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Uber Q2 2022 results

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 analysts’ revenue estimates.

Uber shares jumped 10% in premarket trading.

Here are the key numbers:

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

The company posted 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.

Still, CEO Dara Khosrowshahi said 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 $240-270 million range provided in the first quarter. Gross bookings of $29.1 billion were up 33% year over year and in line with its forecast of $28.5 billion to $29.5 billion.

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

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

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

Uber relied heavily on the growth of its Eats delivery business during the pandemic, but its mobility segment overtook Eats revenue in the first quarter as passengers began to take more trips.

This trend continued during the second quarter. Its mobility segment brought in $3.55 billion in revenue, compared to $2.69 billion for delivery. Uber’s freight segment generated $1.83 billion in revenue for the quarter. Revenue does not include additional taxes, tolls and fees from gross bookings.

Despite rising fuel prices in the quarter, Uber said it had more drivers and couriers earning money than before the pandemic, and saw an acceleration in driver growth. active and new.

“As a result, in July, peak and wait times are near their lowest levels in a year in several markets, including the United States, and our position in the Mobility category is at or near a multi-year summit in the United States, Canada, Brazil and Australia,” Uber said in a statement.

Uber recently announced new changes that could help it continue to attract and retain drivers. They will be able to choose the trips they want, for example, and will be able to see how much they will earn before accepting a trip.

The company reported 1.87 billion trips on the platform during the quarter, up 9% from last quarter and up 24% year-over-year. Monthly consumers of active platforms reached 122 million, up 21% year-over-year. Drivers and couriers earned a total of $10.8 billion in the quarter, up 37% year-over-year.

Uber has also benefited from the upsurge in travel. He said airport gross bookings had reached pre-pandemic levels, at 15% of total mobility gross 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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