Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Fiverr (NYSE: FVRR) and the best and worst performers in the gig economy industry.

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 0.5% below.

Thankfully, share prices of the companies have been resilient as they are up 8.9% on average since the latest earnings results.

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. This print exceeded analysts’ expectations by 0.9%. Despite the top-line beat, it was still a slower quarter for the company with a decline in its buyers and a slight miss of analysts’ number of active buyers estimates.

“AI continues to be a power driver for everything we do, from rapid catalog expansion around AI-related services, to enabling transformative customer experiences, or driving workflow automation within Fiverr. Together with our continuous efforts in going upmarket, we are seeing encouraging growth trends for certain key verticals and high-value transactions,” said Micha Kaufman, founder and CEO of Fiverr.

Fiverr delivered the weakest full-year guidance update of the whole group. The company reported 3.43 million active buyers, down 10.9% year on year. Unsurprisingly, the stock is down 8.4% since reporting and currently trades at $22.90.

Read our full report on Fiverr here, it’s 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 a solid 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 12.1% since reporting. It currently trades at $17.56.

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

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, falling short of analysts’ expectations by 1.5%. It was a mixed quarter as it posted a solid beat of analysts’ EBITDA estimates but EBITDA guidance for next quarter meeting analysts’ expectations.

Lyft delivered the weakest performance against analyst estimates in the group. The company reported 26.1 million users, up 10.1% year on year. Interestingly, the stock is up 19.4% since the results and currently trades at $16.75.

Read our full analysis of Lyft’s results here.

Upwork (NASDAQ: UPWK)

Formed through the 2013 merger of Elance and oDesk, Upwork (NASDAQ: UPWK) is an online platform where businesses and independent professionals connect to get work done.

Upwork reported revenues of $194.9 million, flat year on year. This result beat analysts’ expectations by 3.9%. It was a strong quarter as it also put up an impressive beat of analysts’ EBITDA estimates and full-year EBITDA guidance exceeding analysts’ expectations.

Upwork scored the highest full-year guidance raise among its peers. The company reported 796,000 active customers, down 8.3% year on year. The stock is up 33.2% since reporting and currently trades at $15.99.

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

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 number surpassed analysts’ expectations by 3.8%. Overall, it was a strong quarter as it also produced strong growth in its requests and a decent beat of analysts’ EBITDA estimates.

DoorDash delivered the fastest revenue growth among its peers. The company reported 761 million service requests, up 19.8% year on year. The stock is down 6.3% since reporting and currently trades at $241.86.

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

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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