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where do we stand with the gig economy ever since the market bottomed in October of 2022 the lights of uber lft and door Dash have been on fire and the newly Republic Maple bear that's the parent of instacart finally started roaring this January but then the market cooled on grow stocks in March and April and these gig economy names pulled back from their highs pull back dramatically actually all of a sudden these companies had a lot to prove with their first quarter reports and now that we've heard from them I want to give you an update on the gig economy starting with the ride share play then going over to the delivery services after the break keep in mind until a few years ago none of these companies had really had to care about profitability it wasn't in the cars whole industry was propped up by endless Venture Capital Money endless because the FED kept interest rates so low for so long that it was insanely cheap for these companies to borrow money that all changed when the FED started tightening in 2022 and the gig economy plays had pivot to profitability as a result all these Services became a lot more expensive so how how are they handling the new world why don't we start with Uber Technologies the number one player in ride Sherry with 76% market share and a heavy hitter in the meal delivery space 23% market share way behind door Dash though but much higher than anybody else under the leadership of CEO D clari Uber stock rallied from $20 at its lows to a couple of years ago to above 80 at its highs in March we pulling back to $66 today the stock could sore like that because these guys figured out how to deliver profitable growth when Uber reported in February they delivered blowout numbers and followed that up a few days later by announcing a $7 billion buyback Wow first in in its company's history then growth stocks went out of styles I mentioned in March and April the stock gave up a decent chunk of its gains and everybody started worrying about the fundamentals but the fundamentals they turned to be fine when we reported last Wednesday I thought the results were mostly pretty good Revenue beat I beat massive free cash flow beat with the ladder up 148% year forye there were some issues though starting with the fact that Uber's gross bookings missed thanks to a shortfall in the ride sh Shing business oo bread and butter Plus on the earnings front well they lost 32 cents that was apris loss B stre was looking for 22 Cent profit now I don't blame him though CEO darari explained that the loss came primarily from a markdown for ubber Equity stakes and other companies like the rod shering company in China they had DD Global it had nothing to do with the core business so it should have been ignored Management's guidance for the current quarter was technically mixed though but it certainly didn't help bad gross bookings forecast in line IU forecast that was not good I think it was this s this in the gross bookings since n the stock down 5.7% last Wednesday because it seemed to confirm the consumer weakness fears that we've been that they've all been fasing on Wall Street you hear about that all the time right how weak the consumer gotten on top of that maybe people wanted to hear more about what Uber's got for autonomous driving given all the noise Tesla's been making about its Robo taxis but customer s basically said autonomous vehicles aren't happening anytime soon wow overall though I got to tell you even after that I'm pretty sangin about the prospects of uber the bull thesis here is that the company's consistently growing profits and throwing off tons of new cash flow even if there's some softness on the gross booking front in the end I'm viewing this post first quarter ShakeOut as an appropriate reset of expectations plus even after Uber's pull back to the 60s the stock remains up more than 7% your date and hey this sell off also gives management a chance to put that big buy back to work you got my blessing to buy it because the company will be buying along right alongside you I really like the stock here as for lift lft the underdog and ride sharing space well you know what they had another solid quarter under newest CEO David richer when they were reported last Tuesday night the night before we heard from Uber and you remember David he's been on the show a bunch of times in fact Uber's gross bookings Miss Loom so large precisely because lift's gross bookings beat expectations looks like they're finally on a more competitive footing lift's gross bookings growth matched Ubers in the first quarter and lift's guidance for second quarter bookings implies they'll match Uber yet again in the old days LT seemed to be steadily losing share to Uber now basically seems to be holding steady which is an extremely positive development and the good news is that they're defending their Market share without compromising profitability lift reported a modest E.B and surprisingly positive free cash flow for the second quarter in a row good guidance on the profitability front for the current quarter too how are they doing it richer accredited solid execution Innovation on the platform for the much improved numbers I like it I think he's right I no I accept that as the main reason as for's full year forecast lift mostly confirmed his previous Outlook except they raised a free cash flow guidance pretty substantially that's exactly what you wanted to see but the takeaway is that Lyft continued to make Prof progress towards the goal of becoming a profitable growth story which is what Richard's been aiming for since he took the range about a year ago the results were uh were good enough to send the stock up 7.1% last Wednesday the L has given back some of that gain since then I have been really impressed what Richard has done in this first year in the job and the stock definitely deserve to Rally in response to the strong quarter especially since it looks like lift has stem the share loss to Uber and done so without compromising profitability I bet the stock can work higher as long as those narrative remains in place in fact as long as Richard continues to turn things around I actually wouldn't be surprised if lft even became a takeover Target if the stock stays down here while the big turn comes after all it's the smallest of the major gig economy stocks with a sub7 billion doll market cap so the bottom line for the two major ride sharing companies is that both reported solid quarters even if lifts was well received while ubber was hated going forward we we have to keep an eye on whether Uber has an unaffordability problem but for now I'm not going to give up on this one just because of some gross Booky softness not when they're delivering so well on the profitability and free cash flow front Li more of a turnaround story but turnaround is going great and if you want to know about the delivery side of the gig economy why don't you stick around after the break cuz we can tell you all about it every money's back coming up Kramer continues his look at the gig economy where to invest in the new age of work
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