Uber topped second-quarter Wall Street estimates for revenue and profit on Tuesday, bolstered by a high demand for rides as employees returned to in-office work at near pre-pandemic levels.
Revenue jumped 16% to $10.70 billion, above LSEG analysts’ expectations of $10.57 billion.
Gross bookings spiked 19% to $39.95 billion, beating LSEG analysts’ expectations of $39.68 billion.
Uber raked in adjusted earnings of $1.60 billion, above analysts’ estimates of $1.51 billion.
“The Uber consumer has never been stronger – more people are using the platform, and more frequently, than ever before – while drivers and couriers earned a new all-time high of $17.9 billion over the quarter,” CEO Dara Khosrowshahi said in a statement.
Uber shares more than 6% after the upbeat earnings report.
Revenue from the ride-sharing segment, which is its largest, grew 25% to $6.13 billion, topping LSEG analysts’ estimates of $5.94 billion.
Uber said its partnerships with grocery delivery service Instacart and stores like Costco, The Vitamin Shoppe and Save A Lot lifted revenue to $3.29 billion, below estimates of $3.32 billion.
“While there have been some concerns about consumer spend on restaurants and delivery, we are not seeing any impact today,” Khosrowshahi said.
The California-based company forecast third-quarter gross bookings between $40.25 billion and $41.75 billion and earnings between $1.58 billion and $1.68 billion, both in-line with analysts estimates.
“We would expect forward gross bookings and EBITDA estimates to rise modestly based on Q2 results and the Q3 guide,” Evercore ISI lead analyst Mark Mahaney said.
Rival ride-share app Lyft is expected to report its second-quarter earnings on Wednesday.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
