📦 DoorDash deliveries go Meta
Hey Snackers,
This may be the cutest invention of the summer: a wearable mini fan aims to keep pets cool in Japan’s sweltering heat. We’re waiting for the human version.
Stocks closed up yesterday as investors predicted a smaller September Fed rate increase. Meanwhile, oil prices fell after China reported slow economic growth. One head-turning #: 20% of China's 16- to 24-year-olds were unemployed last month (a record).
DoorDash signs a delivery deal with Facebook Marketplace, as big techies go offline to lure younger customers
Burrito bowls and a bedside table… ETA: 45 minutes. DoorDash (aka America’s biggest food-delivery biz) is adding secondhand goods to its couriers’ loads, thanks to a new partnership with Facebook Marketplace. Refresher: Meta's marketplace has 250M+ monthly users who sell new and used goods through digi-storefronts. Now:
- The deal: DoorDash drivers will deliver Marketplace orders up to 15 miles away within 48 hours. But the items have to fit in drivers’ trunks (RIP, daybed-delivery dreams).
- The route: The deal’s been in talks since last year, with delivery already tested in several US cities. A full rollout date is still TBD.
Doorstep delivery... Facebook's struggled to attract new millennial and Gen Z users as its swipey rival TikTok becomes the social network of choice. Marketplace is one of the few Meta features that pull younger users (and grows revenue) as its ad-sale profit puppy struggles. Meanwhile, DoorDash gets to expand its delivery biz beyond perishables into personals (think: new makeup haul, vintage looks) to drive growth. The strategy’s already working:
- Last quarter: DoorDash delivered a record 426M orders and 30% growth in revenue.
- Last year: Rival Uber's same-day package-delivery service (dubbed: Uber Connect), saw a 200% delivery jump from 2021.
If you can’t get new users online, find ’em IRL… The pandemic changed the delivery landscape with people relying on front-door drop-offs for everything from paper towels to pet transport. With its new partnership, DoorDash secures more non-food-related orders for its drivers, and Meta reaches fresh customers — and gets a slice of the delivery market. The cherry on top: more Marketplace users = more opportunities for Meta to regain some of its lost ad revenue.
What else we’re Snackin’
- iAds: Experts say Apple will stick ads into more of its apps (think: Books, Maps, Podcasts). The Fruit’s ad biz generates $4B in revenue a year, but Apple’s ad VP wants to more than double that #.
- UK: Britain became the first country to approve Moderna’s “bivalent” vax, which targets both the original Covid strain and the newer omicron variant. Adults across the pond should have access to the booster this fall.
- Guzzle: Saudi Aramco’s profit skyrocketed to $48.4B in the second quarter, a 90% increase from last year. Surging oil prices, caused partly by Russia’s invasion of Ukraine, helped pad the gas giant’s bottom line.
- Fund: Pension-fund managers invested public workers' (think: firefighters, teachers) retirement $$ in crypto. Now those savings have been hit by the same crypto winter that's wiped out $2T in value.
- Bond: Wall Street's apparently back in the Russian bonds biz: after further guidance from the Treasury, banks including JPMorgan Chase, Bank of America Corp., and Citigroup are reportedly trading Russian bonds again.
Tuesday
- Earnings expected from Walmart and Home Depot
Authors of this Snacks own: shares of Walmart, Uber, Apple, and Moderna
ID: 2381849