Dara Khosrowshahi, CEO of Uber Technologies Inc., said in an interview in San Francisco on Tuesday, December 14, 2021.
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Uber shares rose 14% in premarket trading.
Here are the key numbers:
- Loss per share: $1.33, not comparable to quote.
- Earnings: Analysts polled by Refinitiv put it at $7.39 billion versus $8.07 billion.
The company reported a net loss of $2.6 billion in the second quarter. Of that, $1.7 billion came from investments in Aurora, Grab, Zomato and stock revaluations.
But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from increased on-demand transportation and a shift in spending from retail to services.
The company reported Adjusted EBITDA of $364 million, up from the $240 million to $270 million range it provided in the first quarter. Total bookings were $29.1 billion, up 33% year-over-year and in line with the company’s forecast of $28.5 billion to $29.5 billion.
Here are the results for Uber’s largest business segments in Q2 2022:
Mobility (total bookings): $13.4 billion, up 57% year-on-year at constant currency.
Delivery (total reservation): $13.9 billion, up 12% year-on-year at constant currency.
Uber relied heavily on Eats delivery business growth during pandemic, but mobility segment outperformed Eats revenue in the first quarter As riders started to travel more.
This trend continued in the second quarter. Mobility segment revenue is his $3.55 billion, compared to shipping’s $2.69 billion. Uber’s cargo division posted revenue of $1.83 billion in the fourth quarter. Income does not include additional taxes, tolls or fees from total bookings.
Despite higher fuel prices during the quarter, Uber says it is earning more drivers and delivery workers than it did pre-pandemic, and has accelerated growth in active and new drivers.
“Driver engagement reached a post-pandemic high in the second quarter, with accelerated growth in both active and new drivers during the quarter,” Khosrowshahi said in a prepared remark. “On the back of rising global gas prices, this is a strong endorsement of the value drivers continue to see in Uber. “Hours approached its lowest level in a year, with our mobility category positioned at or near multi-year highs in the United States, Canada, Brazil and Australia.”
Uber recently announced new changes that might help Attract and retain driversFor example, you can choose which trips you want and see how much you can earn before accepting a trip.
The company reported 1.87 billion trips on its platform during the quarter, up 9% from the previous quarter and up 24% from the same period last year. increased by 21%. Drivers and couriers earned a combined $10.8 billion during the quarter, up 37% year-over-year.
Khosrowshahi said on a conference call with investors that new driver signups have increased 76% year-on-year. He said more than 70% of his drivers said inflation and the cost of living had influenced his decision to join Uber.
Uber has also benefited from the resurgence of travel. Total airport bookings have reached pre-pandemic levels, he said, reaching 15% of total mobility bookings, up 139% year-on-year.
Uber expects total orders of $29 billion to $30 billion and adjusted EBITDA of $440 million to $470 million in the third quarter.
Khosrowshahi told CNBC’s “squawk on the street9:00 a.m. ET.