Uber stock price gets a lift as earnings report shows people ordered more rideshares

Uber’s stock price (ticker: UBER) is currently up over 6% in premarket trading as of the time of this writing, after the rideshare company beat expected earnings and revenue estimates for its Q2 2024.

Here are the notable metrics from Uber’s latest Q2:

• Monthly Active Platform Consumers (MAPCs): 156 million (up 14% year-over-year)
• Total trips: 2.7 billion (up 21% YOY)
• Gross bookings: $39.9 billion (up 19% YOY)
• Revenue: $10.7 billion (up 16% YOY)
• Earnings per share: 47 cents

When it comes to revenue and earnings per share, Uber handily beat expectations. As CNBC notes, LSEG analysts expected Uber to post $10.57 billion in revenue and an earnings per share of just 31 cents.

In its report, Uber highlighted that mobility bookings—the rideshares Uber customers take—brought in revenue of $6.1 billion. That’s a growth of 25% year-over-year and of 9% quarter-over-quarter. Uber says this revenue growth was down to an increase in trip volumes.

As for its delivery business, Uber saw growth as well, though it was less pronounced. For its Q2, the delivery business accounted for $3.3 billion in revenue. That’s up 8% year-over-year and 2% quarter-over-quarter. Uber’s freight services totaled $1.3 billion in revenue—flat year-over-year, and down 1% quarter-over-quarter.

Announcing the company’s better-than-anticipated quarterly results, Uber CEO Dara Khosrowshahi said: “Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability. The Uber consumer has never been stronger—more people are using the platform, and more frequently, than ever before—while drivers and couriers earned a new all-time high of $17.9 billion over the quarter.”

As for looking ahead to its current Q3, Uber expects gross bookings to be between $40.25 billion and $41.75 billion. This would represent year-over-year growth of between 18% and 23% on a constant currency basis.

As of yesterday’s close, Uber shares have traded down 5% since the beginning of the year.

https://www.fastcompany.com/91168320/uber-stock-share-price-rises-q2-2024-earnings-results-ride-sharing-trips?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss