Friday’s Headlines: No Slowdown for App Downloads

Friday’s Headlines: No Slowdown for App Downloads

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

iRobot (IRBT) +12.6%

Wix (WIX) +5.0%

Arista Networks (ANET) +4.9%

Booking Holdings (BKNG) +4.7%

Chegg (CHGG) +4.5%

Moving Down ⬇️

Nautilus (NLS) -6.0%

Calavo Growers (CVGW) -3.0%

Sea Limited (SE) -2.8%

Upstart Holdings (UPST) -2.7%

FactSet (FDS) -1.8%

1. In good news for both Google (GOOG) and Apple (AAPL), a report from data.ai has shown that the global app market is still yet to peak. App downloads across the Play and App Stores totaled 37 billion in the first quarter of 2022 — representing 11% growth year-over-year (YoY). Consumer spending on apps also grew, rising to $33 billion. Interestingly, despite Google’s Play Store accounting for roughly 77% of all global app downloads, Apple’s App Store takes in 65% of the consumer spending total. Large markets such as India and the U.S. continue to dominate the download charts, but Mexico, Turkey, and Brazil were the countries showing the highest quarter-over-quarter growth. Should these areas continue to expand, the global app market could continue to grow for years to come. Read more here.

2. Factset (FDS) beat analyst expectations all around yesterday in its second-quarter fiscal 2022 earnings call. The financial data and software company posted adjusted earnings per share (EPS) of $3.27 versus an expected $2.96, on revenue of $431.12 million against analyst estimates of $426.98 million. This represents year-over-year (YoY) growth of 20.2% and 10% respectively. CEO Phil Snow stated that “I’m pleased to report that FactSet once again delivered impressive quarterly results, reflecting the continuing momentum in our business.” Factset dipped slightly yesterday following the announcement, with shareholders perhaps expecting more of an outperformance from the firm. You can see Factset’s full earnings report by clicking here.

3. The European Union (EU) has announced landmark new rules for regulating Big Tech companies. The Digital Markets Act (DMA) will outline a comprehensive set of dos and don’ts for these companies that will target their core business practices. According to EU lawmaker, Andreas Schwab, “the time of long antitrust cases, during which the authorities were lagging behind the Big Tech companies, is over.” The DMA will target businesses with a market cap of over €75 billion, over 45 million monthly users, and €7.5 billion in annual turnover. The new legislation will prevent these companies from prioritizing their own services over those of rivals and will attempt to break the monopolistic trends seen in recent years from some of the world's largest companies. Read more on the story here.

Pádraig BolgerPádraig Bolger

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