The biggest gigwork companies reported earnings last week, and investors were quick to look for signs that economic pressures were tightening consumer spending.
But as it turned out, things weren’t so grim. Uber, Lyft and DoorDash have all reported strong earnings, showing that even in an economy impacted by decades of high inflation, people are ordering takeout and ride-hailing services. Travel continues to rebound as restrictions from the COVID-19 pandemic end, with Airbnb reporting strong results across the board.
Companies are also implementing drastic cost-cutting measures, such as delaying hiring and cutting spending they deem unnecessary.
Here’s a summary of what happened this quarter:
Uber reported better-than-expected earnings in the second quarter. This shows that we have found a foothold and continue to grow our business even in a challenging macroeconomic environment. Uber CEO Dara Khosrowshahi told investors on a conference call on Tuesday that sharp inflation has had little impact on the company’s service. The company posted record total bookings and revenue for the quarter, with more people using the platform each month than analysts expected. Signups of drivers looking to earn have also increased.
Airbnb is benefiting from a shift in consumer spending from products to experiences like travel. The home-sharing company said Tuesday it had booked the most number of nights and experiences in a quarter to date. Quarterly reservations are already “very strong,” he said. In a letter to shareholders, the company said, “Airbnb is well positioned to meet what lies ahead.
Lyft’s cost-cutting measures and incentives for former drivers are paying off, the company said Thursday. Lyft reports record adjusted earnings and beats earnings estimates. It also reported the highest quarterly number of active riders since the start of the COVID-19 pandemic. Investors cheered when Lyft said rideshare volumes had reached and are still on track to exceed his pre-COVID-19 levels. Like Uber, Lyft is also seeing an increase in signing up drivers supplementing their income with gig work to offset rising inflation.
DoorDash posted record orders in the second quarter and revenue exceeded expectations. Delivery companies have also raised their annual market total order volume guidance. This, in a letter to investors, said it described a “softer consumer spending environment.” DoorDash CEO Tony Xu and his CFO Prabir Adarkar added in the letter that DoorDash’s consumer engagement in the U.S. is similar to last year, despite wide-ranging changes in consumer discretionary spending. rice field.
Just Eat Takeout
Just Eat Takeaway wasn’t a widely-noted company this quarter, having delisted its stock from the Nasdaq stock exchange earlier this year. But the European company, which is still trading on the Amsterdam exchange, has come under pressure since it acquired his US-based Grubhub service last year. Just Eat revealed Wednesday that it has cut the value of Grubhub by $3.1 billion amid a tough macroeconomic environment, nearly halving the valuation of its subsidiary after it was acquired for around $7.3 billion. . Just Eat said the write-down was due to decades of high interest rates and overall market volatility, as well as “declining sector valuations.”
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