JPM TECH SKETCH: DASH Beats! & Raises!, EBAY No Profit Flow Through, APP First Miss in Forever, DDOG Dog Days of Summer, ETSY DeBuyback Announced, RDDT/NYT Hurt by GOOGL AI Overviews

研报英文原文证据摘录

Specialist Sales

JPMORGAN

06 August 2026

APP Show-Me Story, DDOG No Accel, DASH Estimates Going Higher, RDDT/NYT Hurt by GOOGL AI Overviews

JPM TECH SKETCH: DASH Beats! &! Raises!, EBAY No Profit

Flow Through, APP First Miss in Forever, DDOG Dog Days of

Summer, ETSY DeBuyback Announced, RDDT/NYT Hurt by

GOOGL AI Overviews

SCHILSKY’S SNAPSHOT

IGV down. SOXX down. Three days in a row they have been positively correlated. Has the inverse correlation ‘curse’

been broken?

- EBAY Q226 Earnings – GMV Great, but Where’s the Flow Through?: It went to Depop, that’s where. EBAY is trading

up fractionally pre-market on the back of a very good GMV print and guide coupled with an Operating Income guide that is

making the Bears lick their chops. Depop is going to be the margin headwind they anticipated. But the core business is also

still humming along quite nicely. EBAY will remain on the Battleground for at least another quarter… See Doug’s EBAY

Q226 Strong But Investments Weight on NT Profits.

- DASH Q226 Earnings – Beats & Raises are Back!: I was about to title this review ‘Buy the Dip’ because DASH was

inexplicably down -5% after hours, but now it’s bouncing, trading up ~+3% pre-market. Yes, Q326 GOV missed investor

expectations but this stock has desperately needed Adj. EBITDA beats/raises and we got exactly that this quarter. Adj.

EBITDA beat the high end of the Q226 guide and the high end of the Q326 guide is +10% higher than investor expectations.

Q3 GOV guidance also beat. DASH is humming along.It’s notable that management expanded upon its normal commentary

on the DASH Q226 Earnings Release. It’s worth a read.

- APP Q226 Earnings – The First Miss in Forever: Even though sentiment on APP headed into this quarter was quite

frankly terrible, APP is plummeting -19% pre-market off the back of a Revenue miss (relative to investor expectations)

coupled with a guide that I expect investors will characterize as aspirational. The stock continues to get cheaper, but

cheapness is rarely a bulwark against underperformance in tech. APP is going to have to demonstrate in Q3, and the Q4

guide, that this was truly a mere model hiccup and not something more structural.…