Uber Q2 2024 earnings

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Uber The company on Tuesday reported second-quarter profits that beat Wall Street expectations, sending its shares up 11%.

Here’s how the company performed for the period to June 30, compared with Wall Street expectations based on LSEG’s analyst survey:

• Earnings per share: 47 cents vs. 31 cents expected
• Revenue: $10.7 billion vs. expected $10.57 billion

Uber said its revenue increased 16% from $9.23 billion in the same period last year. press releaseThe company’s Mobility division reported total orders increased 23% to $20.6 billion. Total orders increased 16% in its Shipping division to $18.1 billion and were flat at $1.27 billion in its Freight division.

Chief Executive Officer Dara Khosrowshahi had said he expected second-quarter growth of about 20% due to continued expansion of its core mobility business and members ordering food and travel more frequently.

Uber expects third-quarter bookings of $40.25 billion to $41.75 billion. The midpoint of the range, $41 billion, was below the average estimate of $41.18 billion, according to Street accounts. The company expects adjusted profit of $1.58 billion to $1.68 billion, the midpoint of the range being slightly above the average estimate of $1.62 billion.

Uber’s “monthly active platform consumers,” or MAPC, reached 156 million in the second quarter, with 2.77 billion rides taken via the Uber platform. This compares to MAPC of 137 million and 2.28 billion rides taken in the same period last year.

Uber also reported quarterly net income of $1.02 billion, which included a pre-tax gain of $333 million from the “revaluation of Uber’s equity investment.”

In May, the company Instacart This will add a “Restaurants” tab to the grocery delivery app, allowing users to order from restaurants and have them delivered via Uber Eats.

Chinese electric vehicle maker BYD and Uber announced a partnership in July to provide about 100,000 EVs for Uber drivers, starting in Europe and Latin America. The two companies also plan to “collaborate on future BYD self-driving-enabled vehicles to be deployed on the Uber platform,” Uber said in a statement on Tuesday.

BYD’s vehicles are not sold or leased in the United States, but Uber offers a variety of incentives and options to entice drivers to use BYD’s vehicles. Tesla For example, battery electric vehicles rather than gasoline vehicles.

During the earnings call, analysts asked Khosrowshahi about Uber’s experience with self-driving cars, its partnerships and its long-term strategy for the market. Uber and Waymo partnered in Arizona to allow Uber users to book self-driving rides and food delivery options.

Khosrowshahi didn’t provide specifics about Waymo, but said that in general, “AV companies” will see much higher usage by using Uber than they would if they “didn’t have a first-party-based network. ” He said Uber “will continue to have the most liquid and largest market,” adding, “We’re going to have a fairly long hybrid period as autonomous driving develops and regulators try to figure out exactly how to regulate it.”

“I don’t think this is going to be a winner-take-all market,” Khosrowshahi said.

Uber shares were down 5% this year as of Monday’s close but are now up slightly after Tuesday’s gains.

clock: CNBC’s full interview with Uber CEO Dara Khosrowshahi