Uber earnings Q2 2022

Uber reported a second-quarter loss on Tuesday however beat analyst estimates for income.

Shares of Uber popped 12% in premarket buying and selling.

Listed here are the important thing numbers:

• Loss per share: $1.33, not similar to estimates.
• Income: $8.07 billion vs. $7.39 billion estimated, in response to a Refinitiv survey of analysts.

The corporate reported a web lack of $2.6 billion for the second quarter, $1.7 billion of which was attributed to investments and a revaluation of stakes in Aurora, Seize and Zomato. 

However CEO Dara Khosrowshahi mentioned Uber continues to learn from a rise in on-demand transportation and a shift in spending from retail to providers.

The corporate reported adjusted EBITDA of $364 million, forward of the $240 million to $270 million vary it offered within the first quarter. Gross bookings of $29.1 billion have been up 33% 12 months over 12 months and in step with its forecast of $28.5 billion to $29.5 billion. Uber posted $382 million in free money circulate.

This is how Uber’s largest enterprise segments carried out within the second quarter of 2022:

Mobility (gross bookings): $13.4 billion, up 57% from a 12 months in the past in fixed foreign money. 

Supply (gross bookings): $13.9 billion, up 12% from a 12 months in the past in fixed foreign money. 

Uber relied closely on progress in its Eats supply enterprise in the course of the pandemic, however its mobility section surpassed Eats income in the first quarter as riders started to take extra journeys. 

That development continued in the course of the second quarter. Its mobility section reported $3.55 billion in income, in contrast with supply’s $2.69 billion. Uber’s freight section delivered $1.83 billion in income for the quarter. Income does not embody the extra taxes, tolls and charges from gross bookings. 

Regardless of the rise in gasoline costs in the course of the quarter, Uber mentioned it has extra drivers and couriers incomes cash than earlier than the pandemic, and it noticed an acceleration in energetic and new driver progress. 

“Consequently in July, surge and wait instances are close to their lowest ranges in a 12 months in a number of markets, together with the US, and our Mobility class place is at or close to a multi-year excessive within the US, Canada, Brazil, and Australia,” Uber mentioned in a launch.

Uber not too long ago introduced new adjustments that will assist it continue to attract and keep drivers. They’re going to have the ability to select the journeys they need, for instance, and can have the ability to see how a lot they will earn earlier than they settle for a visit.

The corporate reported 1.87 billion journeys on the platform in the course of the quarter, up 9% from final quarter and up 24% 12 months over 12 months. Month-to-month energetic platform customers reached 122 million, up 21% 12 months over 12 months. Drivers and couriers earned an combination $10.8 billion in the course of the quarter, up 37% 12 months over 12 months.

Uber additionally benefited from the resurgence in journey. It mentioned airport gross bookings had reached pre-pandemic ranges, at 15% of whole mobility gross bookings, up 139% year-over-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 can be on CNBC’s “Squawk on the Street” at 9 a.m. ET.