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Sensor Tower · Seema Shah · August 2023
MMM: Uber exceeded street estimates
Uber exceeded street estimates for its second quarter of 2023, reporting its first ever quarterly operating profit. However, the company fell short on revenue due to declines in its freight segment. Monthly active users and platform consumers increased, indicating stronger engagement on both the Uber and Uber Driver apps. In the retail sector, big box retailers heavily invested in back-to-school messaging, with Kohl's leading in ad spend, followed by J.C. Penney and Nordstrom. Shein also emerged as a top advertiser in the back-to-school market, significantly increasing its spend compared to the previous year.
Key Takeaways:
Uber smashed 2Q23 street estimates on EPS (reporting its first ever quarterly operating profit), but fell short on revenue as declines in its freight segment weighed on top line growth. ST 2Q23 MAUs for Uber increased inline (+7% YoY) with the company’s reported monthly active platform consumers (+12% YoY)
ST data also corroborated strengthening engagement on both the Uber and Uber Driver apps. Average time spent and sessions on Uber and Uber Driver in 2Q23 increased 2-3% and 9-10% YoY, respectively
Big box retailers invested heavily in back-to-school (BTS) messaging, highlighting their deals and the savings offered to families, a trend that has continued from 2022. Top retailers in the space include Kohl’s with 22% of ad spend, followed by J.C. Penney (10%) and Nordstrom (7%)
There have been shifts in the top advertisers YoY, as Shein jumped into the conversation in 2022 with 5% of total BTS spend, up nearly 10x YoY from 2021 per Pathmatics by ST data
For more information, request the full report from reports@sensortower.com.
Written by: Seema Shah, VP, Insights
Date: August 2023