Looking back on consumer internet stocks' Q3 earnings, we examine this quarter's best and worst performers, including Overstock (NASDAQ:OSTK) 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. Tech multiples have reverted to the historical mean after reaching all time levels in early 2021, but consumer internet stocks held their ground better than others, with the share prices up 17.1% since the previous earnings results, on average.
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.
"Despite a challenging retail environment, our business continues to be profitable for the tenth consecutive quarter, and we ended the quarter with a strong balance sheet and cash position," said Overstock CEO Jonathan Johnson.
The company reported 5.8 million active buyers, down 33.3% year on year. The stock is down 13.8% since the results and currently trades at $22.09.
Read our full report on Overstock 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 achieved the fastest revenue growth among its peers. The company reported 124 million paying users, up 13.7% year on year. The stock is up 12.3% since the results and currently trades at $29.87.
Is now the time to buy Uber? Access our full analysis of the earnings results here, it's free.
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 $498 million, up 7.9% year on year, missing analyst expectations by 0.66%. It was a weak quarter for the company, with a declining number of users and a miss of the top line analyst estimates.
The company reported 7.78 million service requests, down 10.6% year on year. The stock is up 44.6% since the results and currently trades at $2.77.
Read our full analysis of Angi'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 $1.05 billion, up 21.9% year on year, missing analyst expectations by 0.65%. It was a weaker quarter for the company, with a miss of the top line analyst estimates and an underwhelming revenue guidance for the next quarter.
The company reported 20.3 million paying users, up 7.23% year on year. The stock is up 8.19% since the results and currently trades at $15.31.
Read our full, actionable report on Lyft here, it's free.
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.
The company reported 240 million nights booked, up 31.1% year on year. The stock is up 36.9% since the results and currently trades at $2,428.9.
Read our full, actionable report on Booking here, it's free.
The author has no position in any of the stocks mentioned