Let’s dig into the relative performance of Booking (NASDAQ: BKNG) and its peers as we unravel the now-completed Q2 consumer internet earnings season.

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 44 consumer internet stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.6% while next quarter’s revenue guidance was 3% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 7.8% since the latest earnings results.

Booking (NASDAQ: BKNG)

Formerly known as The Priceline Group, Booking Holdings (NASDAQ: BKNG) is the world’s largest online travel agency.

Booking reported revenues of $7.35 billion, up 8.1% year on year. This print exceeded analysts’ expectations by 2.2%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and solid growth in its bookings.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 18.5% since reporting and currently trades at $158.31.

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

Best Q2: 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 $119.8 billion, up 24.2% year on year, outperforming analysts’ expectations by 2.2%. The business had a stunning quarter with an impressive beat of analysts’ EPS estimates.

The market seems content with the results as the stock is up 1.2% since reporting. It currently trades at $346.10.

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

Weakest Q2: 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 $1.22 billion, down 18.5% year on year, falling short of analysts’ expectations by 5.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates.

Coinbase delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 14.9% since the results and currently trades at $187.89.

Read our full analysis of Coinbase’s results here.

Uber (NYSE: UBER)

Notoriously funded with $7.7 billion from the Softbank Vision Fund, Uber (NYSE: UBER) operates a platform of on-demand services such as ride-hailing, food delivery, and freight.

Uber reported revenues of $14.19 billion, up 12.2% year on year. This print was in line with analysts’ expectations. Aside from that, it was a mixed quarter as it failed to impress in some other areas of the business.

The company reported 208 million users, up 15.6% year on year. The stock is down 3.5% since reporting and currently trades at $69.50.

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

Amazon (NASDAQ: AMZN)

Founded by Jeff Bezos after quitting his stock-picking job at D.E. Shaw, Amazon (NASDAQ: AMZN) is the world’s largest online retailer and provider of cloud computing services.

Amazon reported revenues of $200.6 billion, up 19.6% year on year. This result topped analysts’ expectations by 2%. Overall, it was a very strong quarter as it also put up an impressive beat of analysts’ EPS estimates.

The stock is up 6.9% since reporting and currently trades at $251.86.

Read our full, actionable report on Amazon 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 Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.