10:49 AM EDT, 08/06/2024 (MT Newswires) -- Uber Technologies ( UBER ) reported stronger-than-expected gains in second-quarter results on Tuesday amid robust demand.

Revenue climbed to $10.7 billion for the three months ended June 30 from $9.23 billion the year earlier and topped the $10.58 billion average analyst estimate on Capital IQ. Earnings per share advanced to $0.47 from $0.18 year over year and beat the Street's $0.31 view. Shares of Uber ( UBER ) climbed 7.8% in Tuesday trade.

"Uber's ( UBER ) growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20%, alongside record profitability," Chief Executive Dara Khosrowshahi said in a statement. "The Uber ( UBER ) consumer has never been stronger--more people are using the platform, and more frequently, than ever before."

By segment, mobility revenue rose 25% to $4.89 billion while delivery sales increased 8% to $3.06 billion. Trips climbed 21% to 2.8 billion while monthly active platform consumers rose 14%. Gross bookings grew 19% to $39.95 billion.

Wedbush reiterated an outperform rating and an $80 price target on the stock Tuesday, calling the results "healthy" with gross bookings exceeding market expectations by roughly 1%.

For the third quarter, Uber ( UBER ) is guiding for gross bookings in the $40.25 billion to $41.75 billion range, implying annual growth of 18% to 23%.

"Based on what we're seeing today, the Uber ( UBER ) consumer is in great shape," Khosrowshahi told analysts on a conference call, according to a Capital IQ transcript. "While our consumers tend to be higher income, we're not seeing any softness or trading down across any income cohort."

Looking ahead toward autonomous vehicles, Khosrowshahi said Uber ( UBER ) is positioned to offer value for players "looking to deploy their technology at scale." The company is in late-stage discussions to have additional autonomous vehicle companies join the platform, and expects to provide updates in the coming weeks and months, he said on the call.

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