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Gig Economy Stocks Q4 Earnings Review: DoorDash (NYSE:DASH) Shines

DASH Cover Image
Gig Economy Stocks Q4 Earnings Review: DoorDash (NYSE:DASH) Shines

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how DoorDash (NYSE:DASH) and the rest of the gig economy stocks fared in Q4.

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 5 gig economy stocks we track reported a weak Q4; on average, revenues were in line with analyst consensus estimates, while next quarter's revenue guidance was 5% below consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the gig economy stocks have fared somewhat better than others, they collectively declined, with share prices falling 0.4% on average since the previous earnings results.

Best Q4: DoorDash (NYSE: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.

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DoorDash reported revenues of $2.30 billion, up 26.7% year on year, topping analyst expectations by 2.4%. It was a strong quarter for the company, with a decent beat of analysts' revenue estimates.

DoorDash Total Revenue
DoorDash Total Revenue

DoorDash scored the biggest analyst estimates beat and fastest revenue growth of the whole group. The company reported 574 million service requests, up 22.9% year on year. The stock is up 1.6% since the results and currently trades at $128.3.

We think DoorDash is a good business, but is it a buy today? Read our full report here, it's free.

Uber (NYSE:UBER)

Born out of a winter night thought: "What if you could request a ride from your phone?" Uber (NYSE: UBER) operates a global network of on demand services, most prominently ride hailing and food delivery, and freight.

Uber reported revenues of $9.94 billion, up 15.4% year on year, outperforming analyst expectations by 1.8%. It was a decent quarter for the company, with strong growth in its users but slow revenue growth.

Uber Total Revenue
Uber Total Revenue

The stock is down 1% since the results and currently trades at $69.76.

Is now the time to buy Uber? Access our full analysis of the earnings results here, it's free.

Slowest 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 $300.4 million, down 27.3% year on year, falling short of analyst expectations by 2.8%. It was a weak quarter for the company, with slow revenue growth. In addition, the company burned cash during the quarter.

Angi had the weakest performance against analyst estimates and slowest revenue growth in the group. The company reported 4.32 million service requests, down 28.2% year on year. The stock is down 13.2% since the results and currently trades at $2.1.

Read our full analysis of Angi's results here.

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 $1.22 billion, up 4.2% year on year, in line with analyst expectations. It was a mixed quarter for the company, with solid growth in its users but slow revenue growth. Furthermore, in a potential milestone event, the company expects to generate positive free cash flow for the full year 2024, converting roughly half its forecasted full-year EBITDA into cash.

The company reported 22.4 million users, up 10% year on year. The stock is up 34.7% since the results and currently trades at $16.36.

Read our full, actionable report on Lyft here, it's free.

Fiverr (NYSE:FVRR)

Based in Tel Aviv, Fiverr (NYSE:FVRR) operates a fixed price global freelance marketplace for digital services.

Fiverr reported revenues of $91.5 million, up 10.1% year on year, falling short of analyst expectations by 1.1%. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations and underwhelming revenue guidance for the next quarter.

The company reported 4.1 million active buyers, down 4.7% year on year. The stock is down 24% since the results and currently trades at $19.68.

Read our full, actionable report on Fiverr here, it's free.

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