The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how online marketplace stocks fared in Q2, starting with Instacart (NASDAQ: CART).

Marketplaces have existed for centuries. Where once it was a main street in a small town or a mall in the suburbs, sellers benefitted from proximity to one another because they could draw customers by offering convenience and selection. Today, a myriad of online marketplaces fulfill that same role, aggregating large customer bases, which attracts commission-paying sellers, generating flywheel scale effects that feed back into further customer acquisition.

The 12 online marketplace stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was 1.8% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6.1% since the latest earnings results.

Instacart (NASDAQ: CART)

Powering more than one billion grocery orders since its founding, Instacart (NASDAQ: CART) is an online grocery shopping and delivery platform that partners with retailers to help customers shop from local stores through its app or website.

Instacart reported revenues of $1.04 billion, up 14.1% year on year. This print exceeded analysts’ expectations by 1.5%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA estimates.

"Our business is performing incredibly well. We've meaningfully accelerated our growth over the past three quarters, including a strong Q2 where we grew GTV 14% year-over-year. We're attracting and engaging more customers across our marketplace and enterprise platform, which creates more value for retailers, brands, and shoppers," said Chris Rogers, CEO.

Interestingly, the stock is up 9.7% since reporting and currently trades at $49.42.

We think Instacart is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q2: Sea (NYSE: SE)

Founded in 2009 and a publicly traded company since 2017, Sea (NYSE: SE) started as a gaming platform and has since expanded to offer a variety of services such as e-commerce, digital payments, and financial services across Southeast Asia.

Sea reported revenues of $7.81 billion, up 45.7% year on year, outperforming analysts’ expectations by 8.3%. The business had an exceptional quarter with an impressive beat of analysts’ EBITDA estimates and solid growth in its users.

Sea pulled off the biggest analyst estimate beat among its peers. The company reported 68.1 million users, up 10.2% year on year. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 10.6% since reporting. It currently trades at $117.52.

Is now the time to buy Sea? Access our full analysis of the earnings results here, it’s free.

Slowest Q2: Shutterstock (NYSE: SSTK)

Originally featuring a library that included many of founder Jon Oringer’s photos, Shutterstock (NYSE: SSTK) is now a digital platform where customers can license and use hundreds of millions of pieces of content.

Shutterstock reported revenues of $221.8 million, down 16.9% year on year, falling short of analysts’ expectations by 12.4%. It was a disappointing quarter, leaving some shareholders looking for more.

Shutterstock delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 12.2% since the results and currently trades at $5.29.

Read our full analysis of Shutterstock’s results here.

Teladoc (NYSE: TDOC)

Founded to help people in rural areas get online medical consultations, Teladoc Health (NYSE: TDOC) is a telemedicine platform that facilitates remote doctor’s visits.

Teladoc reported revenues of $606.9 million, down 4% year on year. This result lagged analysts’ expectations by 1.3%. Overall, it was a softer quarter as it also produced revenue guidance for next quarter missing analysts’ expectations.

Teladoc had the weakest guidance update and weakest full-year guidance update of the whole group. The stock is down 30.3% since reporting and currently trades at $6.40.

Read our full, actionable report on Teladoc here, it’s free.

ACV Auctions (NYSE: ACVA)

Founded in 2014, ACV Auctions (NYSE: ACVA) is an online auction marketplace for car dealers and wholesalers to buy and sell used cars.

ACV Auctions reported revenues of $213.9 million, up 10.4% year on year. This number came in 0.6% below analysts’ expectations. It was a slower quarter as it also recorded EBITDA guidance for next quarter missing analysts’ expectations.

ACV Auctions scored the highest full-year guidance raise among its peers. The stock is up 2.4% since reporting and currently trades at $7.44.

Read our full, actionable report on ACV Auctions here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.