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Business

Uber revenue Q2 2022




Dara Khosrowshahi, CEO 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 analyst estimates for revenue and posted $382 million in free cash flow for the first time ever.

Uber shares rose 1[ads1]3% in premarket trading.

Here are the key figures:

  • Loss per share: $1.33, not comparable to estimates.
  • Income: $8.07 billion versus $7.39 billion estimated, according to a Refinitiv survey of analysts.

The company reported a net loss of $2.6 billion for the second quarter, of which $1.7 billion was attributed to investments and a 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 transportation 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 the forecast of $28.5 billion to $29.5 billion.

This is how Uber’s largest business segments performed in the second quarter of 2022:

Mobility (gross orders): $13.4 billion, up 57% from a year ago in constant currency.

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

Uber relied heavily on growth in its Eats delivery business during the pandemic, but its mobility segment outpaced Eats revenue in the first quarter as riders began taking more trips.

This trend continued in the second quarter. The mobility segment reported $3.55 billion in revenue, compared to delivery’s $2.69 billion. Uber’s freight segment delivered $1.83 billion in revenue for the quarter. Revenues do not include additional taxes, tolls and fees from gross orders.

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

“Driver engagement reached another post-pandemic high in Q2, and we saw an acceleration in both active and new driver growth in the quarter,” Khosrowshahi said in prepared remarks. “Against the backdrop of high gas prices globally, this is a resounding endorsement of the value drivers we continue to see in Uber. Accordingly, in July surge and wait times are near their lowest levels in a year in several markets, including the US, and Our position in the mobility category is at or near a multi-year high in the US, Canada, Brazil and Australia.”

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 earn before they accept a trip.

The company reported 1.87 billion rides on its platform during the quarter, up 9% from the previous quarter and up 24% year over year. Monthly active platform consumers reached 122 million, up 21% year-over-year. Drivers and couriers earned a combined $10.8 billion during the quarter, up 37% year over year.

Khosrowshahi said on a call with investors that new driver registrations were up 76% year over year. He said over 70% of drivers said inflation and cost of living played a role in their decision to join Uber.

Uber also benefited from the boom in travel. It said gross airport bookings had reached pre-pandemic levels, accounting for 15% of total mobility bookings, up 139% year-on-year.

For the third quarter, Uber expects gross bookings between $29 billion and $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.



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