As the earnings season comes to a close, let’s take a look back at the Q2 results of some gig economy stocks, starting with Uber (NYSE:UBER).
The advent of the iPhone revolutionized the world, bringing us the era of the “always-on” internet and “on-demand” services. The gig economy emerged in a similar manner, with the rise of tech-enabled freelance labor platforms that work hand in hand with various on-demand services. Now, individuals can work on their own terms. What began with platforms connecting riders and drivers has expanded to include food delivery, groceries, and even services like plumbing or graphic design, all available at the tap of a screen.
The four gig economy stocks we track had a weak Q2. On average, their revenues fell short of analyst consensus estimates by 2%. However, their next quarter revenue guidance, on average, exceeded consensus estimates by 2.44%. The tech sector, including gig economy stocks, has been affected by concerns over higher interest rates, leading to a decline in share prices by an average of 12.5% since the previous earnings results.
Uber (NYSE:UBER)
Uber (NYSE:UBER) was born out of a simple idea: “What if you could request a ride from your phone?” The company operates a global network of on-demand services, primarily ride-hailing and food delivery, as well as freight.
In Q2, Uber reported revenues of $9.23 billion, a 14.3% increase compared to the previous year. However, this fell short of analyst expectations by 1.16%. The quarter was mixed for Uber, with underwhelming revenue growth but solid free cash flow and profit guidance for the next quarter.
Uber experienced the fastest revenue growth among the group, with 137 million users, representing a 12.3% increase from the previous year. However, the stock price has dropped by 4.07% since the results and currently trades at $47.45.
Is now the time to buy Uber? Read our full report on Uber here.
Best Q2: Lyft (NASDAQ:LYFT)
Lyft (NASDAQ:LYFT) was founded as Zimride, a long-distance intercity carpooling company, by Logan Green and John Zimmer. Today, Lyft operates a ridesharing network in the US and Canada.
In Q2, Lyft reported revenues of $1.02 billion, a 3.04% increase compared to the previous year. However, this fell slightly below analyst expectations by 0.17%. Similar to Uber, Lyft had mixed results in Q2, with optimistic revenue guidance for the next quarter but slow revenue growth.

The stock price has dropped by 2.86% since the results and currently trades at $11.24.
Is now the time to buy Lyft? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Angi (NASDAQ:ANGI)
ANGI (NASDAQ:ANGI) was created through IAC’s merger of Angie’s List and HomeAdvisor. It operates the largest online marketplace for home services in the US.
In Q2, Angi reported revenues of $375.1 million, a 27.3% decrease compared to the previous year. This missed analyst expectations by 6.79%. It was a tough quarter for Angi, with declining user base and revenue.
Angi had the weakest performance in terms of analyst estimates and had the slowest revenue growth among the group. The company reported 6.86 million service requests, a 19.3% decrease from the previous year. The stock price has dropped by 41.8% since the results and currently trades at $2.26.
Read our full analysis of Angi’s results here.
Fiverr (NYSE:FVRR)
Headquartered in Tel Aviv, Fiverr (NYSE:FVRR) operates a fixed-price global freelance marketplace for digital services.
In Q2, Fiverr reported revenues of $89.4 million, a 5.15% increase compared to the previous year, in line with analyst expectations. However, it was a challenging quarter for the company with slow revenue growth. Additionally, the total number of active buyers remained flat compared to the previous year.
Fiverr exceeded analyst estimates the most among its peers. The stock price has dropped by 1.19% since the results and currently trades at $28.19.
Read our full, actionable report on Fiverr here, it’s free.
The author has no position in any of the stocks mentioned.