Uber Technologies 2Q Revenue Climbs on Delivery Growth

Dow Jones
08/05
 

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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