As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the online marketplace industry, including LegalZoom (NASDAQ: LZ) and its peers.

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 Q4. As a group, revenues beat analysts’ consensus estimates by 1.5% while next quarter’s revenue guidance was in line.

While some online marketplace stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.7% since the latest earnings results.

LegalZoom (NASDAQ: LZ)

Founded by famous lawyer Robert Shapiro, LegalZoom (NASDAQ: LZ) offers online legal services and documentation assistance for individuals and businesses.

LegalZoom reported revenues of $190.3 million, up 17.7% year on year. This print exceeded analysts’ expectations by 3.1%. Overall, it was a strong quarter for the company with full-year EBITDA guidance exceeding analysts’ expectations and an impressive beat of analysts’ EBITDA estimates.

“LegalZoom is built for where the market is going. AI is transforming how legal work starts, which is opening up new markets. We are winning by delivering customers to the finish line with trust, judgment, and execution,” said Jeff Stibel, Chairman and Chief Executive Officer of LegalZoom.

LegalZoom delivered the weakest full-year guidance update of the whole group. The company reported 1.94 million users, up 9.8% year on year. Unsurprisingly, the stock is down 10.6% since reporting and currently trades at $6.30.

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

Best Q4: eBay (NASDAQ: EBAY)

Originally known as the first online auction site, eBay (NASDAQ: EBAY) is one of the world’s largest online marketplaces.

eBay reported revenues of $2.97 billion, up 15% year on year, outperforming analysts’ expectations by 3%. The business had an exceptional quarter with revenue guidance for next quarter exceeding analysts’ expectations and EPS guidance for next quarter beating analysts’ expectations.

The market seems happy with the results as the stock is up 10% since reporting. It currently trades at $90.38.

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

Weakest Q4: 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 $220.2 million, down 12% year on year, falling short of analysts’ expectations by 12.7%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EBITDA estimates.

Shutterstock delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 3.4% since the results and currently trades at $16.69.

Read our full analysis of Shutterstock’s results here.

ACV Auctions (NYSE: ACVA)

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

ACV Auctions reported revenues of $183.6 million, up 15.1% year on year. This number surpassed analysts’ expectations by 0.9%. However, it was a slower quarter as it logged EBITDA guidance for next quarter missing analysts’ expectations significantly and revenue guidance for next quarter slightly missing analysts’ expectations.

The stock is down 17.2% since reporting and currently trades at $4.71.

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

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 $992 million, up 12.3% year on year. This result topped analysts’ expectations by 2%. It was a strong quarter as it also logged a solid beat of analysts’ EBITDA estimates and a decent beat of analysts’ revenue estimates.

The stock is up 11.6% since reporting and currently trades at $37.08.

Read our full, actionable report on Instacart 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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