As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the gig economy industry, including Lyft (NASDAQ: LYFT) and its peers.
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.
While some gig economy stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.8% since the latest earnings results.
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. This print fell short of analysts’ expectations by 0.9%. Overall, it was a mixed quarter for the company with a solid beat of analysts’ EBITDA estimates but EBITDA guidance for next quarter missing analysts’ expectations.
Lyft achieved the fastest revenue growth but had the weakest performance against analyst estimates of the whole group. The company reported 24.7 million users, up 10.3% year on year. Still, the market seems discontent with the results. The stock is down 2.9% since reporting and currently trades at $12.83.
Is now the time to buy Lyft? 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 an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ number of service requests estimates.
Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 2.9% since reporting. It currently trades at $1.67.
Is now the time to buy Angi? Access our full analysis of the earnings results here, it’s free.
Weakest Q4: 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, exceeding analysts’ expectations by 2.3%. Still, it was a slower quarter as it posted a decline in its buyers and EBITDA guidance for next quarter missing analysts’ expectations.
As expected, the stock is down 20.7% since the results and currently trades at $26.25.
Read our full analysis of Fiverr’s results here.
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 result topped analysts’ expectations by 1.6%. More broadly, it was a satisfactory quarter as it also produced strong growth in its users but EBITDA in line with analysts’ estimates.
The company reported 171 million users, up 14% year on year. The stock is up 9.3% since reporting and currently trades at $76.22.
Read our full, actionable report on Uber 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 number surpassed analysts’ expectations by 1.1%. Aside from that, 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 2.9% since reporting and currently trades at $198.66.
Read our full, actionable report on DoorDash here, it’s free.
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