financetom
Business
financetom
/
Business
/
Uber's second-quarter revenue beats on ride-sharing demand
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Uber's second-quarter revenue beats on ride-sharing demand
Aug 6, 2024 4:15 AM

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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Telos Q2 Adjusted Net Loss Narrows, Revenue Rises; Q3 Sales Outlook Set
Telos Q2 Adjusted Net Loss Narrows, Revenue Rises; Q3 Sales Outlook Set
Aug 11, 2025
09:25 AM EDT, 08/11/2025 (MT Newswires) -- Telos ( TLS ) reported a Q2 adjusted net loss Monday of $0.03 per share, narrower than a loss of $0.09 a year earlier. Four analysts polled by FactSet expected a loss of $0.05. Revenue for the quarter ended June 30 was $36 million, up from $28.5 million a year earlier. Analysts surveyed...
Equillium to Raise Up to $50 Million Through Private Placement; Shares Jump
Equillium to Raise Up to $50 Million Through Private Placement; Shares Jump
Aug 11, 2025
09:23 AM EDT, 08/11/2025 (MT Newswires) -- Equillium ( EQ ) said Monday it has signed a definitive securities purchase deal with healthcare investors to raise up to $50 million via a private placement. Shares of the company were up 124% in recent Monday premarket activity. Under the agreement, Equillium ( EQ ) said it will receive an initial $30...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Power Solutions International Amends $135 Million Credit Facility
Power Solutions International Amends $135 Million Credit Facility
Aug 11, 2025
09:24 AM EDT, 08/11/2025 (MT Newswires) -- Power Solutions International ( PSIX ) said Monday that it has signed a second amendment to its uncommitted revolving credit agreement with Standard Chartered Bank, raising its committed borrowing capacity to $135 million. The engineering company said that with the agreement, which now extends through July 30, 2027, it has enough cash and...
Copyright 2023-2026 - www.financetom.com All Rights Reserved