Q3 Earnings Outperformers: Lyft (NASDAQ:LYFT) And The Rest Of The Gig Economy Stocks

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at gig economy stocks, 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 6 gig economy stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was 1.6% above.

In light of this news, share prices of the companies have held steady as they are up 1.2% on average since the latest earnings results.

Lyft (NASDAQ:LYFT)

Lyft reported revenues of $1.52 billion, up 31.5% year on year. This print exceeded analysts’ expectations by 5.7%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and solid growth in its users.

Lyft scored the biggest analyst estimates beat and fastest revenue growth of the whole group. The company reported 24.4 million users, up 8.9% year on year. The results were likely priced in, however, and the stock is flat since reporting. It currently trades at $14.26.

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Best Q3: Upwork (NASDAQ:UPWK)

Upwork reported revenues of $193.8 million, up 10.3% year on year, outperforming analysts’ expectations by 5.3%. The business had a very strong quarter with EBITDA guidance for next quarter exceeding analysts’ expectations and a solid beat of analysts’ EBITDA estimates.

Upwork pulled off the highest full-year guidance raise among its peers. The company reported 855,000 gmv, up 2.3% year on year. The market seems happy with the results as the stock is up 13.2% since reporting. It currently trades at $16.52.

Weakest Q3: Angi (NASDAQ:ANGI (NASDAQ:ANGI))

Angi reported revenues of $296.7 million, down 15.5% year on year, in line with analysts’ expectations. It was a mixed quarter as it posted a solid beat of analysts’ EBITDA estimates but a decline in its requests.

Angi delivered the weakest performance against analyst estimates and slowest revenue growth in the group. The company reported 4.49 million service requests, down 26% year on year. As expected, the stock is down 31.9% since the results and currently trades at $1.79.

Uber (NYSE:UBER)

Uber reported revenues of $11.19 billion, up 20.4% year on year. This print beat analysts’ expectations by 1.9%. It was a satisfactory quarter as it also produced a decent beat of analysts’ EBITDA estimates.

The company reported 161 million users, up 13.4% year on year. The stock is down 24.1% since reporting and currently trades at $60.36.

Fiverr (NYSE:NYSE:FVRR)

Fiverr reported revenues of $99.63 million, up 7.7% year on year. This number topped analysts’ expectations by 3.4%. Overall, it was a very strong quarter as it also logged an impressive beat of analysts’ EBITDA estimates.

Fiverr had the weakest full-year guidance update among its peers. The company reported 3.77 million active buyers, down 9.4% year on year. The stock is up 35.6% since reporting and currently trades at $34.

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This content was originally published on Stock Story