Income from Uber within the second quarter of 2022

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during an interview in San Francisco, on Tuesday, December 14, 2021.

David Paul Morris | Bloomberg | beautiful pictures

Uber report a second quarter loss on Tuesday but beat analysts’ estimates for revenue and posted $382 million in free cash flow for the first time.

Shares of Uber rose 12% in pre-market trading.

Here are the key numbers:

  • Loss per share: $1.33, not comparable to the estimate.
  • Turnover: $8.07 billion versus $7.39 billion estimated, according to a Refinitiv survey of analysts.

The company reported a net loss of $2.6 billion in the second quarter, $1.7 billion of which was due to investments and revaluation of shares in Aurora, Grab, and Zomato.

However, CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from an increase in on-demand transportation 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 offered in the first quarter. Total bookings were $29.1 billion, up 33% year-over-year and matching forecasts of $28.5 billion to $29.5 billion.

Here’s how Uber’s largest businesses performed in Q2 2022:

Mobility (total bookings): $13.4 billion, up 57% from a year ago, in constant currency.

Delivery (total bookings): $13.9 billion, up 12% from a year ago, in constant currency.

Uber relies heavily on growth in its food delivery business during the pandemic, but its mobile business has outstripped Eats revenue. in the first quarter as the riders started making more rides.

That trend continued in the second quarter. Its mobile division reported revenue of $3.55 billion, compared with $2.69 billion for delivery. Uber’s freight division brought in $1.83 billion in revenue for the quarter. Revenue does not include additional taxes, tolls and fees from bookings.

Despite the increase in fuel prices during the quarter, Uber says it has more drivers and transportation workers making money than it did before the pandemic, while also seeing an increase in driver growth. new and dynamic.

“Driver engagement hit another post-pandemic high in Q2 and we saw acceleration in both active and new driver growth in the year,” Khosrowshahi said. this quarter,” Khosrowshahi said in prepared remarks. “Amid soaring global gas prices, this is a resounding endorsement of the value drivers continue to see in Uber. As a result, in July, wait and wait times rose to near their lowest levels in history. year in several markets, including the US, and our Mobile Catalog Location is at or near multi-year highs in the US, Canada, Brazil and Australia.”

Uber recently announced new changes that could help continue to attract and keep drivers. For instance, they will be able to choose the trips they want and can see how much they will earn before accepting one.

The company reported 1.87 billion trips on the platform during the quarter, up 9% from the previous quarter and up 24% from the same period last year. Monthly active platform consumers reached 122 million, up 21% year-on-year. Drivers and couriers earned a combined $10.8 billion in the quarter, up 37% year-over-year.

Khosrowshahi said on a call with investors that new driver registrations were up 76% year over year. He said more than 70% of drivers said inflation and cost of living played a part in their decision to join Uber.

Uber also benefits from a resurgence in the travel industry. It said total airport bookings had reached pre-pandemic levels, at 15% of total travel bookings, up 139% year-on-year.

For the third quarter, Uber expects total bookings of $29 billion to $30 billion, and adjusted EBITDA from $440 million to $470 million.

Khosrowshahi will be on CNBC’s”Squawk on the street“at 9 a.m. ET.

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