Uber's ride-hailing app is outperforming its rival, Lyft from a volume and demand perspective. Uber commands nearly 9/10 mentions from consumers utilizing a ride-hailing service. In addition, Uber's monthly U.S. app downloads increased by +7% YoY in the period being reported (compared to -25% vs. the same quarter a year ago).
Consumer macro trends confirm that ride-hailing app demand is rising, driven higher by consumers resuming work travel and those seeking entertainment transportation.
Consumer mentions of booking or staying in an Airbnb have risen by +28% YoY, nearly exactly in line with market expectations of revenue growth for the company. However, app usage mentions show growth just below the expected bar.
Airbnb sentiment has been dinged slightly (-3% YoY) following meme-worthy mentions from consumers calling out the company’s unexpected fees and cleaning policies. This is a slight degradation vs. levels recorded a few weeks ago.
Memes aside, travel trends remain strong. International travel mentions have increased by +62% YoY and taking a trip mentions have increased by +26% in the same time frame. These trends could be a bright spot in Airbnb’s report.
A major pullback in advertising spend reported by digital peers like GOOGL and META will likely serve as a near-term headwind for ROKU. But long-term, digital connected-TV ad spend still has plenty of room for growth. Connected-TV ad spend is expected to reach $27.5 billion by 2025, which is only a fraction of linear (traditional) ad spend, already in the $70 billion range.
Roku’s free (advertising supported) Roku Channel is gaining steam with consumers, with viewership mentions trending +68% higher YoY.
However, its hardware is losing its competitive advantage. Consumer mentions of purchasing a connected TV device show recent momentum for ROKU peers…this could be a warning sign for consumer loyalty. We’re officially neutral heading into this report and will be listening closely for active user counts.
DoorDash demand growth (including usage and download mentions) is slumping, currently flat YoY. While the company does command market share, the entire food-delivery segment is displaying comparative weakness as consumer behaviors shift.
Macro trend data reveals that more consumers are opting to visit restaurants instead. Food delivery mentions have dropped -6% lower YoY. Meanwhile, consumer mentions of visiting a restaurant have increased by +24% YoY.
Long-term, keep an eye out for GrubHub demand. The company’s partnership with Amazon triggered an initial platform switch for many consumers, which could ding DoorDash’s market dominance.
Coinbase demand has bottomed out, currently registering -69% lower YoY as consumer mentions of buying and selling crypto falls on a cumulative scale. Coinbase demand in 22Q3 was the lowest recorded since 2020. Noting LikeFolio data is most reflective of retail trading volume, which comprises ~21% of total volume.
Last quarter COIN shares dropped following earnings that featured a $1 billion loss attributed to lower cryptocurrency prices and institutional clients leaving the crypto market.
Bitcoin and Ethereum comprise more than 50% of Coinbase's total trading volume (and thus transaction revenue). LikeFolio data reveals consumer mentions of investing in or trading Bitcoin and Ethereum remain significantly lower on a YoY basis, a sign of continued weakness for the company.