David Paul Morris | Bloomberg | Getty Images Uber reported a second-quarter loss on Tuesday, but beat analysts’ estimates for revenue. Uber shares rose 10% in premarket trading. Here are the key numbers:
Loss per share: $1.33, missing estimates. Revenue: $8.07 billion versus $7.39 billion estimated, according to a Refinitiv survey of analysts.
The company reported a net loss of $2.6 billion for the second quarter, of which $1.7 billion was attributable to investments and revaluation of stakes in Aurora, Grab and Zomato. But CEO Dara Khosrowshahi said Uber continues to benefit from the growth of on-demand transportation and a shift in spending from retail to services. The company reported adjusted EBITDA of $364 million, ahead of the $240 million to $270 million range it provided in the first quarter. Gross bookings of $29.1 billion were up 33% year over year and in line with its forecast of $28.5 billion to $29.5 billion. Uber posted $382 million in free cash flow. Here’s how Uber’s biggest business segments performed in the second quarter of 2022: Mobility (gross bookings): $13.4 billion, up 57% from a year ago in constant currency. Delivery (gross bookings): $13.9 billion, up 12% from a year ago in constant currency. Uber relied heavily on the growth of its Eats delivery business during the pandemic, but its mobility division outpaced Eats’ revenue in the first quarter as riders began taking more trips. This trend continued in the second quarter. The mobility division reported revenue of $3.55 billion, versus delivery of $2.69 billion. Uber’s freight division delivered $1.83 billion in revenue for the quarter. Revenues do not include additional taxes, tolls and fees from gross deductions. Despite rising fuel prices during the quarter, Uber said it had more drivers and couriers making money than before the pandemic and saw an acceleration in active and new growth. “Consequently, in July, ramp and wait times are near one-year lows in many markets, including the U.S., and our position in the Mobility category is at or near multi-year highs in the U.S., Canada, Brazil and Australia,” Uber said in a statement. Uber recently announced new changes that may help it continue to attract and retain drivers. They’ll be able to choose the trips they want, for example, and they’ll be able to see how much they’ll earn before accepting a trip. The company reported 1.87 billion trips on the platform during the quarter, up 9% from the previous quarter and up 24% year over year. Monthly active platform consumers reached 122 million, up 21% year-on-year. Drivers and couriers earned a combined $10.8 billion during the quarter, up 37% year-over-year. Uber also benefited from the travel resurgence. It said gross airport bookings reached pre-pandemic levels at 15% of total gross mobility bookings, up 139% year-on-year. For the third quarter, Uber expects gross bookings between $29 billion and $30 billion and adjusted EBITDA of $440 million to $470 million. Khosrowshahi will be on CNBC’s “Squawk on the Street” at 9 a.m. ET.
