- Raymond James analyst Aaron Kessler reviewed 2Q App data trends and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Search Trends data across local marketplaces, e-commerce, digital media, social media, and SMB services companies.
- His app data analysis showed mixed local trends with rideshare trends steady. Uber Technologies, Inc (NYSE:UBER) outperformed Lyft, Inc (NASDAQ: LYFT).
- He saw slowing food delivery on tough comps with DoorDash, Inc (NYSE:DASH) relatively topping.
- He saw eCommerce trends remained softer in 2Q across most companies, with the most significant decreases seen from Chewy, Inc (NYSE:CHWY) and eBay Inc (NASDAQ:EBAY) and a modest reduction from Amazon.com Inc (NASDAQ:AMZN).
- He saw mixed digital media results. There were clear decelerating trends from Netflix, Inc (NASDAQ: NFLX). There was modest deceleration for Spotify Technology S.A. (NYSE: SPOT). Peloton Interactive, Inc (NASDAQ: PTON) data reflected continued downloads softness. Duolingo, Inc (NASDAQ: DUOL) data remains solid and suggests a modest upside to his estimates.
- He saw social media trends generally softer, with relatively flat Y/Y growth from Meta Platforms Inc (NASDAQ: META), steady growth from Snap Inc (NYSE: SNAP), and softer Pinterest, Inc (NYSE: PINS) Trends, and slowing TikTok growth.
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Crypto Whales are reportedly snapping up substantial amounts of Pepe Coin (CRYPTO: PEPE) following a sharp drop in its value. The meme coin plunged to $0.0000011 on Thursday.
