The company said it has continued to record continuous growth in both its user count and the number of active drivers on its platform.
Uber Technologies Inc (NYSE: UBER), an American mobility-as-a-service provider that allows users to book a car and a driver to transport them in a way similar to a taxi, has announced its second-quarter revenue report where it came down with a massive net loss of $2.6 billion.
Of this loss, the company said $1.7 billion can be attributed to the headwinds recorded in its equity investments as well as the revaluation of stakes in Aurora, Grab, and Zomato. Based on the recorded net loss, Uber saw a slash in its share price as earnings per share plunged to $1.33, a figure that is not comparable to what analysts were expecting.
In other regards, Uber’s performance can be tagged as stellar as the company’s revenue came in at $8.07 billion for the quarter, a figure that beats the $7.39 billion projection from analysts. The company’s diversification efforts have been paying off over the years as both its mobility and delivery units have continued to rake in significant revenue over the past 2 quarters.
As announced, mobility – gross bookings – came in at $13.4 billion for the quarter, up 57% from a year ago in constant currency. The gross bookings for delivery also came in at $13.9 billion up 12% from the year-ago period.
“Last quarter I challenged our team to meet our profitability commitments even faster than planned—and they delivered,” said Dara Khosrowshahi, CEO. “Importantly, they delivered balanced growth: Gross Bookings up 36 percent to a $116 billion run-rate, Adjusted EBITDA significantly above our guidance, and $382 million in free cash flow, all on a platform that’s larger than ever, with the number of consumers and earners using Uber now both at all-time highs.”
The company’s investors have chosen to shun the losses the company incurred and to focus on the other impressive numbers. As a result, the company’s shares are recording massive leaps in the Pre-Market where it is up 13.82% to $28.
Uber Revenue Report: Other Key Highlights
The company said it has continued to record continuous growth in both its user count and the number of active drivers on its platform.
A total of 1.87 billion trips were booked in the second quarter, up 9% from last quarter and up 24% year over year. Monthly active users came in at 122 million and its drivers and couriers both earned a combined $10.8 billion, a figure that exceeded last year’s result by 37%.
The company said it developed a means to give its drivers more flexibility as they can now choose the rides they wish to take and the potential amount they stand to earn when such trips are completed. Overall, Uber said it now has $382 million in free cash flow. EBITDA came in at $364 million, up from the $240 million to $270 million range it gave as forecast in the previous quarter.
Based on its performance, the company is projecting that its EBITDA is likely to hit a range of $440 million to $470 million in the third quarter.
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