Dara Khosrowshahi, CEO of Uber Technologies Inc., during an interview in San Francisco on Tuesday, December 12. 14, 2021.
David Paul Morris | Bloomberg | Getty Images
Uber shares rose 14% in premarket trading.
Here are the key numbers:
- Loss per share: $1.33, which is not comparable to estimates.
- Income: $8.07 billion, up from $8.07 billion. Refinitiv’s analyst poll puts the value at $7.39 billion.
The company reported a net loss of $2.6 billion for the second quarter, of which $1.7 billion was attributable to investments and repricing of stakes in Aurora, Grab and Zomato.
But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from increased on-demand transportation and cost shifts from retail to services.
The company reported Adjusted EBITDA of $364 million, above the $240 million to $270 million range reported in the first quarter. Gross orders of $29.1 billion are up 33% year-over-year and are in line with forecasts of $28.5 billion to $29.5 billion.
Here’s how Uber’s largest business segments performed in the second quarter of 2022:
Mobility (gross orders): $13.4 billion, up 57% from a year ago in constant currency.
Delivery (gross orders): $13.9 billion, up 12% from a year ago in constant currency.
Uber has relied heavily on the growth of its Eats delivery business during the pandemic, but its mobile segment has outperformed Eats in revenue. in the first quarter as riders began to make more trips.
This trend continued in the second quarter. Its mobile segment reported $3.55 billion in revenue compared to $2.69 billion for delivery. Uber’s freight segment generated $1.83 billion in revenue for the quarter. Revenue does not include additional taxes, duties and fees from gross bookings.
Despite rising fuel prices during the quarter, Uber said it has more drivers and couriers making money than it did before the pandemic and is seeing active and new driver growth accelerating.
“Driver engagement reached another post-pandemic high in the second quarter, and we saw an acceleration in the growth of both active and new drivers this quarter,” Khosrowshahi said. “Against the backdrop of rising gas prices around the world, this is strong confirmation that Uber continues to see cost drivers. Consequently, in July, the surge and expectation time is approaching the lowest level of the year in several markets, including the US and the US. our position in the Mobility category is at or close to multi-year highs in the US, Canada, Brazil and Australia.”
Uber recently announced new changes that could help it continue to attract and retain drivers. For example, they will be able to choose the trips they want and will be able to see how much they will earn before agreeing to a trip.
The company reported 1.87 billion rides on the platform during the quarter, up 9% from last quarter and up 24% from last year. The platform’s monthly active users reached 122 million, up 21% from last year. Drivers and couriers earned a total of $10.8 billion in the quarter, up 37% year-over-year.
Uber has also benefited from the travel renaissance. It says total airport bookings have reached pre-pandemic levels and accounted for 15% of total bookings, up 139% from last year.
Uber expects third-quarter gross orders to be between $29 billion and $30 billion and adjusted EBITDA of $440 million to $470 million.
Khosrowshahi will be on CNBCScreaming in the street“At 9 a.m. ET.