Uber’s second-quarter results topped Wall Street expectations due to solid demand for its ride-sharing and food-delivery services, driving its shares up 5% on Tuesday.
In recent months, Uber and Lyft have benefited from increased ride-sharing demand as more people return to work and leave their homes.
“Mobility had a standout second quarter. Growth was consistent across use cases and geographic strength was led by LatAm and APAC, in particular Brazil, Australia and India,” Dara Khosrowshahi said.
Uber’s self-driving vehicle trips increased sixfold in the quarter thanks to collaborations with Alphabet’s Waymo for rideshare and food delivery and startup Waabi for freight services.
In the second quarter ended June, Uber’s revenue jumped 16% to $10.70 billion and total bookings 19% to $39.95 billion. LSEG statistics showed analysts projected $10.57 billion and $39.68 billion.
The company’s largest business, ride-sharing, grew 25% to $6.13 billion, exceeding projections of $5.94 billion. Uber’s delivery unit earned $3.29 billion, vs $3.32 billion projections.
“While there have been some concerns about consumer spending on restaurants and delivery, we are not seeing any impact today,” Khosrowshahi said, adding that expanded grocery partnerships with Instacart and Costco Wholesale were pushing deliveries.
Uber anticipated third-quarter gross bookings for its mobility, delivery, and freight sectors between $40.25 billion and $41.75 billion, below analysts’ projections of $41.26 billion.
We expect forward gross bookings and EBITDA projections to climb moderately based on Q2 performance and the Q3 plan, said Evercore ISI research analyst Mark Mahaney.
Uber has expected third-quarter adjusted core earnings between $1.58 billion and $1.68 billion, compared to $1.62 billion.
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