Shopify Parlıyor ve Uber Reddediyor

Shopify Shines and Uber Declines

Motley Fool Staff, The Motley Fool

Mon, August 17, 2026 at 12:18 AM GMT+3 20 min read

In this episode of Motley Fool Hidden Gems Investing, Motley Fool contributors Travis Hoium, Lou Whiteman, and Rachel Warren discuss:

• Uber's results

• Disney's parks growth

• Where does ESPN go?

• Shopify's blowout

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A full transcript is below.

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Travis Hoium: It's earning season, and we're jumping in with both feet. Motley Fool Hidden Gems Investing starts now. Welcome to Motley Fool Hidden Gems Investing. I'm Travis Hoium, joined today by Lou Whiteman and Rachel Warren, and Rachel, we've got a lot of earnings to cover. We're going to get to Shopify, one of the stocks that I'm sure a lot of Foolish investors own. That's having a phenomenal day today. But we're going to start with Uber, not such a great day, down about 5% as we're recording early in the day. The numbers were terrible, 22% increase in the number of bookings, trips were up 18%. Revenue was only up 12%, but that was actually due to a little bit of an accounting change on the way that they account for the revenue. The bottom line is maybe a little bit more important, and that operating income at least was up 40%. What do you think Wall Street is having such a negative reaction for?

Rachel Warren: I honestly think that Wall Street and the market are being unnecessarily hard on Uber. They reached a major milestone, trailing 12 month free cash flow surpassed $10 billion for the first time ever. Gross bookings jumped 24% year over year. $58 billion total. The CEO noted that they had a wave of growth linked to the FIFA World Cup. There were more than 8 million tourists that utilized the Uber platform across the North American host cities. During the tournament, we saw in July that Uber's agreed to acquire Germany-based Delivery Hero in a nearly $15 billion deal. This is really important to expand their market share in International Food and Grocery delivery.

The thing that I'm really interested right now is the way in which they're investing in their AV labs division. Uber is committed to spending more than $10 billion over the coming years on this new division. Their CEO has said as the industry's moving from testing tech into mass market deployment, they really want to position their network as the commercialization engine for every player in the space. This is really interesting. I mean, we've seen the changing dynamic with Alphabet's Waymo. We had that announcement a little while ago that they're ending their exclusivity agreement in Atlanta and Austin by early 2028. Uber is really looking to mitigate any reliance on any single provider. In their earnings remarks today, management was talking about their rapid expansion with a UK-based company called Wave, which just secured critical private hire vehicle licenses to launch automated rides on Uber in London. They've got integrations with other companies like WeRide, AZooks, which, of course, is owned by Amazon Nuro. They also have a multi-year deal to put 10,000 custom Rivian R2 Robotaxis exclusive on the Uber network by 2028. I think there's a lot of exciting things happening with this company. I don't understand why the market is so hard on it.

Travis Hoium: Yeah. Lou, full disclosure, this is one of my bigger holdings because I think generally the market has this wrong disruption story is not necessarily going to come for Uber, and Rachel touched on at the autonomous vehicle story is really something I think a lot of investors are thinking about. But one of the numbers that stuck out to me is they're expecting to have ops autonomous operations up in 15 cities by the end of this year, with more in 2027. It seems like the strategy that Uber has laid out over the past year or two is really starting to come to fruition, and we may actually be reaching an inflection point, but does that just not matter right now?

Lou Whiteman: Well, I think we have to see it, and I mean, it's one thing to say it. It's another thing to actually do it. Go ahead and do it, and then see. I think, Look, maybe it's Tesla's fault, but I think there are a lot of people who want to see these Robotaxis out there and not just believe it's coming. I mean, look, with all respect, partnering with Rivian because Rivian's gonna be out by 2028. I'll probably take the over on that.

Travis Hoium: Yeah, Rivian does not actually have an autonomous vehicle, even in testing yet.

Lou Whiteman: Exactly. But yeah, I think that's where we are. I mean, what went wrong here? What's going on? I mean, I'll take the other side of the argument just to do it. They did miss on revenue. The guidance was underwhelming. Maybe that's accounting, maybe you can blame the analysts more than you can blame the company there, maybe, but it wasn't. They need to communicate that better or figure it out because I think the guidance was especially. I don't know, disappointing for Wall Street, but yes, this is a 35% revenue growth company drifting towards a 20 PE. Something has to give here. If you are right, and if we are just on the verge of this autonomous breakthrough, then yes, this is undervalued. If we're not, though, what is going on? This divorce with Waymo is getting messier by the day. They're trading potshots, apparently, Uber doesn't do a good enough job cleaning the cars now? Is that? I mean, this is when the relationship is over, and couples fight about stupid things; that's the level we're on. I mean, yes, the people came to the World Cup and used your vehicles. That's not sustainable. That's a novelty piece. There's a lot of noise, a lot of moving parts, and if they can actually come through and answer the biggest question out there. Is that where do you go in a post-Waymo world? If they can answer that with demonstrations, with facts and not projections, I think this would have been a great opportunity. If they don't, it's just going to keep drifting down the way it has.

Travis Hoium: Yeah, this will be an interesting one to watch. It reminds me a little bit of Alphabet a couple of years ago, when it was trading for mid-teens price-earnings multiple, which is about where Uber is today. If they do prove this as Alphabet proved that they were not going to be an AI loser, you could see not only that revenue growth continue at a 20% compound annual clip. That's another thing to keep in mind is this is still a company growing revenue at a rate that most companies are envy of. But that could also lead to multiple expansions and what you would call a re-rating of the stock. Maybe the stock is a 30 price-earnings multiple. That's where you get the big winners as investors. Definitely one that we'll be covering in the future. When we come back, we're going to get to the latest at Disney. You're listening to the Motley Fool Hidden Gems Investing.

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Travis Hoium: Welcome back to Motley Fool Hidden Gems Investing. Disney also reported this morning, and Wall Street seems to be a little bit happier with their results. The stock was up, at least early in trading. Revenue was up 7% for the quarter, segment operating income, which combines their three main segments, entertainment, sports and experiences was up 21%. But that was really driven, Rachel, by the experiences business. Revenue up 10% in experiences in the quarter, and operating income was up 20%. I can tell you from experience, I spent some money at these parks last quarter. A lot of them have major construction projects going on. Is this the business that can keep compounding as they build more cruise ships as they add more space to their parks? Maybe you keep compounding at double digits for the foreseeable future.

Rachel Warren: I think that's very much a possibility, and I think a lot of that goes back to the tech strategy that CEO Josh D'Amaro outlined more in this earnings call, which I'll get into in a minute. This was the first full quarter of earnings since he took the helm earlier this spring, and you noted some of those key numbers. Disney delivered 25.25 billion in revenue. Beat Wall Street profit forecasts, streaming operating income actually more than doubled from a year ago to 712 million. Their studio revenue was really anchored by the theatrical success of Toy Story 5. That crossed the $1 billion mark at the Global Box office. It's interesting.

There were a few updates. Disney is moving the vast majority of its consumer products and merchandising division out of the experiences segment. They announced this today. They're merging it directly under the studios umbrella. This is really designed to place physical retail licensing directly under the entertainment content creators really maximize their IP monetization efficiency there. They also are going to be selling their 50% stake in A&E Global Media to Hearst Corporation for $1.2 billion in cash, and Disney is going to give those proceeds right back to shareholders. They actually raised their share repurchase target for the year to about 9 billion.

But one of the things that really stuck out to me was Joshua outlined their strategy. It integrates AI as well as other tech investments, their proprietary tech and data system. They're really ramping up their tech infrastructure to streamline their imagine division global attraction pipeline. They're going to be utilizing advanced simulation and software tools to try to slash some of the park development timelines to enhance some of the digital-to-physical guest personalization. They talked about their proprietary AI that they're also utilizing in these roll outs. Interesting to see how this continues to be a really key focus under the leadership of Josh D'Amaro.

Lou Whiteman: I feel like I've seen this movie before. Is this just a sequel? Is this the third or fourth? I mean, is it a tired Marvel franchise? Because what you're telling me is the parks are great, and everything else is Nick. That's basically been the story for the last decade.

Travis Hoium: Yeah.

Lou Whiteman: Yeah, I mean, the beat is great. Because Toy Story 5 is a hit. Congratulations. All you need to do is have a blockbuster every quarter, and everything is fine.

Travis Hoium: They do have Spider-Man right now. I mean, that is a Marvel property, it's produced by Sony.

Lou Whiteman: Good. Maybe you can do it. But if the business plan is to, we're going to run the parks that are awesome and have a blockbuster every three months, I don't know about that. Looking around the portfolio, everywhere, sports missed because the NBA playoffs teams weren't good enough. The series didn't go long enough. This is just nothing works here but the parks, and yet, we're still supposed to look past this. If the parks is what works, figure out the parks and do the parks and get rid of the rest of it.

Travis Hoium: We've talked about this before.

Lou Whiteman: Yeah.

Travis Hoium: Should that be what we're looking for over the next, let's say a year, where maybe ESPN doesn't fit. By the way, they started reporting this sports business in a different segment under the theory that they would eventually spin it off, sell it, have an IPO. You now brought the NFL is one of the owners of that business. Doesn't that make sense? Maybe get rid of that at least under the Disney umbrella. Same thing with ABC and the cable business, which is a disaster for everybody.

Lou Whiteman: But that's not enough. Yeah. Comcast tried that, and they learned that's not enough. If you want to be bold here, and we've talked about this before, Netflix is out there searching for content. Work out a deal with Netflix. Let Netflix take over your streaming, get a perpetual license on the IP, and just run the thing for the parts that work with the assets you have, figure out a way to do this. Look, congratulations. The stock is up, so it's still, flat for the last ten years. They're buying back stock. It's how is Disney's share count up 10% over the last, so far this decade? I know some of that is deal-making, but nothing about this is exciting. It's the same thing every month or every quarter, it's either a beat or a miss and promise of the future based on whether or not the latest movie was a hit or not, and by the way, the parks remain awesome. Figure out how to focus on those parks remaining awesome and monetize the heck out of that and find a better answer for everything that isn't working, as well.

Travis Hoium: Does seem to be slowly where Disney is going. It's just focusing on the parks. That's why Josh D'Amaro who was running the parks was promoted to CEO. We'll see if any of these other deals that Lou is suggesting end up happening. When we come back, we're going to get to a huge quarter from Shopify. You're listening to Motley Fool Hidden Gems Investing.

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Travis Hoium: Welcome back to Motley Fool Hidden Gems Investing. Shopify, probably a stock that is in a lot of people's portfolios, listening to this show, and they had a phenomenal quarter. Revenue was up 34%. Free cash flow margin increased a couple of percentage points to 18%. Management expects over 30% growth next quarter. What's psych out to you, Rachel?

Rachel Warren: Yeah. I mean, the market seemed to be happy. The stock was up more than 20% in early trading. I'll also note their operating income jumped 68% in the quarter. It's interesting, as well. I mean, I think this was a surprise for a lot of investors. Now, I'll note, I'm a long-term shareholder of Shopify. This is a business I've generally been bullish on, so just a bit of a disclaimer as I get into my discussion here. But I mean, we've seen Shopify shares be facing investor higher this year. I think a lot of the market has been worried free AI tools for small businesses from the likes of Meta would steal Shopify's customers. I think there's been a lot of concern about how they're going to succeed in the age of AI. But we saw their gross merchandise volume jumped 32% in the quarter, and Shopify has really been leveraging a lot of AI tools for their merchants, and it is really leading to significant growth for them, because, of course, when their merchants succeed, so do Shopify's platform, their merchant services climbed to just shy of $3 billion for the quarter software subscription revenue reached more than $800 million. Shopify they have a built-in AI assistant called Sidekick, and it's not just for writing basic texts or emails. If you're a merchant, I can actually run your business operations behind the scenes.

Merchants are using Sidekick to perform complex data analysis, maybe they want to find who their highest spending buyers are and cater toward them, it can write code, create back end automations right inside the dashboard. This is really where I think a lot of the value is in these AI tools when you look at a company like Shopify, it's helping their merchants sell better, be more profitable. Of course, that leads to better growth for Shopify. They are preparing for a world where humans use AI bots or agents to do their shopping for them. We've talked about this on the show earlier in the year. I'm still a bit skeptical that people are actually going to use AI agents to do their shopping. But that's the pitch that Management is putting forward here. They've really, we've seen integrations with ChatGPT, Gemini. We'll see how that looks as we get into the coming months and years. But bottom line, this was a fantastic quarter for the business. I think it underscores the strength of their platform, that value proposition that they're providing just small businesses, but also larger companies around the world, and it's leading to really record profits and revenue for them.

Lou Whiteman: Yeah, I mean, it was a fantastic quarter. Gross march volume, it was impressive. I don't know what to make of that, though. Is that a macro sign or a company specific sign somewhere in between, probably. But look, revenue up 33%, free cash flow, up 50%. They're doing great. We're still not back to where we were in December, though, even with this huge gain today. I owned the stock. I haven't been tempted to buy it, because I'll be honest, I don't know if I buy the bear case, but I understand the bear case. The bear case is the law of large numbers is beginning to catch up that there are only so many retailers out there with churn and that this is settling into being a dominant business in its field, but it's not going to be the story it was for the first decade. We're not there yet, and long maybe not. They've done some pretty good things just moving upstream. But I do respect the bear case enough that I'm personally just holding on to my shares. I don't know. Today, that looks like a bad move. Maybe there's a lot more growth to come than I'm giving him credit for.

Travis Hoium: This does seem to be one of the areas where the debate over if artificial intelligence is a sustaining innovation or disruptive innovation is playing out, and it certainly looks like building these tools into Shopify is going to be a sustaining innovation for them, rather than just people vibe coding websites and apps from Claude or whatever. It just seems like having that infrastructure is so valuable, especially when you're not talking about a huge subscription dollar. If you're running a website, screwing up one thing is not worth trying to vibe code it yourself when you can just build on Shopify and have more reliability. But we'll see how that plays out. The AI tools living in some of these bigger companies could have an impact on how this AI investment plays out in the future.

As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows The Motley Fool's editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our show notes. For Rachel Warren, Lou Whiteman, and Dan Boyd behind the glass, I'm Travis Hoium. We'll see you here tomorrow.

Lou Whiteman has positions in Shopify. Rachel Warren has positions in Alphabet, Amazon, and Shopify. Travis Hoium has positions in Alphabet, Shopify, Uber Technologies, and Walt Disney and has the following options: long December 2027 $5 puts on Rivian Automotive. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Netflix, Shopify, Tesla, and Walt Disney. The Motley Fool recommends Comcast and Uber Technologies. The Motley Fool has a disclosure policy.

Shopify Shines and Uber Declines was originally published by The Motley Fool