Uber reports better than projected earnings and revenue for 2nd quarter

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  • For the third quarter Uber expects bookings of $40.25 billion to $41.75 billion compared with the $41.18 billion average estimate according to Street Account.
  • The company mobility unit reported a 23% increase in gross bookings to $20.6 billion
  • Uber reported earnings and revenue that topped estimates for 2nd quarter.

Revenue increased 16% from $9.23 billion a year. Uber add in a press release.

The company mobility unit reported a 23% increase in gross bookings to $20.6 billion.

Gross bookings rose 16% in delivert to $18.1 billion and flat in freight until at $1,27 billion.

Uber on Tuesday reported second-quarter earnings results that topped Wall Street estimates. The stock rose about 4% in premarket trading.

The company did for the period ending June 30 compared with what Wall Street was expecting based on survey of analysts by LSEG.

  • Revenue $10.7 billion vs $10.57 billion expected
  • Earnings per share 47 cents vs 31 cents expected.

In a note July 3! BOA research expert adds they expected Uber execs on the earnings call to speak about future impacts of autonomous vehicles or robotaxi services and say whether consumers lower spending on restaurants and travel broadly would affect Uber overall bookings.

CEO Dara Khosrowshahi had add the company expected almost 20% growth for the 2nd quarter based on anticipated continued expansion in its core business and rising frequency of orders for trips and food through its membership subscribers.

 Uber monthly active platform consumers or MAPC reached 156 million in the second quarter with 2.77 billion trips with Uber platform.
For the third quarter Uber expects bookings for $40.25 billion for $41.75 billion. The middle of the range $41 billion fell shy of $41.18 billion average estimate.
The company expects adjusted earnings of $1.58 billion to $1.68 billion with middle of range above the $1.62 billion average estimate.
Uber reported $1,02 billion in net income for quarter which included a $333 million pretax benefit from revaluations of Uber equity investments.
The company revealed a collaboration with Instacart that would add a restaurant tab to grocery delivery app.
enabling its users to order from restaurant and have deliveries fulfilled by Uber Eats.
In July Chinese EV maker BYD and Uber revealed a partnership to bring almost 100,000 EVs to Uber drivers starting in Latin American and Europe.
The companies plan to collaborate on future BYD autonomous capable vehicles to deployed on Uber platform.
BYD vehicles are not sold for lease in US. Uber has range of incentives and option in place to motivate drivers to use Tesla.
Uber share price was rise over 4% in premarket trading on Tuesday.
Various people returning to offices and stepping out of their homes ride sharing demand has got a climb over past multiple months benefitting companies like rival Lyft and Uber.
Improvements in airport rides and initiative like Uber Shuttle discounted subscription for students and pre scheduled shared rides assisted drive bookings.

 

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