LYFT IncLyft's revenues beat estimates but next-quarter guidance is 11.2% below expectations, weighing on the stock.
Gig economy stocks reported mixed second-quarter earnings, with revenues in line with analyst consensus but next-quarter guidance 11.2% below expectations. Lyft posted revenues of $1.84 billion, up 16.1% year over year and beating estimates by 1.9%, while DoorDash delivered the biggest beat with revenues of $4.45 billion, up 35.6% year over year. Fiverr was the weakest, with revenues down 10% year over year to $97.78 million and full-year EBITDA guidance missing significantly. Upwork's revenues fell 1.7% year over year to $191.7 million, and Uber's revenues rose 12.2% year over year to $14.19 billion, in line with expectations. On average, gig economy stocks are down 6% since their latest earnings reports.
LYFT IncLyft's revenues beat estimates but next-quarter guidance is 11.2% below expectations, weighing on the stock.
Upwork IncUpwork's revenues fell 1.7% YoY, missing the growth trend, contributing to sector weakness.
Fiverr International Ltd
DoorDash, Inc. Class A Common StockDoorDash delivered the biggest revenue beat, up 35.6% YoY, exceeding estimates.
Uber Technologies IncUber's revenues rose 12.2% YoY, in line with expectations, with no clear positive or negative surprise.