As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the consumer internet industry, including Alphabet (NASDAQ: GOOGL) and its peers.
The ways people shop, transport, communicate, learn and play are undergoing a tremendous, technology-enabled change. Consumer internet companies are playing a key role in lives being transformed, simplified and made more accessible.
The 45 consumer internet stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.2% while next quarter’s revenue guidance was in line.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 7.4% since the latest earnings results.
Alphabet (NASDAQ: GOOGL)
Started by Stanford students Larry Page and Sergey Brin in a Menlo Park garage, Alphabet (NASDAQ: GOOGL) is the parent company of the eponymous Google Search engine, Google Cloud Platform, and YouTube.
Alphabet reported revenues of $109.9 billion, up 21.8% year on year. This print exceeded analysts’ expectations by 2.7%. Overall, it was a stunning quarter for the company with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.
Interestingly, the stock is up 4.1% since reporting and currently trades at $364.28.
Best Q1: 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 $7.33 billion, up 43.2% year on year, outperforming analysts’ expectations by 9.9%. The business had a stunning quarter with a solid beat of analysts’ EBITDA and revenue estimates.
Sea scored the biggest analyst estimate beat among its peers. The company reported 72.6 million users, up 12.4% year on year. The market seems content with the results as the stock is up 1.8% since reporting. It currently trades at $86.37.
Is now the time to buy Sea? Access our full analysis of the earnings results here, it’s free.
Slowest Q1: Coinbase (NASDAQ: COIN)
Widely regarded as the face of crypto, Coinbase (NASDAQ: COIN) is a blockchain infrastructure company updating the financial system with its trading, staking, stablecoin, and other payment solutions.
Coinbase reported revenues of $1.41 billion, down 29.7% year on year, falling short of analysts’ expectations by 6.3%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and EBITDA estimates.
As expected, the stock is down 21.4% since the results and currently trades at $151.58.
Read our full analysis of Coinbase’s results here.
Wayfair (NYSE: W)
Founded in 2002 by Niraj Shah, Wayfair (NYSE: W) is a leading online retailer of mass-market home goods in the US, UK, Canada, and Germany.
Wayfair reported revenues of $2.93 billion, up 7.4% year on year. This result beat analysts’ expectations by 1.4%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ EBITDA and revenue estimates.
The company reported 21.4 million active buyers, up 1.4% year on year. The stock is down 6.5% since reporting and currently trades at $68.54.
Read our full, actionable report on Wayfair here, it’s free.
Duolingo (NASDAQ: DUOL)
Founded by a Carnegie Mellon computer science professor and his Ph.D. student, Duolingo (NASDAQ: DUOL) is a mobile app helping people learn new languages.
Duolingo reported revenues of $292 million, up 26.5% year on year. This print surpassed analysts’ expectations by 1.2%. It was a very strong quarter as it also produced a solid beat of analysts’ EBITDA estimates and full-year EBITDA guidance exceeding analysts’ expectations.
The stock is down 1.8% since reporting and currently trades at $108.25.
Read our full, actionable report on Duolingo here, it’s free.
Market Update
Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?
These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.
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