Q2 Earnings Roundup: DoorDash (NASDAQ:DASH) And The Rest Of The Gig Economy Segment

Let’s dig into the relative performance of DoorDash (NASDAQ:DASH) and its peers as we unravel the now-completed Q2 gig economy earnings season.

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 satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.5% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 5.2% on average since the latest earnings results.

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 $3.28 billion, up 24.9% year on year. This print exceeded analysts’ expectations by 3.8%. Overall, it was a solid quarter for the company with strong growth in its requests and a decent beat of analysts’ EBITDA estimates.

DoorDash scored the fastest revenue growth of the whole group. The company reported 761 million service requests, up 19.8% year on year. Unsurprisingly, the stock is up 4.5% since reporting and currently trades at $269.74.

Read why we think that DoorDash is one of the best gig economy stocks, our full report is free.

Best Q2: 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 $278.2 million, down 11.7% year on year, outperforming analysts’ expectations by 6.5%. The business had an exceptional quarter with an impressive beat of analysts’ number of service requests estimates and an impressive beat of analysts’ EBITDA estimates.

Angi pulled off the biggest analyst estimates beat among its peers. On a dimmer note, the company reported 4.56 million service requests, down 7.6% year on year. The market seems happy with the results as the stock is up 18.3% since reporting. It currently trades at $18.53.

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

Weakest Q2: Fiverr (NYSE:FVRR)

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

Fiverr reported revenues of $108.6 million, up 14.8% year on year, exceeding analysts’ expectations by 0.9%. Still, it was a slower quarter as it posted a decline in its buyers and a slight miss of analysts’ number of active buyers estimates.

Fiverr delivered the weakest full-year guidance update in the group. The company reported 3.43 million active buyers, down 10.9% year on year. As expected, the stock is down 9.6% since the results and currently trades at $22.59.

Read our full analysis of Fiverr’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 $1.59 billion, up 10.6% year on year. This number missed analysts’ expectations by 1.5%. Overall, it was a mixed quarter for the company.

Lyft had the weakest performance against analyst estimates among its peers. The company reported 26.1 million users, up 10.1% year on year. The stock is up 1.4% since reporting and currently trades at $14.23.

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

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 $12.65 billion, up 18.2% year on year. This print topped analysts’ expectations by 1.4%. It was a satisfactory quarter as it also put up strong growth in its users.

The company reported 180 million users, up 15.4% year on year. The stock is up 2.9% since reporting and currently trades at $92.05.

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

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

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