Uber Technologies 2Q Revenue Climbs on Delivery Growth

Dow Jones
Aug 05
 

Uber Technologies notched higher revenue in the latest quarter, driven by growth in its delivery business as the company continues to grow volumes and active users.

The ride-hailing company on Wednesday posted a second-quarter profit of $2.39 billion, or $1.17 a share. That compares with $1.36 billion, or 63 cents a share, a year earlier.

The recent quarter included a roughly $1.6 billion net pretax benefit tied to revaluations of Uber's equity investments, the company said.

Stripping out one-time items, earnings were 81 cents a share. Analysts polled by FactSet expected adjusted earnings of 80 cents a share.

Quarterly revenue climbed 12% to $14.19 billion, compared with Wall Street models for $14.24 billion. Revenue from Uber's mobility unit ticked up 1% to $7.36 billion, while the company's delivery business logged revenue of $5.24 billion, up 28% from last year.

Trips rose 18% from last year's comparable quarter, to $3.9 billion, with a 16% increase in monthly active platform consumers.

Gross bookings jumped 24% to $58.02 billion, ahead of analyst views for $57.23 billion.

Chief Executive Dara Khosrowshahi said the company's platform advantage continues to compound, citing record consumers and engagement. "We've added more first-time users over the past 12 months than in any period over the past five years," he said.

Moving forward, the company will continue to invest its cross-platform strategy, accelerating its effort to build the world's largest platform for autonomous vehicles at a global scale, Khosrowshahi added.

For the current quarter, Uber forecast adjusted earnings of 84 cents to 88 cents a share, compared with analyst expectations for 87 cents a share. Gross bookings are projected to come in between $58.25 billion and $60.25 billion, compared with Wall Street models for $59.33 billion.

 
 

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