Gig economy stocks pop after companies show strong demand for their services

Air travelers wait in the ride share lot near a sign for Uber at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.

The shares of gig economy companies jumped this week after they reported strong demand.

The week was the best for both stocks. The two companies rose for a third week in a row.

Gig companies in the consumer market are so far unaffected by inflation that investors are encouraged to see. It's possible that the grocery delivery platform could form a stronger pitch for an IPO. The private market valuation of the company was brought down after it filed for an IPO.

Consumer spending has changed from retail to services, according to the CEO of the ride sharing company. Inflation may have aided. The number of drivers on the platform increased as consumers looked to other ways to make more money.

It was an all-time high forAirbnb. There was a record number of orders. The company had its highest ever adjusted earnings figure.

Some of the highlights are listed here.

• Uber reported revenue of $8.07 billion, well above analyst estimates of $7.39 billion. Khosrowshahi said that driver engagement reached another post-pandemic high during the quarter.

• Lyft reported a 16% increase in active riders, to 19.9 million, the highest since the start of the pandemic.

• DoorDash posted better-than-expected revenue. Though it reported a wider loss per share than estimated, the company recorded 23% growth in the total number of delivered orders.

• Shares of Airbnb were up for the third week in a row. The company posted higher-than-expected earnings Tuesday and revenues in line with expectations for the second quarter. Airbnb said gross nights booked for cross-border travel exceeded pre-pandemic levels and doubled compared with the same period last year.