This was first published May 28, in our weekly newsletter Apptopia Insight. To receive insights like this weekly, sign up here.
- We checked in on all stocks we track to see how 2Q25 is trending
- DASH – accelerating MAUs
- RELY – positive inflection in MAU growth
- Many more previews are available, click the button below
Now that we are past the halfway point in the quarter, it is time to look at some QTD trends and how app data stacks up versus consensus. We have a whole slide deck of ideas (click the button below to request the deck), but here are a few highlights.
DoorDash (DASH) – MAUs Accelerating
DoorDash has experienced a gradual decline in its YoY growth for Total Orders since the beginning of 2023. However, our data is picking up and acceleration in MAUs. In fact, the YoY growth of DoorDash MAUs is 17.6% MTD, the highest level we have seen in more than two years. We also always like to look at the Dasher app too when analyzing DoorDash. While its growth is not accelerating quite like the DoorDash app, it is still showing acceleration at well compared to the past two months.
Remitly (RELY) – Growth Inflection
While this is a small cap stock, its app data suggests an inflection point in its growth, which is always worth noting. After experiencing YoY growth rates in the 30+% range during 2023, Remitly has experienced seven quarters in a row of declining growth. However, 2Q25 is showing an inflection in growth – not dramatic yet, but enough to warrant more attention. This is a positive sign for Remitly’s Active Customers.
Coinbase (COIN) – deceleration continues
In 4Q24, Apptopia’s data showed a significant deceleration in RBLX’s DAUs. The deceleration was so Coinbase tends to be at the whims of the price of crypto over the short term. However, the company’s ability to engage users is potentially more important for its long-term health. We find that our MAUs do a good job of tracking trends in COIN’s Monthly Transacting Users. After a very strong start to 2025, COIN’s YoY growth in MAUs fell in March, April, and May MTD. The more this deceleration continues, the more negative a picture it paints for COIN in 2Q25.
Domino’s Pizza (DPZ) – concerns about revenue trends
We do not normally highlight Domino’s in our previews, but this seemed too important to skip. Our MAUs growth tracks very well with DPZ’s reported Domestic Franchise Revenue. While the YoY growth in MAUs is improving through the quarter, it is trailing the growth that consensus expects for 2Q25. The only caveat we have here is that DPZ could be increasing prices. If they increase prices a lot, revenue will rise without a huge increase in MAUs, and our view on this stock could be off.
