Uber Q2 2022 earnings

Uber I mentioned second quarter loss on Tuesday, but it beat analysts’ estimates of revenue.

Uber shares are up 14% in pre-market trading.

Here are the main numbers:

• share loss: $1.33, can’t compare to the estimates.
• he won: $8.07 billion versus an estimated $7.39 billion, according to a Refinitiv poll of analysts.

The company reported a net loss of $2.6 billion in the second quarter, of which $1.7 billion was due to investments and a revaluation of its stakes in Aurora, Grab and Zomato.

But CEO Dara Khosrowshahi said Uber continues to benefit from increased on-demand transportation and a shift in spending from retail to services.

The company reported adjusted earnings of $364 million, exceeding the range of $240 million to $270 million it provided in the first quarter. Total bookings of $29.1 billion increased 33% year-over-year and in line with its forecast of $28.5 billion to $29.5 billion. Uber recorded $382 million in free cash flow.

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

Mobility (total bookings): $13.4 billion, up 57% from last year in constant currency.

Delivery (total bookings): $13.9 billion, up 12% from last year in constant currency.

Uber has relied heavily on growth in its food delivery business during the pandemic, but its mobility segment has outpaced Eats’ revenue in the first quarter As the riders started to ride more.

This trend continued through the second quarter. Its mobility segment generated $3.55 billion in revenue, compared to delivery of $2.69 billion. Uber’s freight segment generated $1.83 billion in revenue for the quarter. Revenue does not include surcharges, transit fees, and fees from total bookings.

Despite the increase in fuel prices during the quarter, Uber said it had more drivers and carriers making more money than it did before the pandemic, and saw an acceleration in active and new engine growth.

Accordingly, in July, increase and hold times approached one-year lows in many markets, including the US, and our mobility category status was at or near multi-year highs in the US, Canada, Brazil and Australia, Uber said in a statement.

Uber recently announced new changes that may help it Continue to attract and retain drivers. They will be able to choose the flights they want, for example, and they will be able to see how much they will earn before accepting the flight.

The company reported 1.87 billion trips on the platform during the quarter, up 9% from last quarter and up 24% year over year. The number of monthly active platform users reached 122 million, up 21% year over year. Drivers and carriers generated a total of $10.8 billion during the quarter, up 37% year over year.

Uber has also benefited from the return of travel. It said total airport bookings had reached pre-pandemic levels, at 15% of total travel bookings, up 139% year-on-year.

For the third quarter, Uber expects total bookings between $29 billion and $30 billion and an EBITDA adjustment from $440 million to $470 million.

Khosrowshahi will be on CNBC.”Whoop in the streetIt’s 9 a.m. ET.