America's labor market continues to cool, and the gig economy is quietly absorbing some of the employment strain being felt across the economy. A new Goldman Sachs analysis found that platform-based gig work opportunities — which include major tech players like Uber (UBER), DoorDash (DASH), and Instacart (CART) — are holding up as traditional payroll growth cools. About 20% of people who lost pay, lost a job, or had hours cut turned to gig platforms to make up the difference, the analysis said. More sign ...

Key Points Many older Americans are sorely lacking in savings. Delaying retirement might seem like a great way to give your nest egg a lift. Instead of continuing to work full-time, there's another solution that might work better for you. The $23,760 Social Security bonus most retirees completely overlook › When you look at the data that's out there on Americans' retirement savings, the numbers are pretty bleak. As of 2022, the median retirement savings balance among Americans ages 65 to 74 was ...

Core Insights - Visa is piloting a new stablecoin payout solution aimed at businesses that need to fund direct transfers with fiat currency, particularly targeting the gig economy and digital marketplaces [1][4] - The integration of stablecoin payouts is seen as a solution for global platforms that require efficient payment methods for users in different countries [2][7] - Traditional interbank payment systems create delays in cross-border transactions, while stablecoin payments can settle in seconds, enhancing the speed of transactions [3] Visa's Stablecoin Integration - The new stablecoin integration will be available through Visa's real-time payments network, Visa Direct, allowing companies like Uber, Lyft, and Airbnb to offer stablecoin payment options [4][5] - Visa emphasizes that this initiative aims to provide universal access to money quickly, benefiting freelancers and businesses operating across borders [5][8] Benefits for Emerging Markets - Stablecoin payouts are particularly advantageous in emerging markets, offering streamlined treasury management for platform operators and reducing exposure to volatile foreign exchange rates [8] - Recipients in these markets gain access to a stable store of value, which is crucial in regions with high financial exclusion rates, potentially providing new opportunities for unbanked workers [8]

A new memoir has struck a chord across China. As firms have slashed headcount and wages, many workers have gone gig. For some, the descent has been dizzying https://t.co/RZeN03VQUB ...

Core Insights - The gig economy stocks reported mixed results for Q3, with revenues collectively beating analysts' estimates by 1% but guidance for the next quarter falling short by 0.6% [3] - Overall, the share prices of gig economy stocks have declined by an average of 4.9% since the latest earnings results [3] Lyft (NASDAQ:LYFT) - Lyft reported revenues of $1.69 billion for Q3, reflecting a year-on-year increase of 10.7%, but this fell short of analysts' expectations by 1.2% [4] - The company experienced a slower quarter, missing both revenue and EBITDA estimates [4] - Despite the earnings miss, Lyft's stock increased by 6.2% post-reporting, currently trading at $21.35 [5] Upwork (NASDAQ:UPWK) - Upwork reported revenues of $201.7 million, up 4.1% year-on-year, and outperformed analysts' expectations by 4.3% [6] - The company had a strong quarter, exceeding analysts' EBITDA estimates and providing full-year EBITDA guidance that also surpassed expectations [6] - However, Upwork reported a decline in active customers, down 7.1% year-on-year, with the stock rising by 5.8% since reporting, currently trading at $16.52 [7]

Core Insights - The Q3 earnings season for the gig economy industry has shown mixed results, with revenues collectively beating analysts' expectations by 1% but next quarter's revenue guidance falling short by 0.6% [3] - Overall, gig economy stocks have seen a decline, with average share prices down 4.9% since the latest earnings results [3] Company Performance - **DoorDash (NASDAQ:DASH)**: Reported revenues of $3.45 billion, reflecting a year-on-year increase of 27.3%, exceeding analysts' expectations by 2.6%. However, EBITDA guidance for the next quarter significantly missed expectations, leading to a 5.8% drop in stock price since reporting, currently trading at $197.81 [4][5] - **Upwork (NASDAQ:UPWK)**: Achieved revenues of $201.7 million, up 4.1% year on year, outperforming analysts' expectations by 4.3%. The company also exceeded EBITDA estimates and provided strong full-year EBITDA guidance. Despite a 7.1% year-on-year decline in active customers to 794,000, the stock rose 5.8% since reporting, currently trading at $16.52 [6][7]

Core Insights - Upwork's shares increased by 13% following a positive third-quarter financial report [1] Financial Performance - Upwork's revenue grew by 4% year over year to $201.7 million, driven by increased client spending on freelancers [3] - The company's gross services volume (GSV) rose by 2%, marking the first increase in five quarters [3] - Free cash flow increased by 22% to $69.4 million, indicating improved profit margins as operations scale [4] Strategic Initiatives - CEO Hayden Brown attributed GSV growth to the company's artificial intelligence (AI) initiatives, with a 45% increase in clients participating in AI-related projects compared to Q3 2024 [4] - Management announced a $100 million share repurchase authorization, utilizing excess cash to reward shareholders [5] Future Outlook - Upwork raised its full-year sales and profit forecast, expecting revenue between $782 million and $787 million and adjusted earnings per share of $1.35 to $1.37 in 2025 [6] - Management views Q3 2025 as a pivotal quarter, marking a return to growth on a profitable foundation [6]

Hayden Brown, Upwork CEO, joins 'The Exchange' to discuss the difference between the freelance and gig economy, how freelancers are being paid and much more. ...

In this week’s “Drum Tower” podcast @sarah_wu_ and Jiehao Chen explore the gig economy and changing attitudes towards work in China https://t.co/LQLqhQRvfQ ...

Core Insights - AI labs are shifting from expensive data contracts to hiring former senior employees from companies for their industry knowledge [1][3] - Mercor serves as a marketplace connecting former employees of investment banks, consulting firms, and law firms with AI labs [2] - Mercor's business model involves paying industry experts up to $200 an hour for their insights, leading to significant daily payouts [3][4] Company Performance - Mercor has achieved an annualized recurring revenue of approximately $500 million within three years of its establishment [4] - The company recently raised funding at a valuation of $10 billion [4] Industry Dynamics - The rise of Mercor poses a challenge to traditional companies, as their industry knowledge may be utilized to automate workflows [5] - Some companies are adapting to this shift, recognizing the potential for a new gig economy similar to Uber's model [5] - There is a divide among companies, with some embracing the change while others fear disintermediation and loss of control over customer relationships [5]