Feb 17, 2022 (StockMarket.com via COMTEX) -- Check Out These Gig Economy Stocks In The Stock Market Today
The pandemic seems to have acted as a catalyst for gig economy stocks in the stock market . For instance, people have been encouraged to use food delivery apps instead of dining in. As a result, the gig economy has received a boost. Another reason for this boost could also be technology. As technology allows for remote working and better means to stay connected, many yearn for a more flexible way of working. This results in more workers joining the gig economy. And that could benefit gig economy stocks over time.
Also, with the Russia-Ukraine tensions potentially breaking into an all out war, could the economy be thrown into another recession again? This may bring attention to gig economy stocks as independent contractors could potentially flood the labor market in these times of uncertainty. One of the notable names in this sector would be Fiverr International ( NYSE: FVRR ). Earlier today, the freelance contracting platform announced its fourth-quarter results that beat earnings and revenue estimates. For the quarter, revenue came in 43% higher year-over-year to $79.8 million. Given the prospects of the industry, would gig economy stocks be worth watching in the stock market today?
Top Gig Economy Stocks To Buy [Or Sell] In February
DoorDash Inc. ( NYSE: DASH )
Airbnb Inc. ( NASDAQ: ABNB )
Uber Technologies ( NYSE: UBER )
Upwork Inc. ( NASDAQ: UPWK )
DoorDash, for the most part, is a company that operates primarily via its online food delivery platform of the same name. According to the company's estimates, its delivery network consists of over 450,000 merchants, 20 million consumers, and 1 million employees. The likes of which span the U.S., Canada, Australia, and Japan. On top of that, it is also the largest food delivery company in the U.S, with a 56% market share. DoorDash reported its fourth-quarter results yesterday.
Digging in, the company reported a record 369 million in total orders for the quarter. This represents an increase of 35% from the same period last year. Besides that, revenue for the quarter grew 34% year-over-year to $1.3 billion. This surpassed analysts' estimate of $1.28 billion. As for its monthly active users, that figure came in at over 25 million, an increase of 22% from a year ago.
Results aside, the company unveiled last week a new program called DoorDash Capital. Put simply, the program will offer cash advances to eligible restaurants to cover operational expenses such as rent and equipment. Restaurants will then repay the advance via deductions from their DoorDash earnings. Given the quarterly results and an expansion of its services, will you be buying DASH stock?
Next up, we have Airbnb. Essentially, the company operates as an online marketplace for homestays, vacation rentals, and tourism activities. The company does not own any of the listed properties, but instead, earns its profit through commissions from each booking. For a sense of scale, its platform carries over 6 million Airbnb listings and has over 4 million hosts. Besides that, there are active Airbnb listings in about 220 countries and regions.
On Tuesday, Airbnb reported its fourth-quarter earnings that beat analyst estimates on earnings and revenue. Diving in, revenue was reported at $1.53 billion, up 78% year-over-year and beating consensus estimates of $1.43 billion. As for its earnings, the company brought in $55 million, a decent recovery against the backdrop of the pandemic last year.
Besides, the company expects first-quarter 2022 nights and experiences booked to significantly exceed pre-pandemic first-quarter 2019 levels. It also forecasts revenue to fall between $1.41 billion and $1.48 billion this quarter, topping analyst estimates of $1.24 billion. All in all, the company believes that it has rebounded quickly from the impacts of the pandemic. With Airbnb blazing down the road of recovery, is ABNB stock worth watching?