Digital Advertising Snapshot, Corpay 2Q'25, Portfolio Change
Digital Advertising Snapshot
As is the tradition in every earnings season, I am sharing my digital advertising Snapshot after 2Q’25 earnings.
Three key takeaways:
- For the nine consecutive quarters, Meta has outpaced Google in terms of incremental share. If Meta’s guide is any indication, that will almost certainly continue in the next quarter as well.
- It is incredible that Meta and Amazon grew faster last quarter compared to much smaller companies such as Pinterest, Snap, and Trade Desk. What a remarkable exhibit of increasing returns to scale.
- AppLovin, a company I haven’t studied, seems to be operating in entirely different stratosphere than anyone else. If anytime you think Meta’s margins are too lofty, take a look at AppLovin (not shown in the dashboard below). If Meta’s margins appear too high, AppLovin’s margins are basically obscene.
A couple of subscribers asked for the spreadsheet for the dashboard; I will share the spreadsheet and recap CorPay 2Q’25 earnings behind the paywall.
In addition to "Daily Dose" like this, MBI Deep Dives publishes one Deep Dive on a publicly listed company every month. You can find all the 61 Deep Dives here.
Spreadsheet:
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