Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Uber (NYSE: UBER) and the best and worst performers in the gig economy industry.
The iPhone changed the world, ushering in the era of the “always-on” internet and “on-demand” services - anything someone could want is just a few taps away. Likewise, the gig economy sprang up in a similar fashion, with a proliferation of tech-enabled freelance labor marketplaces, which work hand and hand with many on demand services. Individuals can now work on demand too. What began with tech-enabled platforms that aggregated riders and drivers has expanded over the past decade to include food delivery, groceries, and now even a plumber or graphic designer are all just a few taps away.
The 6 gig economy stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 2.5% while next quarter’s revenue guidance was in line.
In light of this news, share prices of the companies have held steady as they are up 1.8% on average since the latest earnings results.
Uber (NYSE: UBER)
Notoriously funded with $7.7 billion from the Softbank Vision Fund, Uber (NYSE: UBER) operates a platform of on-demand services such as ride-hailing, food delivery, and freight.
Uber reported revenues of $11.96 billion, up 20.4% year on year. This print exceeded analysts’ expectations by 1.6%. Overall, it was a satisfactory quarter for the company with strong growth in its users but EBITDA in line with analysts’ estimates.
“Uber ended 2024 with our strongest quarter ever, as growth accelerated across MAPCs, trips, and Gross Bookings,” said Dara Khosrowshahi, CEO.
The stock is up 16.1% since reporting and currently trades at $80.98.
Is now the time to buy Uber? Access our full analysis of the earnings results here, it’s free.
Best Q4: Angi (NASDAQ: ANGI)
Created by IAC’s mergers of Angie’s List and HomeAdvisor, ANGI (NASDAQ: ANGI) operates the largest online marketplace for home services in the US.
Angi reported revenues of $267.9 million, down 10.8% year on year, outperforming analysts’ expectations by 5.3%. The business had a very strong quarter with a solid beat of analysts’ EBITDA estimates and an impressive beat of analysts’ number of service requests estimates.
The market seems content with the results as the stock is up 4.1% since reporting. It currently trades at $1.79.
Is now the time to buy Angi? Access our full analysis of the earnings results here, it’s free.
Weakest Q4: Lyft (NASDAQ: LYFT)
Founded by Logan Green and John Zimmer as a long-distance intercity carpooling company Zimride, Lyft (NASDAQ: LYFT) operates a ridesharing network in the US and Canada.
Lyft reported revenues of $1.55 billion, up 26.6% year on year, falling short of analysts’ expectations by 0.9%. It was a mixed quarter as it posted an impressive beat of analysts’ EBITDA estimates but EBITDA guidance for next quarter missing analysts’ expectations.
Lyft delivered the fastest revenue growth but had the weakest performance against analyst estimates in the group. The company reported 24.7 million users, up 10.3% year on year. As expected, the stock is down 6.2% since the results and currently trades at $13.52.
Read our full analysis of Lyft’s results here.
Fiverr (NYSE: FVRR)
Based in Tel Aviv, Fiverr (NYSE: FVRR) operates a fixed price global freelance marketplace for digital services.
Fiverr reported revenues of $103.7 million, up 13.3% year on year. This print topped analysts’ expectations by 2.3%. Zooming out, it was a slower quarter as it produced a decline in its buyers and EBITDA guidance for next quarter missing analysts’ expectations significantly.
Fiverr achieved the highest full-year guidance raise among its peers. The company reported 3.63 million active buyers, down 9.9% year on year. The stock is down 15.8% since reporting and currently trades at $27.89.
Read our full, actionable report on Fiverr here, it’s free.
DoorDash (NASDAQ: DASH)
Founded by Stanford students with the intent to build “the local, on-demand FedEx", DoorDash (NYSE: DASH) operates an on-demand food delivery platform.
DoorDash reported revenues of $2.87 billion, up 24.8% year on year. This result surpassed analysts’ expectations by 1.1%. Taking a step back, it was a mixed quarter as it also logged strong growth in its requests but EBITDA guidance for next quarter slightly missing analysts’ expectations.
The company reported 685 million service requests, up 19.3% year on year. The stock is up 4.8% since reporting and currently trades at $202.40.
Read our full, actionable report on DoorDash here, it’s free.
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