MMM: Nu Q2 2024 Earnings Results and Trends; Olympics Streaming Boosts Peacock App Usage and Ad Placements

Key Takeaways:

• Nu exceeded street estimates for both top and bottom line growth on consistent demand and growth in Brazil along with growth in newer markets such as Mexico and Colombia. The company’s reported number of customers increased 25% YoY (+5% QoQ) in 2Q24, in line with a 26% YoY (+5% QoQ) increase in Sensor Tower mobile app MAUs for the Nubank app

  • ST mobile app MAUs for Nubank have largely moved directionally in line with the company’s reported number of customers, boasting a .99 correlation coefficient from 1Q18-2Q24

• Although user growth is a vital metric to measure when assessing Nubank’s performance, user loyalty and retention are also important KPIs to monitor, especially within the context of understanding how customers truly rely on Nu for their banking needs. Per ST data, Nubank boasts the lowest levels of churn vs its competitors as churn in LatAm resided around 5% in 2Q24, compared to roughly 3x that for top competitors in the region such as Meracdo Pago (14%), Klar (19%) and C6 Bank (22%)

• As the Olympics came to a close, NBCU reported an 82% jump in viewership compared to its coverage of the 2021 Summer Games in Tokyo, in line with ST’s 63% DoD spike in US DAUs for Peacock

  • Per ST data, Peacock not only saw a massive jump in viewership as the games began, but the app was able to maintain users throughout the 17-day event. Average US DAUs during the event increased 122% compared to the prior two weeks and 143% compared to the Tokyo Olympics in 2021

• ST data shows that the top advertisers on Peacock during the Olympic games were all Olympic or Team USA sponsors: Toyota, Comcast, Procter & Gamble, and Visa. Visa and Comcast US ad spend is already up 215% and 85% MoM through August MTD as both advertisers focused on leveraging the event to reach consumers

For more information, request the full report from reports@sensortower.com.