Uber earnings Q2 2022

Uber reported second quarter loss On Tuesday, however, it outperformed analysts’ revenue estimates and delivered $382 million in free cash flow for the first time.

Uber’s shares rose 14% in premarket trading.

Here are the key numbers:

• Loss per share: $1.33 does not compare to estimates.
• Revenues: $8.07 billion An estimated $7.39 billion, according to a Refinitiv analyst survey.

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

But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from the increase in on-demand transportation and the shift in spending from retail to services.

The company reported adjusted EBITDA of $364 million, beyond the $240 million to $270 million range provided by EBITDA in the first quarter. Gross bookings of $29.1 billion were up 33% year over year, in line with the forecast 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 bookings): $13.4 billion at constant currency, an increase of 57% compared to a year ago.

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

Uber relied heavily on growth in its Eats delivery business during the pandemic, but its mobility segment surpassed Eats revenue in the first quarter as riders begin to ride more.

This trend continued in the second quarter. The mobility segment reported revenue of $3.55 billion, compared to $2.69 billion in delivery. Uber’s freight segment generated $1.83 billion in revenue for the quarter. Revenue excludes additional taxes, tolls and fees from gross bookings.

Despite the increase in fuel prices during the quarter, Uber said it gained more drivers and couriers than before the pandemic and saw an acceleration in active and new driver growth.

In prepared statements, Khosrowshahi said, “Driver engagement hit another post-pandemic high in Q2, and we saw an acceleration in both active and new driver growth in the quarter.” Said. “Against rising gas prices globally, this is a strong confirmation that value drivers continue to be seen at Uber. As a result, volatility and wait times in various markets in July, including the US, are near their lowest levels in a year and Mobility category position at or near several-year highs in the US, Canada, Brazil and Australia.”

Uber recently announced new changes that could help it keep pulling and holding drivers. For example, they will be able to choose the trips they want and 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 last quarter and 24% year-over-year. Monthly active platform consumers reached 122 million, up 21% year-on-year. Drivers and couriers earned a combined $10.8 billion this quarter, up 37% year on year.

In a conversation with investors, Khosrowshahi said new driver registrations are up 76% year over year. 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 revival in travel. He said airport gross bookings increased by 139% compared to the previous year, reaching pre-pandemic levels with 15% of total mobility gross bookings.

For the third quarter, Uber expects between $29 billion and $30 billion in gross bookings and adjusted EBITDA of between $440 million and $470 million.

Khosrowshahi will be on CNBC”Squaw on the street” at 9 o’clock ET.