Ride-hailing and delivery platform Uber Technologies, Inc. reported Tuesday a profit for the second quarter compared to a steep loss last year, driven by a revenue growth and an unrealized gain. Gross bookings grew 16 percent and the company projects higher gross bookings in the third quarter. Earnings per share for the quarter topped analysts’ expectations, while quarterly revenues missed it.
“Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter, with trips up 22% and a GAAP operating profit, for the first time in Uber’s history,” said Dara Khosrowshahi, CEO.
For the second quarter, the company reported a net income attributable to Uber of $394 million or $0.18 per share, compared to a net loss of $2.60 billion or $1.33 per share in the prior-year quarter.
The latest results included $386 million in pre-tax benefit, primarily due to net unrealized gains related to the revaluation of Uber’s equity investments.
On average, 31 analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts’ estimates typically exclude special items.
Adjusted EBITDA surged to $916 million from $364 million last year. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.7 percent, up from 1.3 percent last year.
Revenue for the quarter grew 14 percent to $9.23 billion from $8.07 billion in the same quarter last year. Revenue grew 17 percent on a constant currency basis. Analysts expected revenues of $9.33 billion for the quarter.
Mobility revenues improved 38 percent to $4.89 billion and Delivery revenues were up 14 percent to $3.06 billion, while Freight revenues declined 30 percent to $1.28 billion from last year.
In the quarter, gross bookings grew 16 percent year-over-year to $33.60 billion, or 18 percent on a constant currency basis.
Gross bookings in Mobility of $16.73 billion climbed 25 percent, and Delivery gross bookings of $15.60 billion were up 12 percent from last year. Meanwhile, freight gross bookings declined 30 percent to $1.28 billion from last year.
Trips during the quarter grew 22 percent year-over-year to 2.28 billion, or approximately 25 million trips per day on average.
Monthly Active Platform Consumers or MAPCs reached 137 million, a growth of 12 percent from last year.
Looking ahead to the third quarter, the company anticipates adjusted EBITDA of $975 million to $1.025 billion, and gross bookings in the range of $34.0 billion to $35.0 billion.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Source: Read Full Article