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Q4 Earnings Roundup: Fiverr (NYSE:FVRR) And The Rest Of The Gig Economy Segment

StockStory - Tue Apr 16, 4:52AM CDT

FVRR Cover Image

As the Q4 earnings season comes to a close, it’s time to take stock of this quarter's best and worst performers in the gig economy industry, including Fiverr (NYSE:FVRR) 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 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. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. The beginning of 2024 saw mixed inflation data, however, leading to more volatile stock performance, and gig economy stocks have held roughly steady amidst all this, with share prices up 3.4% on average since the previous earnings results.

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.

“We are pleased to deliver strong results for 2023 with both revenue and Adjusted EBITDA ahead of our targets set at the beginning of the year. In the face of an uncertain macro environment, we continue to lead through innovation. Our latest Winter Product Release announced on January 30 is jam-packed with new products and features, with AI integrated across the platform,” said Micha Kaufman, Fiverr’s Founder and CEO.

Fiverr Total Revenue

The stock is down 22.5% since the results and currently trades at $20.06.

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

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.

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

DoorDash Total Revenue

DoorDash pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. The company reported 574 million service requests, up 22.9% year on year. The stock is up 4.3% since the results and currently trades at $131.72.

Is now the time to buy DoorDash? 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 mixed quarter for the company, with revenue missing analysts' estimates thanks to lower-than-expected service requests and transacting service professionals. On the other hand, its adjusted EBITDA significantly beat ($41.4 million vs estimates of $28.6 million). Furthermore, its full-year 2024 EBITDA guidance topped Wall Street's projections.

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 14.5% since the results and currently trades at $2.07.

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 decent quarter for the company, with revenue exceeding analysts' estimates. 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 46.2% since the results and currently trades at $17.75.

Read our full, actionable report on Lyft 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, surpassing analyst expectations by 1.8%. It was a good quarter for the company, with revenue, EBITDA, and EPS outperforming Wall Street's estimates. This was driven by not only user growth but also better-than-expected gross bookings in both its mobility ($19.3 billion vs estimates of $19.1 billion) and delivery ($17.0 billion vs estimates of $16.7 billion) segments.

The company reported 150 million users, up 14.5% year on year. The stock is up 4% since the results and currently trades at $73.27.

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

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