Wedbush said that, after a “notably volatile” Q2 earnings season, the firm is taking a closer look at results, forward guidance, and management commentary across its consumer internet coverage. While Q2 results were “healthy” across the group, guidance for Q3 was mixed as seven out of the 18 companies in Wedbush’s coverage provided an outlook that was below the firm’s estimates and conesnsus. The firm comes away from Q2 earnings most positive on the near-term setup for MercadoLibre (MELI), Meta (META), Sea Limited (SE), Shopify (SHOP), and Trade Desk (TTD). Wedbush noted that its change in sentiment was lower for Airbnb (ABNB), Amazon (AMZN), Booking (BKNG), Alphabet (GOOGL), Lyft (LYFT), Pinterest (PINS), and TripAdvisor (TRIP), while its sentiment was also higher for DoorDash (DASH), Uber (UBER), and Clear Secure (YOU). The firm said its sentiment for Instacart (CART), Expedia (EXPE), and Rumble (RUM) remains unchanged.
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