Evercore ISI's Mark Mahaney gives his read on earnings from the gig sector

Market Trends & Performance - Delivery sector shows strongest demand trends, with revenue growth acceleration in DoorDash and Uber [2][3] - Mobility growth rates remain consistent, particularly in rides or trips, most evident with Uber [3] - Lyft's stock underperforms due to a slight fade in mobility growth rates [3] Company Specific Analysis - Evercore ISI maintains an inline rating on Lyft, questioning its ability to sustain topline growth while improving profitability [1] - Evercore ISI raises price targets for Uber, DoorDash, and Shopify [1] - DoorDash, Shopify, and Uber are considered high-quality assets and winners in their respective categories, but not at "back up the truck prices" [5][6] - Lyft holds approximately 30% market share in the US with limited international presence [7] - Lyft's smaller scale compared to Uber makes it less attractive to autonomous vehicle (AV) partners and susceptible to immediate replication of innovations [8] - Airbnb is undergoing an investment cycle, increasing marketing spend in international markets and social media, but ROI is not expected in the back half of the year [9][10] - Sidelines on Airbnb due to high multiple and need to see acceleration in growth to justify premium valuation [11]