Uber beats Wall Street expectations for second quarter Sales and profit rose on Tuesday from the previous quarter as demand for rides increased as employees returned to working in offices at closer to pre-pandemic levels.
Revenue rose 16 percent to $10.7 billion, beating LSEG’s analyst forecast of $10.57 billion.
Total bookings rose 19 percent to $39.95 billion, beating LSEG’s analyst forecast of $39.68 billion.
Uber earned adjusted profit of $1.6 billion, beating analysts’ expectations of $1.51 billion.
“Uber consumers are thriving like never before, with more people using our platform and using it more frequently than ever before, while our drivers and delivery people earned a record $17.9 billion in a quarter,” CEO Dara Khosrowshahi said in a statement.
Uber shares rose more than 6% following the strong earnings report.
Revenue from its ride-sharing division, the company’s largest business, rose 25 percent to $6.13 billion, beating LSEG analysts’ expectations of $5.94 billion.
Uber said its revenue rose to $3.29 billion, below expectations of $3.32 billion, thanks to partnerships with grocery delivery service Instacart and stores like Costco, The Vitamin Shoppe and Save-A-Lot.
“There were concerns about consumer spending on restaurants and delivery, but we’re not seeing an impact at this point,” Khosrowshahi said.
The California-based company now sees third-quarter total orders of $40.25 billion to $41.75 billion and profit of $1.58 billion to $1.68 billion, both in line with analysts’ expectations.
“Based on the company’s second-quarter results and third-quarter outlook, we expect future total bookings and EBITDA estimates to be slightly higher,” said Mark Mahaney, principal analyst at Evercore ISI.
Rival ride-sharing app Lyft is scheduled to report its second-quarter results on Wednesday.
