Consumer Internet Stocks Show Mixed Q2 Results
The Q2 earnings season for consumer internet stocks has wrapped up, revealing a mixed performance across the sector. The 44 companies tracked reported revenues that were 1.6% above analysts' estimates, while next quarter's revenue guidance fell 3% short. Despite these results, share prices have declined, with an average drop of 7.8% since the latest earnings reports.
Booking Holdings (NASDAQ:BKNG), the world's largest online travel agency, reported revenues of $7.35 billion, an 8.1% year-on-year increase that beat expectations by 2.2%. The company delivered strong EBITDA and solid booking growth, yet its stock has fallen 18.5% since reporting, now trading at $158.31.
Alphabet (NASDAQ:GOOGL), the parent company of Google and YouTube, stood out with a 24.2% year-on-year revenue increase to $119.8 billion, surpassing estimates by 2.2%. The stock has risen 1.2% since reporting, currently trading at $346.10.
On the other end, Coinbase (NASDAQ:COIN) had a disappointing quarter, with revenues down 18.5% year-on-year to $1.22 billion, missing estimates by 5.9%. Despite this, the stock has climbed 14.9% since results, now at $187.89. Uber (NYSE:UBER) reported revenues of $14.19 billion, up 12.2% year-on-year, but the stock has dropped 3.5% since reporting, trading at $69.50.
Amazon (NASDAQ:AMZN) reported a strong quarter with revenues of $200.6 billion, up 19.6% year-on-year, exceeding expectations by 2%. The stock has gained 6.9% since reporting, now at $251.86.