Uber CEO Dara Khosrowshahi speaks on CNBC’s Squawk Box at the World Economic Forum Annual Meeting on January 17, 2024 in Davos, Switzerland.
Adam Galich | CNBC
Uber Second-quarter results reported Tuesday beat Wall Street expectations. The stock rose about 4% in premarket trading.
Here’s how the company’s results as of June 30 compare to analysts’ expectations:
- Earnings per share: 47 cents, compared with LSEG’s expected earnings of 31 cents
- income: US$10.7 billion, compared with US$10.57 billion expected by LSEG
Uber said in a report that revenue grew 16% from $9.23 billion in the same period last year. Press release. The company’s operations segment reported a 23% increase in gross bookings to $20.6 billion. Total delivery bookings increased 16% to $18.1 billion, while the freight segment was flat at $1.27 billion.
CEO Dara Khosrowshahi said the company expects to grow about 20% in the second quarter as its core mobile business is expected to continue to expand and the frequency of food orders and travel through membership subscribers increases. .
Uber expects third-quarter bookings to reach $40.25 billion to $41.75 billion. The midpoint of the range was $41 billion, missing the average estimate of $41.18 billion, according to StreetAccount. The company forecast adjusted earnings of $1.58 billion to $1.68 billion, with the midpoint slightly above the average estimate of $1.62 billion.
In the second quarter, Uber’s “Monthly Active Platform Consumers” (MAPC) reached 156 million, and the number of trips taken through the Uber platform reached 2.77 billion. This compares with 137 million MAPC and 2.28 billion trips in the same period last year.
Uber also reported a net profit of $1.02 billion for the quarter, including a $333 million pre-tax gain from the “revaluation of Uber’s equity investment.”
In May, the company announced a partnership with Instant shopping cart This will add a “Restaurants” tab to the grocery delivery app, allowing its users to order from restaurants and have them delivered by Uber Eats.
Last month, Chinese electric vehicle maker BYD and Uber announced a partnership to provide Uber drivers with about 100,000 electric vehicles starting in Europe and Latin America. Uber said on Tuesday that the two companies also plan to “collaborate on the development of future BYD self-driving vehicles deployed on the Uber platform.”
While BYD cars are not for sale or available for lease in the U.S., Uber has created a range of other incentives and options to incentivize drivers to use Tesla and other battery-electric vehicles, rather than gasoline-powered vehicles.
Bank of America research analysts said in a report on July 31 that they expect Uber executives to discuss the future impact of self-driving cars or robotaxi services during the conference call, and indicate whether reduced consumer spending on restaurants and travel will Impact on Uber’s overall booking volume.
As of Monday’s close, Uber’s stock price fell 5% for the year, closing at $58.48.
