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MMM: Tesla beats expectations, Trainline gains traction

Tesla's second quarter earnings and revenue exceeded expectations, but a weak production outlook for the third quarter caused a decline in share price. The company's mobile app downloads reached a record high in the quarter, indicating potential growth in services and other revenue. Trainline, a European travel app, has experienced significant year-over-year growth in downloads and monthly active users, benefiting from the resurgence of travel in post-lockdown Europe. The app has a strong presence in the UK market and has also seen substantial growth in smaller European countries like Spain.

Monday Mobile Memo

Key Takeaways:

  • Tesla’s reported 2Q23 EPS and revenue smashed street expectations, but a weak 3Q production outlook prompted a slide in share price. ST data shows that 2Q23 Tesla mobile app downloads reached an all-time high in the quarter and increased 74% YoY, inline with Tesla’s reported vehicle deliveries (+83%)

    • Existing Tesla customers have access to vehicle servicing, maintenance and repair scheduling through the app. ST mobile app MAUs can be used as a helpful proxy in determining the growth in Tesla’s reported services and other revenue. Per ST data, Tesla mobile app MAUs increased 56% YoY while Tesla’s reported services and other revenue increased 47% YoY

    • Please note: when comparing ST new installs of the Tesla app to Tesla reported vehicle deliveries, the resale of a used Tesla may trigger a new app install but will likely not impact new vehicle deliveries

  • Per ST data, European travel app Trainline has seen double-digit YoY growth in both downloads and MAUs since 2Q21, increasing an average of 98% and 62% YoY from 2Q21 to 2Q23, respectively. Trainline continues to benefit from the resurgence of travel in post-lockdown Europe

    • Trainline’s domestic market (UK) represents nearly 56% of total MAUs (in 2Q23), but the app has built up a sizable presence in smaller European countries, such as Spain, where MAUs increased more than 100% YoY in both 1Q23 and 2Q23

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Abraham Yousef

Written by: Abraham Yousef, Senior Insights Analyst

Date: July 2023