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Uber Technologies topped analysts’ estimates for quarterly revenue and earnings, but its shares fell more than 4% yesterday after normal business hours.
Earnings per share were 58 cents from an expected loss of 51 cents, according to analyst consensus in a Refinitiv poll. Revenue was $ 3.93 billion, compared to an expected $ 3.75 billion.
Uber reported second-quarter net profit of $ 1.1 billion. This is largely due to unrealized gains of $ 1.4 billion in Didi Global and $ 471 million in Aurora. However, Didi shares have fallen by around 37% in the last month, i.e. after the trading results period, and Uber’s operating losses still stand at 1.19. billion dollars.
Its adjusted loss before interest, taxes, depreciation and amortization was $ 509 million, down $ 150 million from the prior quarter, but up $ 328 million from last year, CNBC reported, and Al Arabiya.net checked it out.
CFO Nelson Chai said in a letter to investors: “As we move towards this important milestone, we expect Adjusted EBITDA to improve in the third quarter to less than $ 100 million on top of bookings. total recorded between $ 22 billion and $ 24 billion.
So far, Uber Eats’ food delivery segment has driven business results as people have stopped traveling and turned to food and cargo delivery. Uber added that its delivery business remains strong even as Covid restrictions have eased around the world.
The performance of Uber’s main lines of business in the second quarter
Mobility (total bookings): $ 8.6 billion, up 184% from last year
Delivery (total bookings): $ 12.9 billion, up 85% from last year
Delivery revenue continued to exceed that of its core passenger services business at $ 1.96 billion from $ 1.62 billion.
The company suffered from supply and demand imbalances due to the pandemic, which resulted in higher prices and increased wait times. During the company’s appeal to investors, CEO Dara Khosrowshahi said pricing and wait times were not meeting company targets.
“In the second quarter, we invested in the recovery by investing in drivers and made solid progress, with the number of monthly active drivers and US delivery companies increasing by 420,000 from February to July,” Khosrowshahi said in a statement.
The company did not provide a specific number of drivers, but Khosrowshahi said he was optimistic about growth rates after the company made huge investments to bring people back. The company added a 30% increase in the number of drivers in the United States from June to July.
Uber reported 1.51 billion trips on the platform, up 4% from the first quarter and 105% from the quarter last year. Uber said its drivers and delivery companies earned a total of $ 7.9 billion in the quarter.
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