Dara Khosrowshahi, CEO of Uber Technologies Inc., speaks during an interview in San Francisco, Tuesday, Dec. 2, 2019. 14, 2021.
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Shares of Uber rose 13% in premarket trading.
These are the key numbers:
- Loss per share: $1.33, not comparable to estimates.
- Income: $8.07 billion vs. An estimated $7.39 billion, according to a Refinitiv survey of analysts.
The company reported a net loss of $2.6 billion in the second quarter, of which $1.7 billion was attributed to investments and a revaluation of stakes in Aurora, Grab and Zomato.
But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from a surge in on-demand ride-hailing and a shift in spending from retail to services.
The company reported Adjusted EBITDA of $364 million, up from the $240 million to $270 million range it provided in the first quarter. Gross bookings of $29.1 billion were up 33% year over year and in line with its guidance of $28.5 billion to $29.5 billion.
Here’s how Uber’s largest business segments performed in Q2 2022:
Mobility (gross bookings): $13.4 billion, up 57% from a year ago in constant currency.
Delivery (gross reserves): $13.9 billion, up 12% from a year ago in constant currency.
Uber relied heavily on the growth of its Eats delivery business during the pandemic, but its mobility segment outpaced Eats revenue in the first trimester as horsemen began to make more trips.
That trend continued through the second quarter. Its mobility segment reported $3.55 billion in revenue, compared to $2.69 billion in delivery. Uber’s cargo segment delivered $1.83 billion in revenue for the quarter. Revenue does not include taxes, tolls, and additional fees on gross bookings.
Despite the rise in fuel prices during the quarter, Uber said it has more drivers and couriers earning money than before the pandemic, and saw an acceleration in the growth of new and active drivers.
“Driver engagement hit another post-pandemic high in the second quarter, and we saw acceleration in new and active driver growth in the quarter,” Khosrowshahi said in prepared remarks. “In the context of high gas prices globally, this is a resounding endorsement of the value drivers continue to see in Uber. As a consequence, in July, ramp up and wait times are near their lowest levels in a year in several markets, including the US, and our position in the Mobility category is at or near a multi-year high in the US, Canada, Brazil and Australia.”
Uber recently announced new changes that can help you keep attracting and keeping drivers. They will be able to choose the trips they want, for example, and they will be able to see how much they will earn before accepting a trip.
The company reported 1.87 billion trips on the platform during the quarter, up 9% from the previous quarter and 24% more than a year earlier. The platform’s active monthly consumers reached 122 million, up 21% year over year. Drivers and couriers earned a total of $10.8 billion during the quarter, up 37% year over year.
Khosrowshahi said on a call with investors that new driver registrations are up 76% year over year. He said more than 70% of drivers said inflation and cost of living played a role in their decision to join Uber.
Uber has also benefited from the resurgence of rides. He said the airport’s gross bookings had reached pre-pandemic levels, at 15% of total mobility gross bookings, up 139% year-over-year.
For the third quarter, Uber expects gross bookings between $29 billion and $30 billion and adjusted EBITDA of $440 million to $470 million.
Khosrowshahi will be on CNBC’s”squawking in the streetat 9 a.m. ET.