −1.0 pp | Sep 2023 +8.5 pp | Dec 2023 +5.3 pp | Mar 2024 +9.7 pp | Jun 2024 +14.8 pp | Sep 2024 +10.4 pp | Dec 2024 +13.2 pp | Mar 2025 +7.5 pp | Jun 2025 +2.7 pp | Sep 2025 +2.2 pp | Dec 2025 +4.3 pp | Mar 2026 +3.7 pp | Jun 2026 —
- NBIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.2 pp | Sep 2022 +14.3 pp | Dec 2022 +6.1 pp | Mar 2023 — | Jun 2023 −1.1 pp | Sep 2023 −2.2 pp | Dec 2023 −2.5 pp | Mar 2024 — | Jun 2024 −780.1 pp | Sep 2024 −257.0 pp | Dec 2024 −291.4 pp | Mar 2025 — | Jun 2025 +668.0 pp | Sep 2025 +162.0 pp | Dec 2025 +187.2 pp | Mar 2026 +204.2 pp | Jun 2026 —
- RDDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +27.3 pp | Sep 2022 −23.8 pp | Dec 2022 −18.9 pp | Mar 2023 −19.0 pp | Jun 2023 +8.9 pp | Sep 2023 +20.3 pp | Dec 2023 +16.0 pp | Mar 2024 −199.4 pp | Jun 2024 +18.0 pp | Sep 2024 +11.4 pp | Dec 2024 +11.2 pp | Mar 2025 +243.5 pp | Jun 2025 +24.6 pp | Sep 2025 +21.7 pp | Dec 2025 +19.5 pp | Mar 2026 +26.6 pp | Jun 2026 —
- PINS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.8 pp | Sep 2022 −25.7 pp | Dec 2022 −20.5 pp | Mar 2023 −39.8 pp | Jun 2023 −5.1 pp | Sep 2023 +9.4 pp | Dec 2023 +19.3 pp | Mar 2024 +33.0 pp | Jun 2024 +7.8 pp | Sep 2024 0.0 pp | Dec 2024 +2.7 pp | Mar 2025 +3.3 pp | Jun 2025 +2.1 pp | Sep 2025 +6.3 pp | Dec 2025 +0.1 pp | Mar 2026 −3.9 pp | Jun 2026 —
- SNAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.5 pp | Sep 2022 −21.7 pp | Dec 2022 −20.2 pp | Mar 2023 −11.3 pp | Jun 2023 −1.8 pp | Sep 2023 +6.6 pp | Dec 2023 +3.8 pp | Mar 2024 +9.0 pp | Jun 2024 +17.4 pp | Sep 2024 +19.4 pp | Dec 2024 +16.6 pp | Mar 2025 +13.7 pp | Jun 2025 +1.2 pp | Sep 2025 +4.1 pp | Dec 2025 +4.6 pp | Mar 2026 +9.3 pp | Jun 2026 —
- MTCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −31.0 pp | Sep 2022 −1.5 pp | Dec 2022 −15.2 pp | Mar 2023 −0.8 pp | Jun 2023 +27.2 pp | Sep 2023 +1.6 pp | Dec 2023 +16.4 pp | Mar 2024 −3.7 pp | Jun 2024 −2.2 pp | Sep 2024 −4.1 pp | Dec 2024 −4.0 pp | Mar 2025 −0.7 pp | Jun 2025 −1.2 pp | Sep 2025 +0.7 pp | Dec 2025 +6.4 pp | Mar 2026 +6.6 pp | Jun 2026 —
- ZG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.1 pp | Dec 2022 −25.0 pp | Mar 2023 −17.6 pp | Jun 2023 −13.6 pp | Sep 2023 +0.3 pp | Dec 2023 −2.8 pp | Mar 2024 +0.9 pp | Jun 2024 +6.0 pp | Sep 2024 +2.7 pp | Dec 2024 +7.1 pp | Mar 2025 +5.9 pp | Jun 2025 +4.9 pp | Sep 2025 +7.5 pp | Dec 2025 +10.8 pp | Mar 2026 +6.6 pp | Jun 2026 —
- JOYY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.3 pp | Sep 2022 +2.8 pp | Dec 2022 −11.4 pp | Mar 2023 −0.2 pp | Jun 2023 −4.5 pp | Sep 2023 +0.1 pp | Dec 2023 +3.5 pp | Mar 2024 +0.1 pp | Jun 2024 −1.1 pp | Sep 2024 −0.3 pp | Dec 2024 −78.6 pp | Mar 2025 +2.3 pp | Jun 2025 +1.1 pp | Sep 2025 +0.6 pp | Dec 2025 +81.3 pp | Mar 2026 −1.2 pp | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +49.6 pp | Jun 2023 +42.5 pp | Sep 2023 +60.3 pp | Dec 2023 +17.6 pp | Mar 2024 −11.2 pp | Jun 2024 −4.9 pp | Sep 2024 −21.0 pp | Dec 2024 −7.1 pp | Mar 2025 +6.9 pp | Jun 2025 −6.4 pp | Sep 2025 −295.1 pp | Dec 2025 −19.9 pp | Mar 2026 −0.9 pp | Jun 2026 —
- PPLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.8 pp | Sep 2022 −6.1 pp | Dec 2022 0.0 pp | Mar 2023 −4.3 pp | Jun 2023 +7.2 pp | Sep 2023 +6.7 pp | Dec 2023 +4.7 pp | Mar 2024 +2.3 pp | Jun 2024 +1.6 pp | Sep 2024 +4.2 pp | Dec 2024 +8.0 pp | Mar 2025 +15.2 pp | Jun 2025 +3.5 pp | Sep 2025 −4.8 pp | Dec 2025 −24.2 pp | Mar 2026 −14.5 pp | Jun 2026 —
- DJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −1,913.0 pp | Sep 2024 −2,057.2 pp | Dec 2024 −3,827.3 pp | Mar 2025 +7,950.5 pp | Jun 2025 −2,696.1 pp | Sep 2025 −3,586.4 pp | Dec 2025 −38,475.6 pp | Mar 2026 −28,873.5 pp | Jun 2026 —
- RUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 +193.9 pp | Mar 2023 −37.1 pp | Jun 2023 −31.2 pp | Sep 2023 −152.9 pp | Dec 2023 −86.1 pp | Mar 2024 −63.3 pp | Jun 2024 −34.6 pp | Sep 2024 +92.6 pp | Dec 2024 +102.4 pp | Mar 2025 +43.9 pp | Jun 2025 +66.5 pp | Sep 2025 +17.4 pp | Dec 2025 −51.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- GENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +712.6 pp | Sep 2022 +51.3 pp | Dec 2022 +48.3 pp | Mar 2023 +52.0 pp | Jun 2023 +46.8 pp | Sep 2023 +33.7 pp | Dec 2023 +15.5 pp | Mar 2024 +3.4 pp | Jun 2024 −13.0 pp | Sep 2024 +3.7 pp | Dec 2024 +22.9 pp | Mar 2025 +6.1 pp | Jun 2025 −46.0 pp | Sep 2025 −10.4 pp | Dec 2025 −6.1 pp | Mar 2026 −8.8 pp | Jun 2026 —
- WB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.7 pp | Sep 2022 −7.9 pp | Dec 2022 +6.2 pp | Mar 2023 +2.1 pp | Jun 2023 +7.1 pp | Sep 2023 +3.1 pp | Dec 2023 +162.8 pp | Mar 2024 +1.9 pp | Jun 2024 +2.9 pp | Sep 2024 +0.1 pp | Dec 2024 −172.8 pp | Mar 2025 +2.6 pp | Jun 2025 +1.8 pp | Sep 2025 −3.9 pp | Dec 2025 −6.4 pp | Mar 2026 −1.5 pp | Jun 2026 —
- OPRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +27.5 pp | Sep 2022 +19.8 pp | Dec 2022 +7.1 pp | Mar 2023 +14.1 pp | Jun 2023 −1.1 pp | Sep 2023 −3.2 pp | Dec 2023 +5.6 pp | Mar 2024 +3.1 pp | Jun 2024 +6.5 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −4.3 pp | Jun 2025 −7.1 pp | Sep 2025 −4.0 pp | Dec 2025 −2.8 pp | Mar 2026 +2.1 pp | Jun 2026 —
- YELP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.8 pp | Sep 2022 −3.7 pp | Dec 2022 +3.6 pp | Mar 2023 −0.5 pp | Jun 2023 +0.2 pp | Sep 2023 +7.8 pp | Dec 2023 −3.5 pp | Mar 2024 +5.5 pp | Jun 2024 +5.5 pp | Sep 2024 +0.8 pp | Dec 2024 +7.5 pp | Mar 2025 +4.8 pp | Jun 2025 +3.3 pp | Sep 2025 +1.2 pp | Dec 2025 −1.2 pp | Mar 2026 −0.6 pp | Jun 2026 —
- TBLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.4 pp | Sep 2022 −6.5 pp | Dec 2022 +2.1 pp | Mar 2023 −6.6 pp | Jun 2023 −4.7 pp | Sep 2023 +1.3 pp | Dec 2023 −4.6 pp | Mar 2024 +4.4 pp | Jun 2024 +5.7 pp | Sep 2024 +6.3 pp | Dec 2024 +7.5 pp | Mar 2025 +2.9 pp | Jun 2025 +1.8 pp | Sep 2025 +0.2 pp | Dec 2025 −1.2 pp | Mar 2026 +16.4 pp | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +10.7 pp | Jun 2024 −22.9 pp | Sep 2024 −0.2 pp | Dec 2024 −6.6 pp | Mar 2025 −12.5 pp | Jun 2025 +22.1 pp | Sep 2025 −1.6 pp | Dec 2025 +3.9 pp | Mar 2026 +5.7 pp | Jun 2026 —
- UPWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 −9.5 pp | Dec 2022 +3.2 pp | Mar 2023 +1.1 pp | Jun 2023 +11.1 pp | Sep 2023 +22.5 pp | Dec 2023 +17.3 pp | Mar 2024 +22.4 pp | Jun 2024 +12.8 pp | Sep 2024 +4.2 pp | Dec 2024 +2.5 pp | Mar 2025 +13.3 pp | Jun 2025 +7.5 pp | Sep 2025 +4.1 pp | Dec 2025 +7.2 pp | Mar 2026 −3.4 pp | Jun 2026 —
- GRPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −42.7 pp | Sep 2022 −23.5 pp | Dec 2022 −23.2 pp | Mar 2023 −4.1 pp | Jun 2023 +39.6 pp | Sep 2023 +24.8 pp | Dec 2023 +35.0 pp | Mar 2024 +31.1 pp | Jun 2024 +7.3 pp | Sep 2024 −4.5 pp | Dec 2024 −10.8 pp | Mar 2025 −4.4 pp | Jun 2025 +6.9 pp | Sep 2025 +6.7 pp | Dec 2025 +2.9 pp | Mar 2026 −4.4 pp | Jun 2026 —
- NXDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.2 pp | Sep 2022 −31.3 pp | Dec 2022 −18.9 pp | Mar 2023 −12.9 pp | Jun 2023 −2.7 pp | Sep 2023 −11.6 pp | Dec 2023 −17.6 pp | Mar 2024 +12.6 pp | Jun 2024 −4.6 pp | Sep 2024 +47.4 pp | Dec 2024 +59.6 pp | Mar 2025 +15.5 pp | Jun 2025 +46.3 pp | Sep 2025 +6.7 pp | Dec 2025 +15.5 pp | Mar 2026 +25.0 pp | Jun 2026 —
- EVER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 +0.8 pp | Dec 2022 −0.1 pp | Mar 2023 +2.9 pp | Jun 2023 −16.0 pp | Sep 2023 −47.1 pp | Dec 2023 −3.7 pp | Mar 2024 +4.1 pp | Jun 2024 +25.1 pp | Sep 2024 +61.6 pp | Dec 2024 +20.3 pp | Mar 2025 +2.9 pp | Jun 2025 +3.6 pp | Sep 2025 +2.0 pp | Dec 2025 +1.3 pp | Mar 2026 +7.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Spotify Technology S.A. leads with $2,708 million of TTM profit, 259.2% above Nebius Group N.V.. EverQuote, Inc. shows ≥100% on the scoring scale (192.1% uncapped) growth from a $111 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Spotify Technology S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Spotify Technology S.A. · $2,708 million | 259.2% versus #2 · Nebius Group N.V. | 5/8 recent comparable periods | 21/24 companies · 448 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Spotify Technology S.A. (SPOT): ₹2.7K Cr
2. Nebius Group N.V. (NBIS): ₹754 Cr
3. Match Group, Inc. (MTCH): ₹663 Cr
4. Weibo Corporation (WB): ₹389 Cr
5. Pinterest, Inc. (PINS): ₹334 Cr

### Profit growth — fastest growers
1. EverQuote, Inc. (EVER): 100%
2. Spotify Technology S.A. (SPOT): 100%
3. Opera Limited (OPRA): 38%
4. Match Group, Inc. (MTCH): 22%
5. Weibo Corporation (WB): 5.7%

### 20-quarter Net profit history
- GOOGL: Sep 2021 ₹18.9K Cr | Dec 2021 ₹20.6K Cr | Mar 2022 ₹16.4K Cr | Jun 2022 ₹16.0K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹13.6K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹18.4K Cr | Sep 2023 ₹19.7K Cr | Dec 2023 ₹20.7K Cr | Mar 2024 ₹23.7K Cr | Jun 2024 ₹23.6K Cr | Sep 2024 ₹26.3K Cr | Dec 2024 ₹26.5K Cr | Mar 2025 ₹34.5K Cr | Jun 2025 ₹28.2K Cr | Sep 2025 ₹35.0K Cr | Dec 2025 ₹34.5K Cr | Mar 2026 ₹62.6K Cr | Jun 2026 —
- META: Sep 2021 ₹9.2K Cr | Dec 2021 ₹10.3K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹11.6K Cr | Dec 2023 ₹14.0K Cr | Mar 2024 ₹12.4K Cr | Jun 2024 ₹13.5K Cr | Sep 2024 ₹15.7K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹16.6K Cr | Jun 2025 ₹18.3K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹22.8K Cr | Mar 2026 ₹26.8K Cr | Jun 2026 —
- SPOT: Sep 2021 ₹2 Cr | Dec 2021 ₹-39 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹-125 Cr | Sep 2022 ₹-166 Cr | Dec 2022 ₹-270 Cr | Mar 2023 ₹-225 Cr | Jun 2023 ₹-302 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹-70 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹274 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹225 Cr | Jun 2025 ₹-86 Cr | Sep 2025 ₹899 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹721 Cr | Jun 2026 —
- NBIS: Sep 2021 ₹-54 Cr | Dec 2021 ₹-38 Cr | Mar 2022 ₹-159 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹756 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹-91 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹-71 Cr | Mar 2024 ₹-78 Cr | Jun 2024 ₹-117 Cr | Sep 2024 ₹-44 Cr | Dec 2024 ₹-133 Cr | Mar 2025 ₹-104 Cr | Jun 2025 ₹503 Cr | Sep 2025 ₹-120 Cr | Dec 2025 ₹-250 Cr | Mar 2026 ₹621 Cr | Jun 2026 —
- RDDT: Sep 2021 ₹-7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹-22 Cr | Mar 2023 ₹-61 Cr | Jun 2023 ₹-41 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹-575 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹204 Cr | Jun 2026 —
- PINS: Sep 2021 ₹94 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-43 Cr | Sep 2022 ₹-65 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹-209 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹-74 Cr | Jun 2026 —
- SNAP: Sep 2021 ₹-72 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹-360 Cr | Jun 2022 ₹-422 Cr | Sep 2022 ₹-360 Cr | Dec 2022 ₹-288 Cr | Mar 2023 ₹-329 Cr | Jun 2023 ₹-377 Cr | Sep 2023 ₹-368 Cr | Dec 2023 ₹-248 Cr | Mar 2024 ₹-305 Cr | Jun 2024 ₹-249 Cr | Sep 2024 ₹-153 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹-140 Cr | Jun 2025 ₹-263 Cr | Sep 2025 ₹-104 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹-89 Cr | Jun 2026 —
- MTCH: Sep 2021 ₹131 Cr | Dec 2021 ₹-169 Cr | Mar 2022 ₹181 Cr | Jun 2022 ₹-32 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹167 Cr | Jun 2026 —
- ZG: Sep 2021 ₹-329 Cr | Dec 2021 ₹-261 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹-53 Cr | Dec 2022 ₹-72 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹-28 Cr | Dec 2023 ₹-73 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- JOYY: Sep 2021 ₹4 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹510 Cr | Dec 2022 ₹-390 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹-387 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-76 Cr | Jun 2022 ₹-53 Cr | Sep 2022 ₹-76 Cr | Dec 2022 ₹-56 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-547 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- PPLI: Sep 2021 ₹61 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹-241 Cr | Jun 2022 ₹-875 Cr | Sep 2022 ₹-66 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹415 Cr | Jun 2023 ₹-92 Cr | Sep 2023 ₹-392 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹-145 Cr | Sep 2024 ₹-276 Cr | Dec 2024 ₹-202 Cr | Mar 2025 ₹-473 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-76 Cr | Mar 2026 ₹-73 Cr | Jun 2026 —
- DJT: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-23 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-328 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-55 Cr | Dec 2025 ₹-436 Cr | Mar 2026 ₹-406 Cr | Jun 2026 —
- RUM: Sep 2021 ₹-3 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-237 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹-30 Cr | Jun 2026 —
- GENI: Sep 2021 ₹-70 Cr | Dec 2021 ₹-53 Cr | Mar 2022 ₹-40 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-129 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-39 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹-29 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-55 Cr | Sep 2025 ₹-31 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-56 Cr | Jun 2026 —
- WB: Sep 2021 ₹182 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹-72 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- OPRA: Sep 2021 ₹24 Cr | Dec 2021 ₹-112 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- YELP: Sep 2021 ₹18 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- TBLA: Sep 2021 ₹17 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-18 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹-77 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- UPWK: Sep 2021 ₹-9 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-25 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- GRPN: Sep 2021 ₹79 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-90 Cr | Sep 2022 ₹-56 Cr | Dec 2022 ₹-54 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹-118 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- NXDR: Sep 2021 ₹-19 Cr | Dec 2021 ₹-29 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹-36 Cr | Dec 2022 ₹-36 Cr | Mar 2023 ₹-39 Cr | Jun 2023 ₹-41 Cr | Sep 2023 ₹-44 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-49 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- EVER: Sep 2021 ₹-5 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹19 Cr | Jun 2026 —

### 20-quarter Profit growth history
- GOOGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 -27% | Dec 2022 -34% | Mar 2023 -8.4% | Jun 2023 15% | Sep 2023 42% | Dec 2023 52% | Mar 2024 57% | Jun 2024 29% | Sep 2024 34% | Dec 2024 28% | Mar 2025 46% | Jun 2025 19% | Sep 2025 33% | Dec 2025 30% | Mar 2026 81% | Jun 2026 —
- META: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -36% | Sep 2022 -52% | Dec 2022 -55% | Mar 2023 -24% | Jun 2023 16% | Sep 2023 164% | Dec 2023 201% | Mar 2024 117% | Jun 2024 73% | Sep 2024 35% | Dec 2024 49% | Mar 2025 35% | Jun 2025 36% | Sep 2025 -83% | Dec 2025 9.3% | Mar 2026 61% | Jun 2026 —
- SPOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8,400% | Dec 2022 — | Mar 2023 -272% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 362% | Dec 2024 — | Mar 2025 14% | Jun 2025 -131% | Sep 2025 200% | Dec 2025 220% | Mar 2026 220% | Jun 2026 —
- NBIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 12% | Sep 2023 -90% | Dec 2023 -174% | Mar 2024 — | Jun 2024 -171% | Sep 2024 -156% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RDDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -414% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 274% | Mar 2025 — | Jun 2025 — | Sep 2025 443% | Dec 2025 255% | Mar 2026 685% | Jun 2026 —
- PINS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -162% | Sep 2022 -169% | Dec 2022 -90% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,082% | Mar 2024 — | Jun 2024 — | Sep 2024 343% | Dec 2024 819% | Mar 2025 — | Jun 2025 333% | Sep 2025 197% | Dec 2025 -85% | Mar 2026 -922% | Jun 2026 —
- SNAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,352% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 400% | Mar 2026 — | Jun 2026 —
- MTCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -123% | Sep 2022 -2.3% | Dec 2022 — | Mar 2023 -33% | Jun 2023 — | Sep 2023 28% | Dec 2023 177% | Mar 2024 1.7% | Jun 2024 -2.9% | Sep 2024 -17% | Dec 2024 -31% | Mar 2025 -4.1% | Jun 2025 -6.0% | Sep 2025 18% | Dec 2025 33% | Mar 2026 42% | Jun 2026 —
- ZG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -238% | Jun 2023 -538% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 475% | Jun 2026 —
- JOYY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12,650% | Dec 2022 -674% | Mar 2023 — | Jun 2023 880% | Sep 2023 -87% | Dec 2023 — | Mar 2024 100% | Jun 2024 -67% | Sep 2024 -14% | Dec 2024 -1,068% | Mar 2025 4,698% | Jun 2025 21% | Sep 2025 5.4% | Dec 2025 — | Mar 2026 -98% | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -1,700% | Jun 2024 -129% | Sep 2024 -159% | Dec 2024 -43% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -2,835% | Mar 2026 — | Jun 2026 —
- PPLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -531% | Sep 2022 -208% | Dec 2022 -371% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -88% | Jun 2024 — | Sep 2024 — | Dec 2024 -162% | Mar 2025 -1,065% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,000% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -350% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -410% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 -109% | Dec 2022 58% | Mar 2023 — | Jun 2023 190% | Sep 2023 — | Dec 2023 -44% | Mar 2024 -51% | Jun 2024 36% | Sep 2024 66% | Dec 2024 -85% | Mar 2025 112% | Jun 2025 11% | Sep 2025 68% | Dec 2025 -77% | Mar 2026 -68% | Jun 2026 —
- OPRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -114% | Sep 2022 -63% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 89% | Dec 2023 410% | Mar 2024 0.0% | Jun 2024 12% | Sep 2024 5.9% | Dec 2024 -73% | Mar 2025 20% | Jun 2025 -16% | Sep 2025 5.6% | Dec 2025 93% | Mar 2026 39% | Jun 2026 —
- YELP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 -50% | Dec 2022 -13% | Mar 2023 — | Jun 2023 88% | Sep 2023 544% | Dec 2023 35% | Mar 2024 — | Jun 2024 153% | Sep 2024 -34% | Dec 2024 56% | Mar 2025 71% | Jun 2025 16% | Sep 2025 2.6% | Dec 2025 -9.5% | Mar 2026 -25% | Jun 2026 —
- TBLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -253% | Dec 2022 1,400% | Mar 2023 -875% | Jun 2023 — | Sep 2023 — | Dec 2023 -73% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 725% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 52% | Mar 2026 — | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -467% | Jun 2025 — | Sep 2025 -155% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UPWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.9% | Jun 2024 — | Sep 2024 75% | Dec 2024 765% | Mar 2025 111% | Jun 2025 50% | Sep 2025 3.6% | Dec 2025 -89% | Mar 2026 -18% | Jun 2026 —
- GRPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -171% | Dec 2022 -280% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -279% | Mar 2025 — | Jun 2025 — | Sep 2025 -887% | Dec 2025 — | Mar 2026 -263% | Jun 2026 —
- EVER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 300% | Jun 2025 150% | Sep 2025 58% | Dec 2025 383% | Mar 2026 138% | Jun 2026 —

## Return On Capital Employed

What the numbers say: EverQuote, Inc. leads ROCE at 11.9%, 2.5 percentage points above Spotify Technology S.A.. Taboola.com Ltd. has the strongest latest improvement at +6.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: EverQuote, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: EverQuote, Inc. · 11.9% | 26.6% versus #2 · Spotify Technology S.A. | 7/8 recent comparable periods | 24/24 companies · 448 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. EverQuote, Inc. (EVER): 12%
2. Spotify Technology S.A. (SPOT): 9.4%
3. Reddit, Inc. (RDDT): 8.1%
4. Match Group, Inc. (MTCH): 6.9%
5. Alphabet Inc. (GOOGL): 6.7%

### ROCE change — fastest improvers
1. Taboola.com Ltd. (TBLA): +6.5 pp
2. EverQuote, Inc. (EVER): +5.2 pp
3. Reddit, Inc. (RDDT): +5.0 pp
4. Match Group, Inc. (MTCH): +2.1 pp
5. Snap Inc. (SNAP): +1.9 pp

### 20-quarter ROCE history
- GOOGL: Sep 2021 25% | Dec 2021 7.8% | Mar 2022 7.1% | Jun 2022 6.8% | Sep 2022 5.9% | Dec 2022 6.1% | Mar 2023 5.8% | Jun 2023 7.3% | Sep 2023 7.1% | Dec 2023 7.7% | Mar 2024 8.1% | Jun 2024 8.5% | Sep 2024 8.6% | Dec 2024 9.1% | Mar 2025 8.6% | Jun 2025 8.3% | Sep 2025 7.9% | Dec 2025 8.4% | Mar 2026 8.1% | Jun 2026 6.7%
- META: Sep 2021 7.3% | Dec 2021 8.7% | Mar 2022 5.8% | Jun 2022 5.5% | Sep 2022 3.7% | Dec 2022 4.2% | Mar 2023 4.8% | Jun 2023 5.8% | Sep 2023 8.0% | Dec 2023 9.2% | Mar 2024 7.8% | Jun 2024 7.8% | Sep 2024 8.5% | Dec 2024 11% | Mar 2025 8.0% | Jun 2025 8.9% | Sep 2025 8.4% | Dec 2025 8.7% | Mar 2026 7.7% | Jun 2026 5.8%
- SPOT: Sep 2021 2.1% | Dec 2021 -0.2% | Mar 2022 -0.1% | Jun 2022 -4.5% | Sep 2022 -5.7% | Dec 2022 -5.7% | Mar 2023 -3.9% | Jun 2023 -6.3% | Sep 2023 0.8% | Dec 2023 -1.8% | Mar 2024 3.7% | Jun 2024 5.4% | Sep 2024 8.8% | Dec 2024 8.1% | Mar 2025 8.6% | Jun 2025 6.1% | Sep 2025 7.8% | Dec 2025 8.5% | Mar 2026 9.4% | Jun 2026 —
- NBIS: Sep 2021 -1.4% | Dec 2021 -0.6% | Mar 2022 -3.1% | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 1.5% | Mar 2023 44% | Jun 2023 2.4% | Sep 2023 2.2% | Dec 2023 0.6% | Mar 2024 45% | Jun 2024 -2.6% | Sep 2024 -2.3% | Dec 2024 -4.3% | Mar 2025 -2.9% | Jun 2025 -2.4% | Sep 2025 -2.1% | Dec 2025 -3.3% | Mar 2026 -1.1% | Jun 2026 —
- RDDT: Sep 2021 -0.7% | Dec 2021 0.7% | Mar 2022 -4.5% | Jun 2022 -7.4% | Sep 2022 -3.3% | Dec 2022 -1.9% | Mar 2023 -9.1% | Jun 2023 -7.0% | Sep 2023 -1.3% | Dec 2023 0.2% | Mar 2024 -63% | Jun 2024 -3.2% | Sep 2024 0.4% | Dec 2024 2.9% | Mar 2025 0.2% | Jun 2025 3.1% | Sep 2025 6.0% | Dec 2025 9.0% | Mar 2026 6.7% | Jun 2026 8.1%
- PINS: Sep 2021 3.9% | Dec 2021 6.3% | Mar 2022 -0.1% | Jun 2022 -1.2% | Sep 2022 -2.2% | Dec 2022 0.2% | Mar 2023 -7.4% | Jun 2023 -2.4% | Sep 2023 -0.2% | Dec 2023 5.8% | Mar 2024 -1.7% | Jun 2024 -0.7% | Sep 2024 -0.2% | Dec 2024 6.4% | Mar 2025 -0.9% | Jun 2025 -0.1% | Sep 2025 1.4% | Dec 2025 6.0% | Mar 2026 -1.8% | Jun 2026 —
- SNAP: Sep 2021 -3.4% | Dec 2021 -0.5% | Mar 2022 -4.4% | Jun 2022 -5.8% | Sep 2022 -6.5% | Dec 2022 -4.3% | Mar 2023 -4.9% | Jun 2023 -5.6% | Sep 2023 -5.5% | Dec 2023 -3.6% | Mar 2024 -5.2% | Jun 2024 -3.9% | Sep 2024 -2.6% | Dec 2024 -0.4% | Mar 2025 -3.1% | Jun 2025 -4.1% | Sep 2025 -2.0% | Dec 2025 0.8% | Mar 2026 -1.2% | Jun 2026 —
- MTCH: Sep 2021 7.0% | Dec 2021 7.2% | Mar 2022 6.2% | Jun 2022 -0.3% | Sep 2022 5.6% | Dec 2022 2.8% | Mar 2023 5.2% | Jun 2023 5.8% | Sep 2023 7.0% | Dec 2023 6.8% | Mar 2024 4.9% | Jun 2024 5.3% | Sep 2024 5.6% | Dec 2024 5.7% | Mar 2025 4.8% | Jun 2025 5.9% | Sep 2025 6.0% | Dec 2025 7.7% | Mar 2026 6.9% | Jun 2026 —
- ZG: Sep 2021 0.8% | Dec 2021 -0.4% | Mar 2022 0.5% | Jun 2022 0.1% | Sep 2022 -0.7% | Dec 2022 -1.3% | Mar 2023 -0.7% | Jun 2023 -1.0% | Sep 2023 -0.9% | Dec 2023 -1.8% | Mar 2024 -0.7% | Jun 2024 -0.7% | Sep 2024 -0.8% | Dec 2024 -1.3% | Mar 2025 -0.2% | Jun 2025 -0.2% | Sep 2025 -0.1% | Dec 2025 -0.2% | Mar 2026 0.8% | Jun 2026 —
- JOYY: Sep 2021 0.0% | Dec 2021 0.8% | Mar 2022 0.0% | Jun 2022 0.5% | Sep 2022 0.3% | Dec 2022 -0.3% | Mar 2023 0.0% | Jun 2023 0.1% | Sep 2023 0.3% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.3% | Dec 2024 -8.4% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.1% | Jun 2026 —
- STUB: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 -2.6% | Dec 2022 0.3% | Mar 2023 — | Jun 2023 — | Sep 2023 2.4% | Dec 2023 1.8% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 0.3% | Dec 2024 1.8% | Mar 2025 0.7% | Jun 2025 1.2% | Sep 2025 -33% | Dec 2025 -0.7% | Mar 2026 0.6% | Jun 2026 —
- PPLI: Sep 2021 -0.4% | Dec 2021 -0.7% | Mar 2022 -1.1% | Jun 2022 -1.8% | Sep 2022 -1.4% | Dec 2022 -0.7% | Mar 2023 -1.3% | Jun 2023 -0.6% | Sep 2023 -0.4% | Dec 2023 -0.1% | Mar 2024 -0.7% | Jun 2024 -0.2% | Sep 2024 0.1% | Dec 2024 0.5% | Mar 2025 0.3% | Jun 2025 0.0% | Sep 2025 -0.3% | Dec 2025 -1.5% | Mar 2026 -0.6% | Jun 2026 —
- DJT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 -1.4% | Jun 2023 -1.4% | Sep 2023 -1.1% | Dec 2023 -4.9% | Mar 2024 -40% | Jun 2024 -6.1% | Sep 2024 -4.4% | Dec 2024 -11% | Mar 2025 -7.1% | Jun 2025 -2.4% | Sep 2025 -2.8% | Dec 2025 -34% | Mar 2026 -27% | Jun 2026 —
- RUM: Sep 2021 -1.1% | Dec 2021 -35% | Mar 2022 -1.3% | Jun 2022 -1.6% | Sep 2022 -2.3% | Dec 2022 -9.6% | Mar 2023 -7.5% | Jun 2023 -11% | Sep 2023 -12% | Dec 2023 -12% | Mar 2024 -12% | Jun 2024 -15% | Sep 2024 -14% | Dec 2024 -20% | Mar 2025 -12% | Jun 2025 -9.8% | Sep 2025 -11% | Dec 2025 -26% | Mar 2026 -13% | Jun 2026 —
- GENI: Sep 2021 -12% | Dec 2021 -6.2% | Mar 2022 -13% | Jun 2022 -6.0% | Sep 2022 -5.0% | Dec 2022 -3.2% | Mar 2023 -3.4% | Jun 2023 -1.2% | Sep 2023 -1.5% | Dec 2023 -5.8% | Mar 2024 -4.1% | Jun 2024 -3.5% | Sep 2024 -1.0% | Dec 2024 -1.2% | Mar 2025 -3.1% | Jun 2025 -12% | Sep 2025 -3.8% | Dec 2025 -3.6% | Mar 2026 -5.8% | Jun 2026 —
- WB: Sep 2021 3.9% | Dec 2021 3.4% | Mar 2022 1.9% | Jun 2022 1.7% | Sep 2022 2.3% | Dec 2022 2.8% | Mar 2023 1.7% | Jun 2023 2.3% | Sep 2023 2.7% | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 2.4% | Sep 2024 2.7% | Dec 2024 2.1% | Mar 2025 2.1% | Jun 2025 2.6% | Sep 2025 2.0% | Dec 2025 1.6% | Mar 2026 1.9% | Jun 2026 —
- OPRA: Sep 2021 -0.1% | Dec 2021 0.4% | Mar 2022 0.1% | Jun 2022 1.1% | Sep 2022 1.5% | Dec 2022 1.2% | Mar 2023 1.5% | Jun 2023 1.4% | Sep 2023 1.8% | Dec 2023 2.2% | Mar 2024 2.2% | Jun 2024 2.5% | Sep 2024 2.7% | Dec 2024 2.9% | Mar 2025 2.3% | Jun 2025 1.9% | Sep 2025 2.4% | Dec 2025 2.9% | Mar 2026 3.1% | Jun 2026 —
- YELP: Sep 2021 2.3% | Dec 2021 2.1% | Mar 2022 -0.5% | Jun 2022 1.8% | Sep 2022 1.5% | Dec 2022 3.9% | Mar 2023 -0.8% | Jun 2023 2.3% | Sep 2023 5.0% | Dec 2023 3.0% | Mar 2024 1.4% | Jun 2024 4.9% | Sep 2024 5.7% | Dec 2024 6.4% | Mar 2025 3.7% | Jun 2025 6.5% | Sep 2025 6.5% | Dec 2025 6.1% | Mar 2026 3.3% | Jun 2026 —
- TBLA: Sep 2021 0.0% | Dec 2021 2.5% | Mar 2022 -1.3% | Jun 2022 -1.6% | Sep 2022 -1.8% | Dec 2022 2.1% | Mar 2023 -2.2% | Jun 2023 -2.0% | Sep 2023 -1.5% | Dec 2023 0.7% | Mar 2024 -1.4% | Jun 2024 -0.6% | Sep 2024 0.4% | Dec 2024 3.8% | Mar 2025 -0.5% | Jun 2025 0.0% | Sep 2025 0.6% | Dec 2025 3.8% | Mar 2026 6.0% | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 -0.4% | Dec 2023 -0.3% | Mar 2024 2.0% | Jun 2024 -9.4% | Sep 2024 -0.5% | Dec 2024 -1.8% | Mar 2025 -1.7% | Jun 2025 -0.5% | Sep 2025 -0.9% | Dec 2025 -0.9% | Mar 2026 -0.6% | Jun 2026 —
- UPWK: Sep 2021 -1.4% | Dec 2021 -3.7% | Mar 2022 -4.0% | Jun 2022 -3.9% | Sep 2022 -3.0% | Dec 2022 -2.4% | Mar 2023 -3.3% | Jun 2023 -0.8% | Sep 2023 1.5% | Dec 2023 1.1% | Mar 2024 1.9% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 1.6% | Mar 2025 4.6% | Jun 2025 3.8% | Sep 2025 4.2% | Dec 2025 3.6% | Mar 2026 4.2% | Jun 2026 —
- GRPN: Sep 2021 -0.8% | Dec 2021 0.5% | Mar 2022 -5.7% | Jun 2022 -16% | Sep 2022 -8.6% | Dec 2022 -8.3% | Mar 2023 -8.6% | Jun 2023 -1.5% | Sep 2023 -0.2% | Dec 2023 7.6% | Mar 2024 2.9% | Jun 2024 1.7% | Sep 2024 -2.3% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 4.6% | Sep 2025 0.8% | Dec 2025 2.2% | Mar 2026 -1.4% | Jun 2026 —
- NXDR: Sep 2021 -6.3% | Dec 2021 -5.9% | Mar 2022 -5.5% | Jun 2022 -6.5% | Sep 2022 -6.6% | Dec 2022 -4.9% | Mar 2023 -5.4% | Jun 2023 -5.9% | Sep 2023 -6.8% | Dec 2023 -7.4% | Mar 2024 -5.5% | Jun 2024 -8.5% | Sep 2024 -3.7% | Dec 2024 -3.1% | Mar 2025 -5.1% | Jun 2025 -4.2% | Sep 2025 -3.6% | Dec 2025 -1.6% | Mar 2026 -3.4% | Jun 2026 —
- EVER: Sep 2021 -9.3% | Dec 2021 -9.5% | Mar 2022 -5.7% | Jun 2022 -3.8% | Sep 2022 -6.3% | Dec 2022 -7.2% | Mar 2023 -2.1% | Jun 2023 -12% | Sep 2023 -30% | Dec 2023 -7.0% | Mar 2024 1.7% | Jun 2024 6.0% | Sep 2024 12% | Dec 2024 11% | Mar 2025 6.7% | Jun 2025 10% | Sep 2025 12% | Dec 2025 9.9% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- GOOGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −19.5 pp | Dec 2022 −1.7 pp | Mar 2023 −1.3 pp | Jun 2023 +0.5 pp | Sep 2023 +1.2 pp | Dec 2023 +1.6 pp | Mar 2024 +2.3 pp | Jun 2024 +1.2 pp | Sep 2024 +1.5 pp | Dec 2024 +1.4 pp | Mar 2025 +0.5 pp | Jun 2025 −0.2 pp | Sep 2025 −0.7 pp | Dec 2025 −0.7 pp | Mar 2026 −0.5 pp | Jun 2026 −1.6 pp
- META: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 −4.5 pp | Mar 2023 −1.0 pp | Jun 2023 +0.3 pp | Sep 2023 +4.3 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +0.5 pp | Dec 2024 +1.4 pp | Mar 2025 +0.2 pp | Jun 2025 +1.1 pp | Sep 2025 −0.1 pp | Dec 2025 −1.9 pp | Mar 2026 −0.3 pp | Jun 2026 −3.1 pp
- SPOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 −5.5 pp | Mar 2023 −3.8 pp | Jun 2023 −1.8 pp | Sep 2023 +6.5 pp | Dec 2023 +3.9 pp | Mar 2024 +7.6 pp | Jun 2024 +11.7 pp | Sep 2024 +8.0 pp | Dec 2024 +9.9 pp | Mar 2025 +4.9 pp | Jun 2025 +0.7 pp | Sep 2025 −1.0 pp | Dec 2025 +0.4 pp | Mar 2026 +0.8 pp | Jun 2026 —
- NBIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.3 pp | Dec 2022 +2.1 pp | Mar 2023 +46.8 pp | Jun 2023 −0.1 pp | Sep 2023 −0.7 pp | Dec 2023 −0.9 pp | Mar 2024 +1.6 pp | Jun 2024 −5.0 pp | Sep 2024 −4.5 pp | Dec 2024 −4.9 pp | Mar 2025 −48.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +1.0 pp | Mar 2026 +1.8 pp | Jun 2026 —
- RDDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 −2.6 pp | Mar 2023 −4.6 pp | Jun 2023 +0.4 pp | Sep 2023 +2.0 pp | Dec 2023 +2.1 pp | Mar 2024 −54.3 pp | Jun 2024 +3.8 pp | Sep 2024 +1.7 pp | Dec 2024 +2.7 pp | Mar 2025 +63.6 pp | Jun 2025 +6.3 pp | Sep 2025 +5.6 pp | Dec 2025 +6.1 pp | Mar 2026 +6.5 pp | Jun 2026 +5.0 pp
- PINS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 −6.1 pp | Mar 2023 −7.3 pp | Jun 2023 −1.2 pp | Sep 2023 +2.0 pp | Dec 2023 +5.6 pp | Mar 2024 +5.7 pp | Jun 2024 +1.7 pp | Sep 2024 0.0 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.6 pp | Sep 2025 +1.6 pp | Dec 2025 −0.4 pp | Mar 2026 −0.9 pp | Jun 2026 —
- SNAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 −3.8 pp | Mar 2023 −0.5 pp | Jun 2023 +0.2 pp | Sep 2023 +1.0 pp | Dec 2023 +0.7 pp | Mar 2024 −0.3 pp | Jun 2024 +1.7 pp | Sep 2024 +2.9 pp | Dec 2024 +3.2 pp | Mar 2025 +2.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +1.2 pp | Mar 2026 +1.9 pp | Jun 2026 —
- MTCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −4.4 pp | Mar 2023 −1.0 pp | Jun 2023 +6.1 pp | Sep 2023 +1.4 pp | Dec 2023 +4.0 pp | Mar 2024 −0.3 pp | Jun 2024 −0.5 pp | Sep 2024 −1.4 pp | Dec 2024 −1.1 pp | Mar 2025 −0.1 pp | Jun 2025 +0.6 pp | Sep 2025 +0.4 pp | Dec 2025 +2.0 pp | Mar 2026 +2.1 pp | Jun 2026 —
- ZG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −0.9 pp | Mar 2023 −1.2 pp | Jun 2023 −1.1 pp | Sep 2023 −0.2 pp | Dec 2023 −0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.5 pp | Sep 2025 +0.7 pp | Dec 2025 +1.1 pp | Mar 2026 +1.0 pp | Jun 2026 —
- JOYY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −1.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.4 pp | Sep 2023 0.0 pp | Dec 2023 +0.3 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 −8.4 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +8.7 pp | Mar 2026 −0.1 pp | Jun 2026 —
- STUB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +5.0 pp | Dec 2023 +1.5 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −2.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.7 pp | Jun 2025 — | Sep 2025 −33.2 pp | Dec 2025 −2.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PPLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 0.0 pp | Mar 2023 −0.2 pp | Jun 2023 +1.2 pp | Sep 2023 +1.0 pp | Dec 2023 +0.6 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.5 pp | Dec 2024 +0.6 pp | Mar 2025 +1.0 pp | Jun 2025 +0.2 pp | Sep 2025 −0.4 pp | Dec 2025 −2.0 pp | Mar 2026 −0.9 pp | Jun 2026 —
- DJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 −1.4 pp | Jun 2023 −1.4 pp | Sep 2023 −1.1 pp | Dec 2023 −4.9 pp | Mar 2024 −38.8 pp | Jun 2024 −4.7 pp | Sep 2024 −3.3 pp | Dec 2024 −5.7 pp | Mar 2025 +33.1 pp | Jun 2025 +3.7 pp | Sep 2025 +1.6 pp | Dec 2025 −23.0 pp | Mar 2026 −20.1 pp | Jun 2026 —
- RUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +25.5 pp | Mar 2023 −6.2 pp | Jun 2023 −9.6 pp | Sep 2023 −10.0 pp | Dec 2023 −2.5 pp | Mar 2024 −4.9 pp | Jun 2024 −3.6 pp | Sep 2024 −1.8 pp | Dec 2024 −8.0 pp | Mar 2025 +0.1 pp | Jun 2025 +5.0 pp | Sep 2025 +2.8 pp | Dec 2025 −6.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- GENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.3 pp | Dec 2022 +3.0 pp | Mar 2023 +9.2 pp | Jun 2023 +4.8 pp | Sep 2023 +3.5 pp | Dec 2023 −2.6 pp | Mar 2024 −0.7 pp | Jun 2024 −2.3 pp | Sep 2024 +0.5 pp | Dec 2024 +4.6 pp | Mar 2025 +1.0 pp | Jun 2025 −8.6 pp | Sep 2025 −2.8 pp | Dec 2025 −2.4 pp | Mar 2026 −2.7 pp | Jun 2026 —
- WB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −0.6 pp | Mar 2023 −0.2 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 −0.7 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 −0.7 pp | Dec 2025 −0.5 pp | Mar 2026 −0.2 pp | Jun 2026 —
- OPRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +0.8 pp | Mar 2023 +1.4 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +1.0 pp | Mar 2024 +0.7 pp | Jun 2024 +1.1 pp | Sep 2024 +0.9 pp | Dec 2024 +0.7 pp | Mar 2025 +0.1 pp | Jun 2025 −0.6 pp | Sep 2025 −0.3 pp | Dec 2025 0.0 pp | Mar 2026 +0.8 pp | Jun 2026 —
- YELP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +1.8 pp | Mar 2023 −0.3 pp | Jun 2023 +0.5 pp | Sep 2023 +3.5 pp | Dec 2023 −0.9 pp | Mar 2024 +2.2 pp | Jun 2024 +2.6 pp | Sep 2024 +0.7 pp | Dec 2024 +3.4 pp | Mar 2025 +2.3 pp | Jun 2025 +1.6 pp | Sep 2025 +0.8 pp | Dec 2025 −0.3 pp | Mar 2026 −0.4 pp | Jun 2026 —
- TBLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −0.4 pp | Mar 2023 −0.9 pp | Jun 2023 −0.4 pp | Sep 2023 +0.3 pp | Dec 2023 −1.4 pp | Mar 2024 +0.8 pp | Jun 2024 +1.4 pp | Sep 2024 +1.9 pp | Dec 2024 +3.1 pp | Mar 2025 +0.9 pp | Jun 2025 +0.6 pp | Sep 2025 +0.2 pp | Dec 2025 0.0 pp | Mar 2026 +6.5 pp | Jun 2026 —
- WBTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.4 pp | Dec 2023 −0.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −1.5 pp | Mar 2025 −3.7 pp | Jun 2025 +8.9 pp | Sep 2025 −0.4 pp | Dec 2025 +0.9 pp | Mar 2026 +1.1 pp | Jun 2026 —
- UPWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 +1.3 pp | Mar 2023 +0.7 pp | Jun 2023 +3.1 pp | Sep 2023 +4.5 pp | Dec 2023 +3.5 pp | Mar 2024 +5.2 pp | Jun 2024 +3.3 pp | Sep 2024 +1.3 pp | Dec 2024 +0.5 pp | Mar 2025 +2.7 pp | Jun 2025 +1.3 pp | Sep 2025 +1.4 pp | Dec 2025 +2.0 pp | Mar 2026 −0.4 pp | Jun 2026 —
- GRPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 −8.8 pp | Mar 2023 −2.9 pp | Jun 2023 +14.8 pp | Sep 2023 +8.4 pp | Dec 2023 +15.9 pp | Mar 2024 +11.5 pp | Jun 2024 +3.2 pp | Sep 2024 −2.1 pp | Dec 2024 −6.6 pp | Mar 2025 −2.2 pp | Jun 2025 +2.9 pp | Sep 2025 +3.1 pp | Dec 2025 +1.2 pp | Mar 2026 −2.1 pp | Jun 2026 —
- NXDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +1.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.6 pp | Sep 2023 −0.2 pp | Dec 2023 −2.5 pp | Mar 2024 −0.1 pp | Jun 2024 −2.6 pp | Sep 2024 +3.1 pp | Dec 2024 +4.3 pp | Mar 2025 +0.4 pp | Jun 2025 +4.3 pp | Sep 2025 +0.1 pp | Dec 2025 +1.5 pp | Mar 2026 +1.7 pp | Jun 2026 —
- EVER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +2.3 pp | Mar 2023 +3.6 pp | Jun 2023 −8.4 pp | Sep 2023 −24.0 pp | Dec 2023 +0.2 pp | Mar 2024 +3.8 pp | Jun 2024 +18.2 pp | Sep 2024 +41.8 pp | Dec 2024 +18.0 pp | Mar 2025 +5.0 pp | Jun 2025 +4.3 pp | Sep 2025 +0.3 pp | Dec 2025 −1.1 pp | Mar 2026 +5.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Weibo Corporation has the lowest comparable PEG at 0.13×, 56.7% below JOYY Inc.. Only 7 of 24 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Weibo Corporation · 0.13× | 56.7% versus #2 · JOYY Inc. | 0/8 recent comparable periods | 7/24 companies · 36 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Weibo Corporation (WB): 0.1
2. JOYY Inc. (JOYY): 0.3
3. Opera Limited (OPRA): 0.3
4. Match Group, Inc. (MTCH): 0.4
5. Spotify Technology S.A. (SPOT): 0.9

### P/E — lowest P/E
1. EverQuote, Inc. (EVER): 5.2
2. Weibo Corporation (WB): 6.1
3. Taboola.com Ltd. (TBLA): 8.2
4. Opera Limited (OPRA): 11.3
5. Yelp Inc. (YELP): 11.3

### 20-quarter PEG history
- GOOGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.5 | Jun 2026 —
- META: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 4.9 | Dec 2025 — | Mar 2026 2.9 | Jun 2026 —
- SPOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 — | Jun 2026 —
- MTCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.2 | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.8 | Mar 2026 0.4 | Jun 2026 —
- JOYY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.6 | Sep 2025 0.3 | Dec 2025 0.1 | Mar 2026 — | Jun 2026 —
- OPRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 —
- YELP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 1.0 | Sep 2025 0.4 | Dec 2025 0.8 | Mar 2026 2.1 | Jun 2026 —

### 20-quarter P/E history
- GOOGL: Sep 2021 25.2 | Dec 2021 25.8 | Mar 2022 25.2 | Jun 2022 20.3 | Sep 2022 19.0 | Dec 2022 19.4 | Mar 2023 23.1 | Jun 2023 25.4 | Sep 2023 25.1 | Dec 2023 24.1 | Mar 2024 23.2 | Jun 2024 26.1 | Sep 2024 22.0 | Dec 2024 23.5 | Mar 2025 17.2 | Jun 2025 18.8 | Sep 2025 24.0 | Dec 2025 28.9 | Mar 2026 21.9 | Jun 2026 18.0
- META: Sep 2021 24.2 | Dec 2021 24.4 | Mar 2022 16.8 | Jun 2022 13.4 | Sep 2022 12.9 | Dec 2022 14.0 | Mar 2023 26.3 | Jun 2023 33.5 | Sep 2023 26.5 | Dec 2023 23.8 | Mar 2024 27.9 | Jun 2024 25.7 | Sep 2024 27.0 | Dec 2024 24.5 | Mar 2025 22.5 | Jun 2025 26.7 | Sep 2025 32.4 | Dec 2025 28.1 | Mar 2026 20.8 | Jun 2026 21.2
- SPOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 129.0 | Sep 2024 97.6 | Dec 2024 78.2 | Mar 2025 90.6 | Jun 2025 168.7 | Sep 2025 104.5 | Dec 2025 47.1 | Mar 2026 39.0 | Jun 2026 —
- NBIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16.3 | Dec 2022 11.9 | Mar 2023 8.9 | Jun 2023 7.0 | Sep 2023 19.5 | Dec 2023 29.1 | Mar 2024 378.8 | Jun 2024 150.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 50.3 | Sep 2025 142.1 | Dec 2025 253.7 | Mar 2026 32.4 | Jun 2026 —
- RDDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 177.8 | Jun 2025 136.9 | Sep 2025 132.2 | Dec 2025 87.7 | Mar 2026 38.5 | Jun 2026 40.4
- PINS: Sep 2021 99.9 | Dec 2021 79.0 | Mar 2022 51.3 | Jun 2022 58.6 | Sep 2022 332.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 165.1 | Jun 2024 163.2 | Sep 2024 107.9 | Dec 2024 10.9 | Mar 2025 11.3 | Jun 2025 12.9 | Sep 2025 11.2 | Dec 2025 42.4 | Mar 2026 38.2 | Jun 2026 —
- MTCH: Sep 2021 80.9 | Dec 2021 142.2 | Mar 2022 122.2 | Jun 2022 217.8 | Sep 2022 144.7 | Dec 2022 33.5 | Mar 2023 21.0 | Jun 2023 17.3 | Sep 2023 15.4 | Dec 2023 16.2 | Mar 2024 15.8 | Jun 2024 13.2 | Sep 2024 16.9 | Dec 2024 16.2 | Mar 2025 15.5 | Jun 2025 15.2 | Sep 2025 16.5 | Dec 2025 13.6 | Mar 2026 11.7 | Jun 2026 —
- ZG: Sep 2021 180.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 758.1 | Mar 2026 165.6 | Jun 2026 —
- JOYY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40.4 | Sep 2022 3.7 | Dec 2022 19.7 | Mar 2023 21.1 | Jun 2023 9.4 | Sep 2023 — | Dec 2023 8.3 | Mar 2024 5.8 | Jun 2024 7.4 | Sep 2024 11.1 | Dec 2024 — | Mar 2025 1.3 | Jun 2025 1.6 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 13.6 | Jun 2026 —
- PPLI: Sep 2021 11.1 | Dec 2021 20.7 | Mar 2022 1,114.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 22.9 | Sep 2023 — | Dec 2023 17.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 108.2 | Jun 2026 —
- RUM: Sep 2021 — | Dec 2021 — | Mar 2022 1,704.1 | Jun 2022 — | Sep 2022 47.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WB: Sep 2021 32.1 | Dec 2021 16.7 | Mar 2022 18.3 | Jun 2022 20.8 | Sep 2022 65.8 | Dec 2022 53.1 | Mar 2023 18.8 | Jun 2023 10.2 | Sep 2023 7.5 | Dec 2023 7.7 | Mar 2024 7.6 | Jun 2024 6.0 | Sep 2024 6.9 | Dec 2024 8.2 | Mar 2025 6.9 | Jun 2025 6.7 | Sep 2025 7.1 | Dec 2025 6.0 | Mar 2026 6.1 | Jun 2026 —
- OPRA: Sep 2021 10.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 44.9 | Mar 2023 24.2 | Jun 2023 25.5 | Sep 2023 12.8 | Dec 2023 7.8 | Mar 2024 8.6 | Jun 2024 7.9 | Sep 2024 8.6 | Dec 2024 21.0 | Mar 2025 17.0 | Jun 2025 21.2 | Sep 2025 22.9 | Dec 2025 11.9 | Mar 2026 11.3 | Jun 2026 —
- YELP: Sep 2021 79.2 | Dec 2021 72.5 | Mar 2022 59.8 | Jun 2022 44.1 | Sep 2022 64.0 | Dec 2022 54.7 | Mar 2023 61.4 | Jun 2023 60.7 | Sep 2023 33.0 | Dec 2023 35.1 | Mar 2024 25.1 | Jun 2024 19.5 | Sep 2024 21.0 | Dec 2024 20.6 | Mar 2025 17.8 | Jun 2025 15.5 | Sep 2025 13.8 | Dec 2025 13.6 | Mar 2026 11.3 | Jun 2026 —
- TBLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 73.8 | Jun 2025 91.5 | Sep 2025 42.6 | Dec 2025 35.5 | Mar 2026 8.2 | Jun 2026 —
- UPWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 247.8 | Mar 2024 35.0 | Jun 2024 19.6 | Sep 2024 16.6 | Dec 2024 10.8 | Mar 2025 7.8 | Jun 2025 7.7 | Sep 2025 10.6 | Dec 2025 23.6 | Mar 2026 13.5 | Jun 2026 —
- GRPN: Sep 2021 7.2 | Dec 2021 6.3 | Mar 2022 9.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 19.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EVER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 62.0 | Dec 2024 22.7 | Mar 2025 25.7 | Jun 2025 19.5 | Sep 2025 16.0 | Dec 2025 10.3 | Mar 2026 5.2 | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Alphabet Inc. (GOOGL) — market value ₹46.2 L Cr; latest fundamentals Jun 2026
- Meta Platforms, Inc. (META) — market value ₹15.0 L Cr; latest fundamentals Jun 2026
- Spotify Technology S.A. (SPOT) — market value ₹98.3K Cr; latest fundamentals Mar 2026
- Nebius Group N.V. (NBIS) — market value ₹57.8K Cr; latest fundamentals Mar 2026
- Reddit, Inc. (RDDT) — market value ₹30.8K Cr; latest fundamentals Jun 2026
- Pinterest, Inc. (PINS) — market value ₹14.3K Cr; latest fundamentals Mar 2026
- Snap Inc. (SNAP) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Match Group, Inc. (MTCH) — market value ₹9.6K Cr; latest fundamentals Mar 2026
- Zillow Group, Inc. (ZG) — market value ₹8.5K Cr; latest fundamentals Mar 2026
- JOYY Inc. (JOYY) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- StubHub Holdings, Inc. (STUB) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- People Incorporated (PPLI) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Trump Media & Technology Group Corp. (DJT) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- RUM Group Inc. (RUM) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Genius Sports Limited (GENI) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Weibo Corporation (WB) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Opera Limited (OPRA) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Yelp Inc. (YELP) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Taboola.com Ltd. (TBLA) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- WEBTOON Entertainment Inc. (WBTN) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Upwork Inc. (UPWK) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Groupon, Inc. (GRPN) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Nextdoor Holdings, Inc. (NXDR) — market value ₹881 Cr; latest fundamentals Mar 2026
- EverQuote, Inc. (EVER) — market value ₹844 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Internet Content & Information sector outperforming S&P 500?

Internet Content & Information has underperformed S&P 500 by 15.5% over 52 weeks and 4.8% over 13 weeks. 9 of 23 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 23 beat the sector itself.

### Which Internet Content & Information company is largest by revenue?

Spotify Technology S.A. leads with revenue of $17,529 million, based on 21 of 24 comparable companies through Mar 2026.

### Which Internet Content & Information company is growing fastest?

Nebius Group N.V. has the fastest current revenue growth at 100%, across 21 of 24 comparable companies.

### Which Internet Content & Information company has the strongest 4-Factor Sector Score?

EverQuote, Inc. ranks first at 69.6/100 with 71.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Internet Content & Information company has the lowest comparable PEG?

Weibo Corporation has the lowest comparable PEG at 0.13, among 7 of 24 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Internet Content & Information comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### Which Internet Content & Information company is the biggest?

Spotify Technology S.A. is the largest, with trailing-twelve-month revenue of $17,529 million, ahead of Snap Inc. at $6,097 million. That covers 21 of 24 companies with comparable reporting through Mar 2026.

### Which Internet Content & Information company has the best profit margins?

Meta Platforms, Inc. has the highest operating margin at 40.6%, from 23 of 24 comparable companies. Nebius Group N.V. shows the biggest recent improvement, at +204.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Internet Content & Information company makes the most profit?

Spotify Technology S.A. earns the most, at $2,708 million of trailing-twelve-month net profit, from 21 of 24 comparable companies. EverQuote, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Internet Content & Information company earns the highest return on capital?

EverQuote, Inc. leads on return on capital employed at 11.9%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Internet Content & Information stock is the cheapest?

On PEG — where a LOWER number is cheaper — Weibo Corporation screens cheapest at 0.13×. Only 7 of 24 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Internet Content & Information sector beating the market?

Internet Content & Information has underperformed S&P 500 by 15.5% over the last 52 weeks and 4.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 23 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Internet Content & Information stock has the strongest price momentum?

Nebius Group N.V. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Internet Content & Information company scores highest for research priority?

EverQuote, Inc. scores 69.6 out of 100 with 71.1% evidence confidence, from 28.7 points on growth and earnings, 14.9 on capital efficiency, 11.5 on valuation and 14.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Internet Content & Information companies does this comparison cover, and over what period?

It compares 24 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Internet Content & Information sector?

The 24 Internet Content & Information companies on this page carry $6,375,913 million of combined market value. Alphabet Inc. is the largest at $4,618,660 million, about 72% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### What is the Internet Content & Information sector's P/E ratio?

The median price-to-earnings ratio across the 24 Internet Content & Information companies on this page is 19.2×, measured on the 18 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04.

### How is the Internet Content & Information sector performing?

9 of the 23 covered Internet Content & Information companies are beating S&P 500 on Mansfield relative strength. The sector itself is 15.5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### How many Internet Content & Information stocks are listed in the US?

This comparison covers 24 listed Internet Content & Information companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.