DoorDash’s call has been going for about 20 minutes and they’ve seen a massive reversal during the call.
Share are now up nearly 10% after being down 10% shortly after announcing earnings.
Figma shares are fading some, but holding onto gains and still up 13%.
eBay is continuing to rise and is currently up 7.5%.
The bottom line: It’s an impressive night for Internet and technology stocks with the biggest names reporting tonight all up big.
DoorDash shares just surged off the bottom and are now flat (they were down as much as 10% earlier). The company’s earnings call hasn’t started yet, so its unclear what just flipped sentiment.
We’ll continue monitoring for news why this big sentiment shift just happened.
Tonight’s tech earnings delivered several under-the-radar surprises that explain the divergent after-hours moves beyond headline beats and misses.
eBay’s Q1 2026 revenue guidance of $3.025 billion at the midpoint represents a massive step-up from Q4’s $2.9 billion—sequential growth that wasn’t expected given typical seasonal patterns. The adjusted EPS guidance of $1.56 similarly came in above analyst expectations, suggesting margin expansion is accelerating faster than analysts modeled.
While DoorDash missed on headline numbers, the company had previously authorized a $5 billion buyback program and provided Q1 marketplace GOV guidance above consensus. This explains why shares recovered from initial after-hours lows as investors digested the capital return commitment alongside continued volume growth, offsetting near-term profitability concerns.
Here are some figures that are catching our eyes as we review each earnings report:
Figma
DoorDash
Shares were down as much as 10%, but are now bouncing back.
eBay
Shares are now up 7% and we can see why, these earnings were outstanding.
We just provided an immediate reaction to each tech stock’s earnings after-hours.
Here’s a quick update.
Another stock in the broader tech space is Booking Holdings, which is up about 1% after-hours.
Generally, it’s been a good night for Internet companies. However, that’s of little solace to DoorDash investors, which is the stock getting hammered the most after hours.
Here’s a summary of what we have:
eBay
Shares are up 3.4%.
DoorDash
Shares are down 5% immediately after release.
Figma
Shares are soaring, up 15%
We’re expecting earnings from all three companies at about 4:05 p.m. ET.
As a reminder, simply stay on this page and new updates will appear automatically. We’ll post commentary for each stock (and results) as well as providing broader stock market analysis.
Prediction markets have a very different look at both DoorDash and eBay.
As of 3:24 p.m. ET, prediction markets are placing just 16% odds that DoorDash beats earnings. Its wroth noting this is a bet on GAAP earnings.
Last quarter DoorDash beat adjusted earnings and missed on GAAP earnings.
Markets are much more favorable to eBay, placing 91% odds on the company beating adjusted earnings of $1.35 per share.
Live coverage has ended. The full story is below.
DoorDash (Nasdaq: DASH | DASH Price Prediction), Figma (NYSE: FIG) and eBay (Nasdaq: EBAY) all report calendar Q4 2025 earnings tonight after the close. The companies represent starkly different corners of the internet economy: one powering local delivery at scale, another reinventing a 30-year-old marketplace with AI, and a third a recent SaaS IPO.
Yet, each stock has been under the same pressure recently. Fears around AI disruption have sent each of these company’s stock south. We’ll be watching each company’s earnings report tonight to see if they can bounce back from the recent sell-off.
DoorDash enters tonight’s report with shares down 23% year-to-date after a volatile start to 2026. The company guided for fourth quarter Marketplace GOV between $28.9 billion and $29.5 billion, with Adjusted EBITDA of $710 million to $810 million.
Last quarter delivered a mixed message. Revenue of $3.45 billion beat the $3.36 billion consensus and adjusted EPS of $1.28 beat expectations. Yet, GAAP EPS fell short of consensus. Total orders hit 776 million, up 21% year-over-year, while Marketplace GOV climbed 25% to $25 billion.
I’ll be watching whether DoorDash can show that its Deliveroo integration is paying off without dragging margins. The company said Deliveroo would contribute roughly $45 million to fourth quarter Adjusted EBITDA. You should also look at whether international expansion is accelerating or becoming a margin drag.
Prediction markets show skepticism. Polymarket traders are pricing in just a 23% probability that DoorDash beats consensus EPS estimates tonight. That’s notably lower than the conviction heading into last quarter’s report, which saw higher trading volume and ultimately resolved as a beat.
eBay’s stock is down 5% year-to-date but up 20% over the past year. The company guided for fourth quarter revenue between $2.83 billion and $2.89 billion, with non-GAAP EPS of $1.31 to $1.36.
Third quarter results beat on both lines. Revenue of $2.82 billion topped the $2.73 billion estimate, while non-GAAP EPS of $1.36 beat $1.33. GMV climbed 10% to $20.1 billion. But here’s the problem: operating income fell 3% year-over-year to $576 million despite revenue growth.
CEO Jamie Iannone framed the quarter around AI transformation. “We’re transforming the eBay experience through AI built on 30 years of unique insights, while enhancing trusted programs in shipping, live commerce and circular fashion,” he said on the call. The company integrated with Apple’s Visual Intelligence and expanded its Authenticity Guarantee program into the U.K.
I’ll be watching whether eBay can show that AI-powered listing tools are driving GMV reacceleration and improving take rates. The company has beaten EPS estimates for six consecutive quarters, but margin compression remains a concern. Management returned $757 million to shareholders last quarter through buybacks and dividends, which shows confidence but doesn’t solve the operating leverage question.
Figma (NYSE: FIG) reports fourth-quarter fiscal 2025 earnings tonight after the close. The collaborative design software platform went public via IPO and has since attracted bullish attention from analysts who see it as a rare AI-ready software winner. Wells Fargo favors Figma as an AI software play for 2026, and RBC predicts growth for AI-ready software firms like Figma as enterprise spending stabilizes. After a brutal year that saw shares fall 79% over the past 12 months, tonight’s report could reset the narrative or confirm investor fears about valuation and execution.
Consensus estimates for the quarter are revenues of $293 million and adjusted EPS of $.06.
In Q3 fiscal 2025, analysts estimated EPS of $0.05 and revenue of roughly $263.4 million. Management guided Q4 revenue to $292 to $294 million, representing 35% year-over-year growth at the midpoint. Full-year fiscal 2025 revenue guidance was raised to $1.044 to $1.046 billion, up 40% year-over-year. Investors will be watching whether Figma can sustain that momentum while managing the profitability pressures that plagued fiscal 2024.
Key metrics beyond the income statement matter more for this stock. Net dollar retention for customers spending over $10,000 in annual recurring revenue hit 131% in Q3, up 2 points quarter-over-quarter. The company crossed $1 billion in annual revenue run rate last quarter and added over 1,000 customers spending $10,000 or more in ARR during Q3 alone.
Expect analysts to focus on whether those expansion metrics held up through year-end.
All three companies face the same test: proving they can be winners in a market selling off any perceived weakness.
DoorDash needs to show that its expansion into grocery, retail, and international markets isn’t just burning cash. eBay needs to prove that its AI reinvention can drive margin expansion, not just revenue growth. The market will be listening closely to guidance and management tone on both calls.
Contact [email protected] for any questions or corrections.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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