Affirm posted a 40% gain in share prices, followed by Sezzle at 6.5%. Having covered both company’s earnings recently, we won’t repeat them here. Instead we will focus on other notable performances from the CE 100 for the week, led by database platform MongoDB and home insurance/improvement platform Porch Group.

MongoDB reported solid Q2 FY25 results on August 29, leading to a 17.4% share price increase. It reported revenue reaching $478.1 million, a 13% year-over-year increase. The company’s strategic focus on AI integration and legacy system modernization resonated with customers, as evidenced by the successful launch of the MongoDB AI Applications Program (MAAP) and continued recognition as a leading vector database provider. While non-GAAP operating income and net income decreased compared to the previous year, the company believes its cash position, growing customer base, and strategic partnerships with major cloud providers position it well for sustained growth in the expanding database market.

As Dev Ittycheria, President and CEO of MongoDB, stated, “We remain excited about our opportunity to continue capturing share in one of the largest markets in software. Today, companies of all sizes and across nearly every industry and geography rely on MongoDB to build the software that helps them run and transform their business. We believe we are incredibly well positioned to help customers incorporate generative AI into their business and modernize their legacy application estate.”

Porch Group, a homeowners insurance and vertical software platform, posted a 7.5% increase a few weeks after reporting second quarter results with total revenue of $110.8 million, an increase of 12% compared to the prior year. The company’s insurance profitability actions continued to result in attritional losses performing better than anticipated, offsetting the severe Houston catastrophic event in the second quarter. GAAP net loss was $64.3 million, compared to a GAAP net loss of $87.0 million for the second quarter of 2023. Adjusted EBITDA Loss was $34.8 million, a $8.4 million improvement from the prior year.

PDD Holdings, the parent company of Chinese eCommerce site Temu, got caught in a typical “good news, bad news” situation reporting strong financial results for the second quarter of 2024, but the stock tanked on a weak outlook for the balance of the year. As reported on Monday August 26, total revenues increased 86% year-over-year to RMB97,059.5 million (US$113,355.8 million). This growth was primarily due to the increase in revenues from online marketing services and transaction services. Operating profit also increased significantly, by 156% year-over-year to RMB32,564.5 million (US$4,481.0 million). However, the company expects to face challenges in the future, including intensified competition and external challenges, but is committed to transitioning toward high-quality development and fostering a sustainable ecosystem. The stock plunged 31.3% for the week. 

Used car digital marketplace Vroom lost 16% for the week and affected the CE 100 as it continues to draw down its inventory. The company announced that it will stop buying and selling vehicles as of Jan. 22.

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The study, which surveyed 67,000 consumers across 11 countries, found that travel-related digital engagement is among the lowest. On average, consumers engage in digital travel activities just 12.3 days per month, far below the sector-wide average of 281 days. Key activities, including using home-sharing platforms, purchasing airfare online and consulting travel information websites, show infrequent usage, highlighting the sector’s struggle to fully embrace a digital-first approach.

Country-Specific Trends: A Mixed Bag

The report also highlighted significant variations in digital travel engagement across different countries. While some countries are embracing online travel tools, others remain reliant on traditional methods.

• United States: American consumers displayed a relatively high level of digital engagement in travel, with 13.9 activity days per month. This suggests a growing preference for online platforms for travel planning and booking. The widespread availability of high-speed internet and the popularity of online travel agencies likely contributes to this trend.
• United Kingdom: The U.K., with 18.4 activity days, showed an even stronger inclination toward digital travel solutions. The U.K.’s mature digital infrastructure and the presence of major online travel players could be driving this trend.
• Japan: In contrast, Japanese consumers exhibited the lowest digital engagement in travel, with only 5.8 activity days. This indicates a continued reliance on offline channels and a slower adoption of digital tools in the travel sector. Cultural factors and a preference for personalized service might explain this reluctance to embrace online travel solutions.
• Brazil: This country, which earned the No. 1 ranking for digital transformation in the “How the World Does Digital” report, saw its citizens engage digitally with travel an average of 13.9 days per month. Brazil’s digital success stems from a comprehensive national strategy aimed at leveraging digital technologies for economic and social progress, coupled with innovative initiatives such as the PIX payment system. This system, which facilitates free and seamless digital transactions, plays a key role in enhancing financial inclusion. Together, these efforts underscore Brazil’s strong positioning for an increasingly digital future.
• France: French citizens, on average, connect digitally with travel 14.4 days per month. French Generation Z users are the most active, with 464.8 activity days per month and about 15.5 activities per day — the highest engagement by Gen Z in any country in our report.

Generational Divide: The Young Lead the Way

The report also highlighted a pronounced generational divide in digital travel engagement. Younger generations, especially Gen Z and millennials, are more inclined to use digital tools for travel planning and booking compared to older generations. This trend emphasizes the need for travel companies to tailor their digital strategies to meet the preferences of these younger consumers. As digital natives become the predominant consumer group, travel companies that do not provide engaging online experiences risk losing market share.

The Road Ahead: Challenges and Opportunities

The gradual pace of digital adoption in the travel sector presents a blend of challenges and opportunities. The industry must work to persuade a substantial portion of consumers to transition to online tools, yet it also stands to benefit from a burgeoning market of tech-savvy travelers.

By developing intuitive platforms, offering tailored recommendations and ensuring smooth booking processes, travel companies can expedite their digital transformation and meet the demands of today’s travelers. Still, incorporating advanced technologies such as artificial intelligence and virtual reality could further refine the digital travel experience and attract new clientele.

While the travel sector’s digital evolution is in motion, it trails other industries. The differences in digital engagement across generations and countries underscore the complexity of this transition. However, the rising inclination toward online travel solutions — particularly among younger consumers — offers a crucial opportunity for the industry to innovate and align with the digital era.

Amid an uncertain economic outlook, consumers are increasingly postponing or reducing their spending on travel and experiences.

According to AAA booking data, overall domestic travel over Labor Day weekend increased 9% and top destinations included Orlando, New York, Boston, Las Vegas, Denver, Chicago and San Francisco.

Meanwhile, international travel over Labor Day weekend dropped 4%, according to AAA, while the cost to travel internationally rose 11%. Top international destinations included Vancouver, Rome, Dublin, London, Paris, Amsterdam and Barcelona.

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Peloton was the story of the week. The pandemic darling and once-soaring fitness company has pedaled its way out of a sales slump, recording its first revenue increase in nine quarters. This positive turn, coupled with better-than-expected earnings, sent its stock price on an impressive 28% climb, its best day in over a year and a half. The company’s strategic shift away from solely relying on hardware sales towards recurring revenue from app subscriptions appears to be gaining traction.

Despite challenges in maintaining subscriber growth and the ever-present shadow of economic uncertainty, Peloton’s recent performance signals a potential turning point. This report is the first since the departure of former CEO Barry McCarthy, leaving the company under the interim leadership of Karen Boone and Chris Bruzzo. While the road to full recovery may be long, Peloton’s recent success suggests that their turnaround efforts are starting to bear fruit.

The second biggest gainer in the CE 100, Zoom, also followed up a successful earnings report. It was up 20.8% for the week reporting modest revenue growth of 2.1% year-over-year in Q2, reaching $1.16 billion. While not explosive, the company showed strength in its enterprise segment, with revenue increasing 3.5%. Online revenue remained flat.

The earnings report highlighted Zoom’s focus on efficiency, with operating cash flow and free cash flow growing 33.7% and 26.2%, respectively. 

Key customer metrics pointed to a healthy enterprise business, with a 7.1% increase in large customers and a net dollar expansion rate of 98%. Online churn reached a record low, further solidifying Zoom’s customer base. Overall, Zoom’s Q2 performance was characterized by steady growth and operational efficiency. The company’s outlook for the rest of the fiscal year remains positive, with expectations of continued revenue growth and strong free cash flow generation. 

And while it wasn’t following earnings, LendingClub also posted a double-digit gain at 13%. On Thursday August 22 it launched LevelUp Savings, a high-yield savings account designed to incentivize regular monthly deposits. The account offers a LevelUp Rate of 5.30% APY for those who deposit at least $250 per month, significantly higher than the national average, and a Standard Rate of 4.80% APY for months when the deposit minimum is not met. The account has no fees or minimum balance requirements, provides convenient access to funds, and includes a free ATM card with fee rebates. It’s particularly aimed at helping borrowers transition into savers by offering attractive rates and removing barriers to entry.

As mentioned previously, cloud-provider Snowflake led the decreases for the week in the CE 100 Index, mostly due to a tepid sales outlook for the balance of the year. Snowflake’s Q2 earnings release exceeded revenue expectations with 30% year-over-year product revenue growth and a substantial 48% increase in remaining performance obligations. The company also highlighted significant customer expansion, particularly among large enterprises. Despite these positive indicators, Snowflake’s full-year outlook appears somewhat cautious, potentially signaling a moderation in growth expectations for the remainder of the fiscal year. While the company remains optimistic about its AI product advancements and overall market opportunity, investors interpreted the revised guidance as a sign of potential headwinds in the coming quarters.

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In the wake of General Motors’ latest corporate actions, is it fair to say that the road ahead for connected cars — and by extension, connected car commerce — may be bumpy?

Given the spate of partnerships, the emergence of artificial intelligence (AI), the apps and the voice assistants, the road ahead is long and winding.

As widely reported this week, General Motors laid off over 1,000 salaried employees in Software and Services, its division focused on infotainment, OnStar, subscriptions and other emerging features. A posting through GM Financial noted the continuum of data-driven offerings and indicated that among the conveniences of connected vehicles: “In addition to the branded apps specific to your vehicle, GM Financial has a mobile app to manage your account, pay your bill or message us from anywhere.”

The layoffs come a few months after public criticism helped steer General Motors away from sharing connected car data with brokers.

“As of March 20th, OnStar Smart Driver customer data is no longer being shared with LexisNexis or Verisk,” GM said. Data, of course, remains a critical component of powering the subscriptions, the infotainment, car diagnostics and commerce.

In the meantime, in reference to data and privacy concerns, Vero and Privacy4Cars have partnered to provide privacy tools and identity protection services for owners of connected cars. The new Identi-FI solution covers the deletion of data from connected cars and the recovery from identity theft, the companies said in March.

AI’s Role for Rides and Commerce

As has been seen in so many other verticals, AI is grabbing its share of connected-car-related headlines beyond the confines of the entertainment available to the driver in the cockpit. As reported earlier in August, DC Connected Car has raised €2.1 million ($2.29 million) for its AI-driven remote vehicle diagnostics offering. The funding will be used to help DC Connected Car develop AI diagnostic tools for roadside assistance, warranty and repair.

And where GM may be retooling/sharpening its connected focus, a host of other partnerships and joint efforts and announcements have shown that the connected car’s evolution still has wheels.  The movement toward connectivity in motion comes as PYMNTS Intelligence has found in its “How the World Does Digital” reports that voice technology is used by 15% of consumers for payments at least weekly; music streaming by roughly half of consumers, traffic related apps by a third of people surveyed across 11 countries.

In one example of automakers’ efforts, Ford and its luxury brand Lincoln are enabling customers to access apps and services in their vehicles through a new integrated native experience. Drivers will also be able to do so with Apple CarPlay and Android Auto, the company said at the beginning of the year.

The driver can access the system through a touchscreen control panel and buttons on the steering wheel. Drivers can place apps and services where they want them on the screen and can see information like media, weather and fuel economy via widgets. The rollout also features integrated Google Maps; the option to use Google Assistant or Alexa Built-In as a voice assistant.

As for the commerce aspect, last year, Mercedes-Benz introduced Mercedes pay+, which leverages Visa technology to facilitate seamless in-car payments via a fingerprint sensor integrated within the vehicle itself. And in 2021, J.P. Morgan teamed up with German automaker Volkswagen to acquire about 75% of its Volkswagen Payments S.A.

In June of this year, Stellantis announced it would be rolling out several software products and connected features for its vehicles around the world for its roster of brands such has Chrysler, Fiat and Peugeot. They include ChatGPT-enhanced virtual assistant that can converse with customers in natural language, and AppMarket, an in-vehicle hub for services and experiences that allows drivers to purchase subscriptions in the vehicle. 

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Vroom shares rallied by nearly 64%, driving the Shop segment of the CE 100 Index up by about 11%.

Following the company’s wind-down of eCommerce operations, the current units of UACC, which offers vehicle financing through third-party dealers, and Carstory, which offers AI-driven analytics for automotive retail, continued to show momentum. 

The company’s presentation materials noted that Vroom’s origination metrics indicate continued migration toward higher quality credit. The gross serviced accounts stood at 82,161 in the latest quarter, where that tally had been 79,896 in the year-ago period.  The indirect origination volumes in the second quarter were $116 million, compared to $92 million a year ago.  Net interest income in the second quarter of 2024, after losses and recoveries, was $18.1 million and had been $5.9 million last year.

Walmart Weighs In

Walmart also drove the shopping pillar higher, having surged 8.1% in the past week.  As reported here, quarterly revenue across all of Walmart’s business lines rose about 5%.

Consolidated operating income was up $0.6 billion, or 8.5%; adjusted operating income was up 7.2% due to higher gross margins and growth in membership income, as well as reduced eCommerce losses.  Overall, eCommerce sales were up 21%; Walmart Marketplace sales were up 32%. 

Adyen shares posted the next-largest gain after Vroom’s dramatic uplift, at 20.7%, as the Pay and Be Paid segment was 4% higher.  In our coverage of earnings, Adyen posted first-half results that showed North America was the fastest growing region with net revenue growth up 30% year over year, followed by EMEA, where net revenues were up 25% year on year; the Asia Pacific region gained 15% in net sales as measured against last year.  Net revenue for the Dutch firm was 913.4 million euros, up 24% year on year.

The company said in its earnings materials that during the half, the company processed volumes of 619.5 billion euros, up 45% year over year.

The company’s Unified Commerce offering, as detailed in its filings, saw volumes surge 29% year over year, and point-of-sale (POS) volumes gathered 32%. POS volumes were 15% of total processed volumes.

Visa shares were up 2.9%, and Amazon’s stock was roughly flat.  In an announcement this week, Amazon teamed with Santander to launch a new Amazon Visa card in Germany.

The card lets users earn rewards while shopping on and off Amazon’s Germany website, according to the release at the beginning of the week.

“Cardholders can pay for their purchases quickly, intuitively and securely through Zinia, Santander’s consumer finance platform, and they are able to choose between full and revolving payments any time,” the release said.

The announcement comes weeks after reports that Amazon and Santander were at work on a deal in which the Spanish bank would provide financing options for Amazon customers across the European Union, starting in Germany.

Those gains were blunted at least a bit by Tencent’s 18.8% decline.

Tencent Holdings reportedly said it is in discussions with Apple about sharing revenue from its WeChat mini-games.

Tencent is exploring adding in-app transactions via Apple’s iOS payment system, which would allow Apple to begin taking a cut of those transactions, Tencent Chief Strategy Officer James Mitchell said during the company’s earnings call.

“We want to make it available on terms that we think are economically sustainable, that are also fair,” Mitchell said on the call. “And so that’s a discussion that’s underway, and we hope that the discussion leads to a positive outcome.”

During the second quarter, Tencent’s gross receipts from mini-games — which are accessed through the WeChat app — rose by more than 30%.  Overall, Tencent’s revenues were up 8% to RMB161.1 billion ($22.6 billion) compared to a year ago.

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In an increasingly digital world, the importance of location intelligence in marketing cannot be overstated, particularly when it comes to areas like personalizing customer experiences, enhancing operational efficiencies and ensuring compliance across various industries.

“One of the trends we’re seeing is foreground location-based experiences,” Radar CEO and Co-founder Nick Patrick told PYMNTS.

Patrick explained that the stereotype of geofencing as a background activity — like triggering a push notification when a user is near a store — is becoming outdated in the face of modern applications that increasingly focus on engaging users through foreground experiences when they have an app open.

As businesses increasingly rely on data to inform their strategies, the ability to understand and leverage geographic information has emerged as a key differentiator. Location intelligence enables businesses to deliver highly personalized experiences to customers by integrating geographic data with other customer information. By understanding where customers are located and their movement patterns, companies can tailor their offerings, marketing campaigns and services to meet specific needs.

“A second trend we’re seeing is around indoor location, which we often call micro geofencing,” said Patrick.

Businesses are now looking to understand customer behavior at a granular level, he said, such as identifying which department of a store a customer is in or whether they are near a checkout area. The precise tracking enabled by micro geofencing allows for highly tailored customer interactions and a more personalized shopping experience.

Read more: Radar CEO Sees Geolocation Driving Future of Digital-Physical Commerce

Capturing the Emerging Trends in Location Intelligence

Location intelligence has evolved into a powerful tool, with solutions today that go beyond mapping and navigation. Instead, today’s location intelligence acts as a multifaceted force multiplier that offers businesses a competitive edge.

Patrick noted that a perhaps unexpected, but increasingly effective, new application of location intelligence is within fraud detection. Companies, particularly in eCommerce, logistics and gaming, are using geolocation to determine whether transactions are occurring from suspicious or unusual locations. This is crucial in preventing fraudulent activities and ensuring compliance with regional regulations.

One of the rapidly growing applications of Radar’s own technology is in the gaming industry, he added, noting that companies like DraftKings and FanDuel rely on geolocation to ensure compliance with state regulations, verifying that users are placing bets from legal jurisdictions.

Other sectors are beginning to recognize the importance of geolocation in ensuring regulatory compliance. Media and streaming companies, Patrick said, may need to restrict access to content based on geographic location, while payment services must ensure that transactions are conducted within permitted jurisdictions.

The principles of geolocation compliance also extend to other industries, such as logistics and eCommerce, where verifying the authenticity of a user’s location is crucial. For example, logistics companies can use geolocation to prevent workers from spoofing their location, while eCommerce businesses can detect fraudulent transactions based on suspicious location patterns.

The Future of Geolocation-Led Commerce

While the benefits of location intelligence are clear, integrating these technologies into a company’s marketing stack can be met with some key, but surmountable, challenges.

Two primary obstacles identified by Patrick are cost and privacy concerns.

In a time of heightened budget scrutiny, companies may view location intelligence as a “nice-to-have” rather than a “need-to-have” tool. Patrick said Radar addresses this challenge by offering cost-effective alternatives to existing map services, such as Google Maps. By saving on these essential but expensive services, businesses can reallocate funds to more innovative geolocation use cases that drive customer engagement and revenue.

At the same time, privacy concerns and the challenges of obtaining user consent for location tracking remain hurdles to adoption. Many users are hesitant to share their location data, which limits the effectiveness of background geolocation services. Radar is tackling this issue, Patrick said, by focusing on foreground, in-app experiences that engage a broader user base while respecting privacy preferences.

But by understanding the tangible benefits — such as increased in-store engagement, higher conversion rates and reduced fraud — businesses can make informed decisions about how to leverage location intelligence.

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Speaking to students at Stanford University, Schmidt said that Google’s offering of remote work has caused it to fall behind in the artificial intelligence (AI) competition, The Wall Street Journal reported Wednesday (Aug. 14), citing a video of the event.

“Google has decided that work-life balance and going home early and working from home was more important than winning,” Schmidt said, according to the report.

Schmidt also told the students that if they want to launch a startup, they must require employees to work in an office because successful startups “work like hell,” per the report.

Google has been stepping up its efforts to get employees to work in the office, saying in 2022 that they would be back in the office three days a week, and adding in 2023 that office attendance is a factor in annual performance reviews, according to the report.

The company’s employees spend at least three days a week in the office, as they have done for the past two years, and have occasional access to remote work. Any non-remote employees who are out of compliance get reminded about these policies.

Some companies have made changes to their work-from-home policies.

It was reported in May that Walmart was ending most remote work and asking staff at small offices in Dallas, Atlanta and Toronto to relocate to central hubs such as the retailer’s central headquarters in Bentonville, Arkansas, as well as Hoboken, New Jersey, or Northern California. Walmart will still permit staff to work from home some of the time.

In July 2023, Amazon ramped up its return-to-the-office mandate across the country by telling employees working remotely or located in smaller remote offices that they may have to return to what the company calls its “main hub” locations, including Seattle, New York and San Francisco.

“There’s more energy, collaboration and connections happening since we’ve been working together at least three days per week, and we’ve heard this from lots of employees and the businesses that surround our offices,” Amazon spokesman Brad Glasser told PYMNTS at the time in an emailed statement.

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Sezzle Sizzles and BNPL Demand Soars

Shares of Sezzle soared 51%, and the Pay and Be Paid pillar moved 5.9% higher.

In the company’s most recent earnings report, management ramped up its revenue expectations on the heels of greater demand for buy now, pay later (BNPL), as sales moving ahead were guided to be higher by 35%-40% year over year (previous guidance of 25%).

“As shoppers want to use us everywhere and as a regular part of their daily lives, it’s both exciting and rewarding to see,” Sezzle CEO Charlie Youakim told the company’s earnings call audience.

In the latest quarter, underlying merchant sales (UMS) increased by 38.9% year over year to $532.2 million, surpassing the previous non-holiday quarterly high. Consumer purchase frequency rose to 4.8 times from 3.3 times in the same period in 2023. Total revenue grew by 60.2% year over year to $56 million, accounting for 10.5% of UMS.

Shopify Powers Ahead

Elsewhere, Shopify shares gathered 27.3%, bringing the Shop segment 0.8% higher.

As reported here, management noted that the company’s point-of-sale (POS) solution is gaining traction, with offline gross merchandise volume (GMV) increasing by 27% year over year.  Cross-border sales accounted for 14% of Shopify’s GMV in Q2, highlighting the eagerness of merchants to reach new regions. Shopify Payments penetration reached 61%, and Shop Pay facilitated $16 billion in GMV, up 45% from the previous year.

Zillow was 17% higher. Revenue in the most recent quarter was 13% higher to $572 million. The company’s latest shareholder letter noted that rentals revenue was 29% to $117 million, primarily driven by a 44% increase in multifamily revenue, and residential revenue was 8% higher to $409 million, besting total industrywide transaction growth of 3%. The company’s mobile apps and sites logged 231 million average monthly unique users, roughly flat year over year.

Vroom, Porch Lead to Downside

But those gains were blunted by Vroom’s skid, where the shares were 33.7% lower.

The second quarter, as Vroom said, interest income in the latest quarter stood at $51.8 million, compared to $47 million in the year ago quarter. Within the UACC segment, interest income was up 10.2%. As had been reported earlier in the year, the company had moved to wind down its eCommerce operations and discontinue its used vehicle dealership business.

Porch Group’s stock lost more than 31%, driving the Live segment 3.3% lower. The company noted total revenue of $110.8 million for the most recent quarter, an increase of 12% or $12.1 million compared to the prior year (second quarter 2023 results here were $98.8 million), driven by the insurance segment, including a 28% increase in premium per policy and lower reinsurance ceding. The latest top line report missed consensus expectations by about 6%.

Porch’s financials flagged that its 21% attritional loss ratio for the quarter, an improvement from 35% in the prior year, was driven by the insurance profitability actions. Policies in force, per the company’s latest financials, were down 35% year on year to 232,000.

iRobot shares plummeted about 25%, as the company noted that second quarter revenues came in at the low end of expectations, affected by what management termed a “more challenging consumer spending environment.”  Revenues were down 29.6% to $166.4 million.

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Eat Segment’s the Lone Positive Performer

Only one pillar of the CE 100 Index posted a positive return, as the Eat segment gathered 6.3%. Within that group, DoorDash shares gained 11.9%.

As reported at the end of the week,  in the latest quarter, total orders rose 19% year over year and revenue was up 23%.

“We’re seeing really strong demand on the consumer side,” CEO Tony Xu told analysts on a conference call. “So, we’re not actually seeing some of the challenges that you may be hearing about or reading about in other headlines… We’re still in the early innings of the move towards digital and the overall omnichannel experiences that every restaurant and retailer is participating in.”  The company’s earnings release showed that marketplace total dollar value of orders (GOV) gained 20% to $19.7 billion.

 Also, within the Eats segment, Olo shares surged 9.3%. The company reported second-quarter earnings that indicated total revenue increased 28% year-over-year to $70.5 million, and total platform revenue increased 27% year-over-year to $69.6 million.

The company’s supplemental materials showed that active locations grew 7% year over year to 82,000. Average revenue per unit was up 19% year over year to $852.

PayPal shares gathered 6.3% in the Pay and Be Paid segment of the CE 100 Index, where the overall group slipped 2.7%. In PYMNTS’ coverage of the latest quarter’s results,  we noted that the firm reported a total transaction volume of $403.9 billion in Q2 2024, marking an 11% year-over-year increase. PayPal’s overall net revenues rose by 8% to $7.9 billion. Venmo processed over $73 billion in total payment volume, up 8% from the previous year, with monthly active users growing by 5% to nearly 62 million.

Meta’s stock was 4.8% higher.  During the company’s latest earnings,  the tech giant’s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion, surging from the  $31.7 billion in Q2 2023.  CEO Mark Zuckerberg discussed AI with a nod to a “single unified recommendation system” powering all content across Meta’s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta’s AI handling the rest.

Communications Pillar Plunges on Snap Revenue Miss

But Snap shares plunged 29.8%, leading the communications segment of the CE 100 Index down an eye-popping 11.4%. The company posted results on Thursday that noted 850 million monthly active users in Q2, while daily active users (DAUs) rose 10% during the quarter to 432 million. New features like editable chats, Map emoji reactions, and My AI reminders were introduced to enhance user communication. Content engagement surged, marked by a 12% increase in global viewers and a 25% rise in time spent watching.

Revenue climbed 16% year-over-year to $1.2 billion, driven by a 16% increase in Direct Response advertising revenue, with the total active advertisers more than doubling year-over-year. Brand advertising revenue, however, slipped 1% due to reduced demand in some sectors. But the top line missed analysts’ estimates, and the shares plunged after the latest report.

The Shop pillar of the CE 100 Index lost 7.9%, as Pinterest shares skidded 22.5%.  This past week, the company reported that it rose 21% year over year, reaching $854 million.

“We’re driving further actionability across Pinterest by launching features that allow users to move further along in their shopping journeys and take action on what they see,” CEO Bill Ready told analysts on a call. “In doing so, we more than doubled the number of outbound clicks we sent to advertisers year over year for the third quarter in a row.”

Amazon shares lost 8%. As reported here, net sales climbed 10% year over year to $148 billion, bolstered by a 19% surge in AWS sales to $26.3 billion.   “While consumers are being careful on price, our North American unit growth is meaningfully outpacing our sales growth as our continued work on selection, low prices and delivery has resonated so far this year,” CEO Andy Jassy told the company’s Q2 earnings call.  Revenue growth, according to projections, is set to slow in the current quarter to about 8% to 10%, as management noted on the call.

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The funding — from Silicon Valley Bank (SVB) and Hercules Capital — will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release. 

“We are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,” said Larry Roseman, Thumbtack’s finance chief.

“And there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.”

Earlier this year, Thumbtack debuted its comprehensive home management app, which — as PYMNTS wrote — highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.

Pointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.

“Two things are true about today’s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don’t know where to start,” said Marco Zappacosta, co-founder and CEO of Thumbtack.

“This digitally native generation wants to manage their homes the way they run the rest of their lives — on their phones. Our all-in-one app brings the support and peace of mind homeowners need.” 

Beyond the individual features and functionalities “lies a broader trend reshaping the way consumers interact with their living spaces,” PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem. 

PYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each. 

“The study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,” PYMNTS wrote.

“For instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.”

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