- Raymond James analyst Aaron Kessler reviewed 2Q App data trends and Alphabet Inc GOOG 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 UBER outperformed Lyft, Inc LYFT.
- He saw slowing food delivery on tough comps with DoorDash, Inc DASH relatively topping.
- He saw eCommerce trends remained softer in 2Q across most companies, with the most significant decreases seen from Chewy, Inc CHWY and eBay Inc EBAY and a modest reduction from Amazon.com Inc AMZN.
- He saw mixed digital media results. There were clear decelerating trends from Netflix, Inc NFLX. There was modest deceleration for Spotify Technology S.A. SPOT. Peloton Interactive, Inc PTON data reflected continued downloads softness. Duolingo, Inc 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 META, steady growth from Snap Inc SNAP, and softer Pinterest, Inc PINS Trends, and slowing TikTok growth.
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