Looking back on consumer internet stocks' Q3 earnings, we examine this quarter's best and worst performers, including Booking (NASDAQ:BKNG) and its peers.
The ways people shop, transport, communicate, learn and play are undergoing a tremendous, technology-enabled change. Consumer internet companies are playing a key role in lives being transformed, simplified and made more accessible.
The 17 consumer internet stocks we track reported a slower Q3; on average, revenues beat analyst consensus estimates by 1.41%, while on average next quarter revenue guidance was 3.9% under consensus. There has been a stampede out of high valuation technology stocks as rising interest rates encourage investors to value profits over growth again, but consumer internet stocks held their ground better than others, with the share prices up 10.2% since the previous earnings results, on average.
Booking (NASDAQ:BKNG)
Formerly known as The Priceline Group, Booking Holdings (NASDAQ: BKNG) is the world’s largest online travel agency.
Booking reported revenues of $6.05 billion, up 29.4% year on year, beating analyst expectations by 2.25%. It was a very strong quarter for the company, with growing number of users and solid top line growth.
The company reported 240 million nights booked up 31.1% year on year. The stock is up 29.7% since the results and currently trades at $2,300.
Is now the time to buy Booking? Access our full analysis of the earnings results here, it's free.
Best Q3: Uber (NYSE:UBER)
Born out of a winter night thought: "What if you could request a ride from your phone?" Uber (NYSE: UBER) operates a global network of on demand services, most prominently ride hailing and food delivery, and freight.
Uber reported revenues of $8.34 billion, up 72.1% year on year, beating analyst expectations by 3.52%. It was a very strong quarter for the company, with exceptional revenue growth and a decent beat of analyst estimates.
Uber delivered the fastest revenue growth among its peers. The company reported 124 million paying users, up 13.7% year on year. The stock is up 9.85% since the results and currently trades at $29.2.
Is now the time to buy Uber? Access our full analysis of the earnings results here, it's free.
Weakest Q3: Overstock (NASDAQ:OSTK)
Originally launched as a website focusing on selling clearance sale electronics and home goods merchandise, Overstock (NASDAQ: OSTK) is a leading online retailer of home goods, primarily furniture.
Overstock reported revenues of $460.2 million, down 33.2% year on year, missing analyst expectations by 2.66%. It was a weak quarter for the company, with a declining number of users and revenue.
The company reported 5.8 million active buyers, down 33.3% year on year. The stock is down 20% since the results and currently trades at $20.49.
Read our full analysis of Overstock's results here.
Snap (NYSE:SNAP)
Founded by Stanford University students Evan Spiegel, Reggie Brown, and Bobby Murphy, and originally called Picaboo, Snapchat (NYSE: SNAP) is an image centric social media network.
Snap reported revenues of $1.12 billion, up 5.71% year on year, missing analyst expectations by 0.91%. It was a weak quarter for the company, with a miss of the top line analyst estimates and slow revenue growth.
The company reported 363 million daily active users, up 18.6% year on year. The stock is down 11.6% since the results and currently trades at $9.56.
Read our full, actionable report on Snap here, it's free.
Airbnb (NASDAQ:ABNB)
Founded by Joe Gebbia and Brian Chesky by renting out a blowup bed on the floor of their San Francisco apartment, Airbnb (NASDAQ: ABNB) is the world’s largest online marketplace for lodging, primarily homestays.
Airbnb reported revenues of $2.88 billion, up 28.9% year on year, beating analyst expectations by 1.26%. It was a mixed quarter for the company, with growing number of users but an underwhelming revenue guidance for the next quarter.
The company reported 99.7 million nights booked, up 25% year on year. The stock is down 8.53% since the results and currently trades at $99.74.
Read our full, actionable report on Airbnb here, it's free.
The author has no position in any of the stocks mentioned