Aug 6 (Reuters) - Uber ( UBER ) beat Wall Street
estimates for second-quarter revenue and core profit on Tuesday,
helped by steady demand for its ride-sharing and food-delivery
services.
With more people returning to offices and stepping out of
their homes, ride-sharing demand has got a boost over the past
several months benefiting companies such as Uber ( UBER ) and rival Lyft ( LYFT )
.
"Mobility had a standout second quarter ... growth was
consistent across use cases and geographic strength was led by
LatAm and APAC, in particular Brazil, Australia and India," Uber ( UBER )
CEO Dara Khosrowshahi said.
Improvements in airport rides and initiatives such as Uber
Shuttle, discounted subscriptions for students and pre-scheduled
shared rides also helped drive bookings, Khosrowshahi added.
The company's revenue rose 16% to $10.70 billion in the
second quarter ending June, while gross bookings increased 19%
to $39.95 billion. Analysts had expected $10.57 billion and
$39.68 billion, respectively, according to LSEG data.
On an adjusted basis, Uber ( UBER ) reported core earnings of $1.60
billion, beating estimates of $1.51 billion.
Revenue from the company's ride-sharing segment, its
largest, rose 25% to $6.13 billion, above expectations of $5.94
billion. Uber's ( UBER ) delivery business reported revenue of $3.29
billion, compared with estimates of $3.32 billion.
"While there have been some concerns about consumer spend on
restaurants and delivery, we are not seeing any impact today,"
Khosrowshahi said, adding that a greater push on groceries
through expanded partnerships with Instacart and Costco
Wholesale ( COST ) was boosting deliveries.
Uber ( UBER ), however, forecast third-quarter gross bookings - which
include its mobility, delivery and freight segments - between
$40.25 billion and $41.75 billion, the midpoint of which was
below analysts' estimates of $41.26 billion.
The company said it expects adjusted core earnings between
$1.58 billion and $1.68 billion in the third quarter, compared
with estimates of $1.62 billion.
Lyft ( LYFT ) is scheduled to report its quarterly earnings on
Wednesday.