Marketing winners and losers of the week
The social media app that requires its users to take daily photos has skyrocketed in popularity, thanks in part to not being competitor Instagram. This week, BeReal made it to the top U.S. spot on Apple’s App Store for three days. Advertisers including Chipotle and PacSun are paying attention and beginning to experiment with the platform.
The world's largest restaurant company reported a stellar second quarter this week, including a 9.7% rise in same-store sales compared to the year-earlier period. The chain credited value meal items and higher prices as helping to grow sales as customers face higher prices elsewhere.
The online craft marketplace topped analyst expectationswith second-quarter earnings Wednesday. Revenue, at $585 million, grew 10% from the year-earlier period and the company added 6 million new buyers. “The results are particularly solid given that the overall market is slowing, and consumers are becoming more careful about spending,” wrote Neil Saunders, managing director of GlobalData Retail, in a research note, adding that Etsy’s business model remains relevant and recent acquisitions such as Depop, a peer-to-peer e-commerce company, will help contribute to future growth. “We remain positive about Etsy and its trajectory,” Saunders concluded.
A bad bet on the continued rise of online shopping is costing the company. Earlier this week, Shopify said it is laying off 10% of staffers because e-commerce is not growing as much as the company predicted it would. “It’s now clear that bet didn’t pay off,” wrote CEO Tobi Lütke in a blog post. Later, Shopify warned of an expected operating lossin the third and fourth quarters, sending shares sinking further.
Read more: Layoffs and budget cuts–tracking economic moves and news
The automaker announced a recall of its popular Tacoma trucks from 2022 and 2023 due to safety issues. The move will affect more than 75,000 vehicles. Those pickup trucks in question were made with noncompliant child-seat anchors. Affected customers are expected to be notified of a solution in September.
The Facebook and Instagram parent reported its first-ever revenue decline in its second-quarter report this week–the end of a decade of growth. The news came on the heels of backlash for Instagram, where efforts to emulate popular rival TikTok have not gone over well with users.
Read more: Instagram's TikTok-like changes don't annoy advertisers like they do the Kardashians
Amount of sodium in the Smokehouse Fajitas at chain restaurant On the Border, according to the 2022 Xtreme Eating Awards from the Center for Science in the Public Interest. The FDA recommends daily sodium intake not exceed 2,300 mg for most adults.
“We are always evaluating and evolving our allocations. It's really about keeping the pulse of where our customers are.” –Derek Yarbrough, chief marketing officer of Madewell, on why the apparel brand shifted its ad spend to TikTokfrom Instagram, despite Madewell’s reach on the Meta-owned platform.
Saucony appointed Kathryn Pratt chief marketing officer. She was most recently director of brand engagement and discovery programs at L.L. Bean.
State Street named Brenda Tsai executive VP and global chief marketing officer. She had been chief marketing and communications officer at DXC Technology.
JP Morgan Chase promoted Pablo Rodriguez to head of communications for all of the Consumer & Community Banking group. He had been head of communications for credit card, connected commerce and consumer and community banking functional groups.
Analytic Partners, which provides analytics, tapped Fleur Sohtz as chief marketing officer. She had been chief revenue officer and general manager, Americas, at Noogata.
