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Gig Economy Stocks Q3 Earnings: Lyft (NASDAQ:LYFT) Best of the Bunch

StockStory - Wed Jan 10, 2:54AM CST

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The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how the gig economy stocks have fared in Q3, starting with Lyft (NASDAQ:LYFT).

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 4 gig economy stocks we track reported a weak Q3; on average, revenues were in line with analyst consensus estimates while next quarter's revenue guidance was 1.8% below consensus. Investors abandoned cash-burning companies to buy stocks with higher margins of safety, but gig economy stocks held their ground better than others, with the share prices up 28.8% on average since the previous earnings results.

Best Q3: 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 $1.16 billion, up 9.8% year on year, topping analyst expectations by 1.3%. It was a mixed quarter for the company, with solid growth in its user base but slow revenue growth.

“More drivers and riders are choosing Lyft because we’re following a simple formula: listen to customers and build the experiences they want,” said CEO David Risher.

Lyft Total Revenue

The stock is up 26.6% since the results and currently trades at $13.57.

Is now the time to buy Lyft? Access our full analysis of the earnings results 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 $92.53 million, up 12.1% year on year, outperforming analyst expectations by 1.5%. It was a weaker quarter for the company, with underwhelming revenue guidance for the next quarter and slow revenue growth.

Fiverr Total Revenue

Fiverr achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is up 11.9% since the results and currently trades at $26.95.

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

Slowest Q3: 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 $371.8 million, down 25.3% year on year, falling short of analyst expectations by 1.7%. It was a weak quarter for the company, with a decline in its user base and slow revenue growth.

Angi had the slowest revenue growth in the group. The company reported 6.07 million service requests, down 22.1% year on year. The stock is up 51.5% since the results and currently trades at $2.5.

Read our full analysis of Angi's results here.

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 $9.29 billion, up 11.4% year on year, falling short of analyst expectations by 2.6%. It was a weak quarter for the company, with a miss of analysts' revenue estimates and slow revenue growth.

Uber had the weakest performance against analyst estimates among its peers. The company reported 142 million users, up 14.5% year on year. The stock is up 25.2% since the results and currently trades at $60.29.

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

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The author has no position in any of the stocks mentioned

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