Yahoo Finance Consumer Internet Stocks Q1 Results: Benchmarking Airbnb (NASDAQ:ABNB)
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 Airbnb (NASDAQ:ABNB) and the best and worst performers in the consumer internet industry.
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 43 consumer internet stocks we track reported a slower Q1; on average, revenues beat analyst consensus estimates by 2.6%. while next quarter's revenue guidance was in line with consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the consumer internet stocks have fared somewhat better than others, they collectively declined, with share prices flat on average since the previous earnings results.
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 $2.14 billion, up 17.8% year on year, topping analysts' expectations by 3.9%. It was a mixed quarter for the company. Airbnb beat analysts' revenue and adjusted EBITDA expectations. On the other hand, its revenue guidance for next quarter missed analysts' expectations and its revenue growth slowed.
The stock is down 8% since the results and currently trades at $145.1.
Is now the time to buy Airbnb? Access our full analysis of the earnings results here, it's free.
Best Q1: MercadoLibre (NASDAQ:MELI)
Originally started as an online auction platform, MercadoLibre (NASDAQ:MELI) is a one-stop e-commerce marketplace and fintech platform in Latin America.
MercadoLibre reported revenues of $4.33 billion, up 36% year on year, outperforming analysts' expectations by 12.1%. It was a stunning quarter for the company, with an impressive beat of analysts' revenue estimates and exceptional revenue growth.
The stock is up 17.8% since the results and currently trades at $1,774.99.
Is now the time to buy MercadoLibre? Access our full analysis of the earnings results here, it's free.
Weakest Q1: Skillz (NYSE:SKLZ)
Taking a new twist at video gaming, Skillz (NYSE:SKLZ) offers developers a platform to create and distribute mobile games where players can pay fees to compete for cash prizes.
Skillz reported revenues of $25.24 million, down 43.1% year on year, falling short of analysts' expectations by 12.6%. It was a weak quarter for the company, with a decline in its users and slow revenue growth.
Skillz had the weakest performance against analyst estimates and slowest revenue growth in the group. The company reported 121,000 monthly active users, down 43.5% year on year. The stock is down 1.2% since the results and currently trades at $6.34.
Read our full analysis of Skillz's results here.
Roblox (NYSE:RBLX)
Best known for its wide assortment of user-generated content, Roblox (NYSE:RBLX) is an online gaming platform and game creation system.
Roblox reported revenues of $801.3 million, up 22.3% year on year, falling short of analysts' expectations by 0.6%. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations and a miss of analysts' revenue estimates.
The stock is down 16.4% since the results and currently trades at $32.63.
Read our full, actionable report on Roblox here, it's free.
Revolve (NYSE:RVLV)
Launched in 2003 by software engineers Michael Mente and Mike Karanikolas, Revolve Group (NASDAQ: RVLV) is a next generation fashion retailer that leverages social media and a community of fashion influencers to drive its merchandising strategy.
Revolve reported revenues of $270.6 million, down 3.2% year on year, falling short of analysts' expectations by 0.4%. It was a weak quarter for the company, with slow revenue growth and a miss of analysts' revenue estimates.
The company reported 2.55 million active buyers, up 5.2% year on year. The stock is down 0.3% since the results and currently trades at $21.11.
Read our full, actionable report on Revolve here, it's free.
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