We’ve acquired Video Game Insights (VGI)!
Sensor Tower · Seema Shah · August 2023
MMM: Nubank's 2Q23 earnings and revenue exceeded expectations
Nubank's 2Q23 earnings and revenue exceeded expectations due to strong customer growth and engagement. The company's monthly active users increased by 22% YoY, and the average time spent per user on the platform rose by 14% YoY. In other news, the flavored water market is projected to grow by 10.4% from 2022 to 2032, attracting new brands targeting Gen-Z and Millennials. Liquid Death and Poppi were the top brands in terms of US ad spend, with Poppi gaining slightly more impressions than Liquid Death.
Key Takeaways:
Nu’s 2Q23 reported EPS and revenue smashed street estimates, propelled by strong customer growth and engagement. ST MAUs for Nubank in 2Q23 increased 22% YoY (+4% QoQ), inline with Nubank’s reported growth in its number of customers metric (+28% YoY, +6% QoQ)
ST data also corroborated strengthening user engagement in the quarter with the weekly average time spent per user on Nubank increasing 14% YoY in 2Q23, climbing to a three-year high
The global flavored water market is expected to increase 10.4% from 2022 - 2032, according to CAGR, leading new brands to leap on the opportunity to leverage the popularity of healthy drink trends among Gen-Z and Millennials
Liquid Death broke out into the scene early, with 50% of US ad spend across an up-and-coming cohort of health-focused beverages in 2019. The company kept this momentum going by ramping up its US ad spend in 2020 by ~300% YoY
In 1H23, Poppi (at 27% of share of US ad spend in the cohort) was only second in terms of US ad spend share across the cohort, after Liquid Death at 32%. However, Poppi has outperformed in garnering impressions, amassing 30% of all impressions across the cohort, only 1% less than Liquid Death
For more information, request the full report from reports@sensortower.com.
