Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during an interview in San Francisco, Tuesday, Dec. 14, 2021.
David Paul Morris | Bloomberg | Getty Images
Uber reported a second-quarter loss on Tuesday, but beat analysts’ revenue estimates and posted $382 million in free cash flow for the first time ever.
Uber shares jumped 14% in premarket trading.
Here are the key numbers:
- Loss per share: $1.33, which is not comparable to estimates.
- income: $8.07 billion, compared with estimates of $7.39 billion, according to a survey of analysts by Refinitiv.
The company reported a net loss of $2.6 billion for the second quarter, of which $1.7 billion was attributable to investments and revaluation of stakes in Aurora, Grab and Zomato.
But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from an increase in on-demand rides 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 provided in the first quarter. Gross bookings of $29.1 billion were up 33% year-over-year and in line with forecasts 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, up 57% year-over-year in constant currency.
Shipping (booking amount): $13.9 billion, up 12% year-over-year in constant currency.
During the pandemic, Uber relied heavily on the growth of its Eats delivery business, but in the first quarter its mobility segment outpaced Eats’ profits as riders began taking more trips.
This trend continued in the second quarter. Its mobility segment reported $3.55 billion in revenue, compared with $2.69 billion in shipping. Uber’s trucking segment generated $1.83 billion in revenue for the quarter. Revenue does not include additional taxes, fees and gross booking fees.
Despite rising fuel prices during the quarter, Uber said it was earning more drivers and couriers than it did before the pandemic and saw an acceleration in active new driver growth.
“Driver engagement reached another post-pandemic high in the second quarter, and we saw an acceleration in growth in both active and new drivers in the quarter,” Khosrowshahi said. “Amid rising petrol prices around the world, this is strong confirmation that drivers still see value in Uber. Thus, in several markets, including the US, wait times were close to their lowest levels for the year in July. in the US, Canada, Brazil and Australia, our position in the Mobility category is at or near the top.”
Uber recently announced new changes that could help it continue to attract and retain drivers. For example, they will be able to choose the trips they want and will be able to see how much they will earn before agreeing to the trip.
The company reported 1.87 billion rides on the platform for the quarter, up 9% from last quarter and up 24% from last year. The monthly number of active users of the platform reached 122 million, which is 21% more than a year ago. Drivers and couriers earned a combined $10.8 billion in the quarter, a 37% year-over-year increase.
Uber has also benefited from the ride-hailing resurgence. It said gross airport bookings reached pre-pandemic levels and accounted for 15% of total mobility bookings, up 139% year-on-year.
In the third quarter, Uber expects gross bookings of $29 billion to $30 billion and adjusted EBITDA of $440 million to $470 million.
Khosrowshahi will be on CNBC’s “Squawk on the Street” at 9 a.m. ET.
Uber Q2 2022 earnings
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