Goldman Sachs recently released its earnings recap for the TMT sector, highlighting key takeaways from the quarterly reports of leading companies in the space. The sector performed exceptionally well, with growth and profitability exceeding expectations across the board. In this blog post, we’ll dive deeper into the performance of each company and what drove their success.

Dash had a remarkable quarter, with its GOV (Gross Order Value) growing by 36% year-over-year (YoY). This impressive growth was driven by strong membership in its DashPass service, which now has over 10 million members. The company also reported an acceleration in US restaurant GOV, supported by its investments.

The company’s adj. EBITDA beat both in Q2 and with the Q3 guide above Street expectations. This was driven by better than expected improvements in unit economics across the business, including ads, subtotals, and Deliveroo. Additionally, Grocery & Retail continued to improve profitability and is on track to become gross profit positive in 2H26.

While Dash management highlighted early operational benefits from the new global tech platform, they also noted that the company will continue to incur incremental investment throughout the complete rollout (expected in 1H27), which may pressure margins in the near term. However, this investment is consistent with prior guiding commentary, and management remains optimistic about the long-term potential of the business.

Ebay reported a guidance for 3Q GMV (Gross Merchandise Value) growth of 7-9% YoY, with FXN (Foreign Exchange Neutral) organic growth at +14% YoY in the first half of the year. The company’s stock price increased by 1% in premarket trading following the announcement.

Etsy reported an EBITDA beat at $195mn, versus consensus of $182mn. The company also guided 3Q GMS (Gross Merchandise Sales) growth of +4-6% YoY for Etsy Marketplace. Additionally, the company announced a $2bn buyback program.