Uber Technologies Inc. CEO Tara Khosrowshahi spoke during an interview in San Francisco on Tuesday, December 14, 2021.
David Paul Morris | Bloomberg | Good pictures
Uber Report a Second quarter loss On Tuesday, however, earnings beat analyst estimates.
Shares of Uber rose 14% in premarket trading.
Here are the key numbers:
- Loss of a share: $1.33, not comparable to estimates.
- Revenue: between $8.07 billion and $7.39 billion, according to a survey of Refinitiv analysts.
The company posted a net loss of $2.6 billion in the second quarter, of which $1.7 billion was attributed to disinvestments and revaluation of Aurora, Grab and Zomato stakes.
But CEO Tara Khosrowshahi said Uber continues to benefit from an increase in on-demand traffic 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 had provided in the first quarter. Total bookings of $29.1 billion were up 33% year over year from $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 (Total Booking): $13.4 billion, up 57% from a year ago in constant currency.
Delivery (total booking): $13.9 billion, up 12% from a year ago in constant currency.
Uber has relied heavily on growth in its Eats delivery business during the pandemic, but its mobility division has outpaced Eats revenue. In the first quarter Riders started taking more trips.
That trend continued in the second quarter as well. Its movement segment generated revenue of $3.55 billion, compared to delivery’s $2.69 billion. Uber’s freight division posted revenue of $1.83 billion in the quarter. The revenue does not include additional taxes, tolls and charges of bulk bookings.
Despite rising fuel prices in the quarter, Uber said its drivers and couriers were making more money than before the pandemic, and it saw an acceleration in active and new driver growth.
“As a result in July, surge and wait times were near one-year lows in many markets, including the U.S., and our mobility category levels were at or near multi-year highs in the U.S., Canada, Brazil and Australia,” Uber said in a release.
Uber recently announced new changes to help with that Attracting and retaining drivers continues. For example, they can choose the trips they want and see how much they will earn before they accept a trip.
The company recorded 1.87 billion trips on the platform this quarter, up 9% from last quarter and up 24% year over year. Monthly active platform users reached 122 million, a 21% year-over-year increase. Drivers and couriers earned a combined $10.8 billion in the quarter, up 37% year over year.
Uber has benefited from the resurgence of travel. Airport gross bookings have reached pre-pandemic levels, with total mobility accounting for 15% of gross bookings, up 139% year-on-year.
For the third quarter, Uber expects gross bookings of $29 billion to $30 billion and adjusted EBITDA of $440 million to $470 million.
Khosrowshahi of CNBC’s “Noise in the street“At 9 a.m. ET.
