Yahoo Finance Q1 Earnings Roundup: Teladoc (NYSE:TDOC) And The Rest Of The Online Marketplace Segment
Wrapping up Q1 earnings, we look at the numbers and key takeaways for the online marketplace stocks, including Teladoc (NYSE:TDOC) and its peers.
Marketplaces have existed for centuries. Where once it was a main street in a small town or a mall in the suburbs, sellers benefitted from proximity to one another because they could draw customers by offering convenience and selection. Today, a myriad of online marketplaces fulfill that same role, aggregating large customer bases, which attracts commission-paying sellers, generating flywheel scale effects that feed back into further customer acquisition.
The 16 online marketplace stocks we track reported an ok Q1; on average, revenues beat analyst consensus estimates by 5.2%. while next quarter's revenue guidance was 2.4% above consensus. Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 due to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and online marketplace stocks have held roughly steady amidst all this, with share prices up 0.2% on average since the previous earnings results.
Teladoc (NYSE:TDOC)
Founded to help people in rural areas get online medical consultations, Teladoc Health (NYSE:TDOC) is a telemedicine platform that facilitates remote doctor’s visits.
Teladoc reported revenues of $646.1 million, up 2.7% year on year, exceeding analysts' expectations by 1.4%. Despite the top-line beat, it was a weaker quarter overall for the company with slow revenue growth.
“We are pleased to report a solid start to the year, with strength in both revenue and adjusted EBITDA in the first quarter,” said Mala Murthy, acting chief executive officer and chief financial officer of Teladoc Health.
The stock is down 28.8% since reporting and currently trades at $9.49.
Read our full report on Teladoc 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 exceptional revenue growth.
The market seems happy with the results as the stock is up 9.8% since reporting. It currently trades at $1,655.
Is now the time to buy MercadoLibre? Access our full analysis of the earnings results here, it's free.
Slowest Q1: CarGurus (NASDAQ:CARG)
Bringing transparency to a sometimes opaque process, CarGurus (NASDAQ:CARG) is a digital marketplace where auto dealers can connect with potential customers and where car buyers can browse, purchase, and obtain financing.
CarGurus reported revenues of $215.8 million, down 7% year on year, in line with analysts' expectations. It was a weak quarter for the company with slow revenue growth and underwhelming revenue guidance for the next quarter.
Interestingly, the stock is up 11.6% since the results and currently trades at $24.85.
Read our full analysis of CarGurus's results here.
EverQuote (NASDAQ:EVER)
Aiming to simplify a once complicated process, EverQuote (NASDAQ:EVER) is an online insurance marketplace where consumers can compare and purchase various types of insurance from different providers
EverQuote reported revenues of $91.07 million, down 16.6% year on year, surpassing analysts' expectations by 13.4%. Zooming out, it was a very strong quarter for the company with optimistic revenue guidance for the next quarter.
EverQuote had the slowest revenue growth among its peers. The stock is up 24.1% since reporting and currently trades at $26.50.
Read our full, actionable report on EverQuote here, it's free.
Cars.com (NYSE:CARS)
Originally started as a joint venture between several media companies including The Washington Post and The New York Times, Cars.com (NYSE:CARS) is a digital marketplace that connects new and used car buyers and sellers.
Cars.com reported revenues of $180.2 million, up 7.8% year on year, in line with analysts' expectations. More broadly, it was a mixed quarter for the company.
The company reported 19,381 active buyers, up 1% year on year. The stock is up 16.2% since reporting and currently trades at $19.84.
Read our full, actionable report on Cars.com here, it's free.
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