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Uber's second-quarter revenue beats on ride-sharing demand
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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.

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