TMTB: APP DUOL LYFT ABNB DASH First takes

APP -2%: Modest beat and guide above sell side although light of what buyside was expecting Revs at $1.26B (I heard as high as $1.28B). Guide is $1.33B higher than street but a touch light of bulls. Not the best print, but checks had been mixed going in so expectations weren’t super high as investors wait for self-serve full launch in Q4 as next catalyst…

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DUOL +21% on a solid beat and raise against very low expectations (set up favored bulls here as this is still a long only favorite). Main nit is weaker MAUs. Bookings came in at $268M (+41% y/y), 8% above consensus. This is a 3ppts accel and as the comp gets easier next quarter, likely means we get another 40%+ q in q3 (street is only at 27% so numbers are moving up). EBITDA of $79M topped both Street and guidance. Key metrics were strong: DAUs grew 2% q/q to 47.7M, paid subscribers rose 37% y/y to 10.9M (above consensus), while MAUs dipped slightly to 128.3M (-1.5%). Q3 guidance was ahead on bookings and revenue, with EBITDA guidance bracketing Street. FY25 guidance was modestly raised across all key metrics. Bulls will hope this q proves some issues were truly “transient” and that mgmt talks up a reversal in MAUs in Q3

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LYFT -6%: Q2 Bookings/revs miss but EBITDA above and Q3 GB guide looks solid while Q3 EBITDA guide a bit light