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Uber Exceeds Q2 Earnings Estimates and Sees Growth in Mobility and Delivery Segments

By Kristoff De Turck - reviewed by Aldwin Keppens

Last update: Aug 7, 2024

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Q2/24 Results

Uber, a global leader in ride-sharing and delivery services, reported second-quarter earnings that surpassed Wall Street expectations. The company's innovative approach to transportation and logistics continues to drive significant growth across its various business units.

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Second quarter results:

  • Earnings per share: 47 cents vs. 31 cents expected.
  • Revenue: $10.7 billion vs. $10.57 billion expected.
  • Revenue increased 16% from $9.23 billion a year earlier.
  • Mobility unit gross bookings up 23% to $20.6 billion.
  • Delivery unit gross bookings rose 16% to $18.1 billion.
  • Freight unit gross bookings were flat at $1.27 billion.

Third quarter outlook:

  • Expected bookings of $40.25 billion to $41.75 billion, compared to the $41.18 billion average estimate.
  • Expected adjusted earnings of $1.58 billion to $1.68 billion, slightly above the average estimate of $1.62 billion.

User engagement:

  • Monthly active platform consumers (MAPCs) reached 156 million.
  • 2.77 billion trips were completed via the Uber platform in Q2.

Financial highlights:

  • Net income of $1.02 billion, including a $333 million pretax benefit from revaluations of Uber's equity investments.

Recent partnerships and initiatives:

  • Partnership with Instacart to add a "restaurants" tab to the grocery delivery app, enabling Uber Eats deliveries.
  • Collaboration with Chinese EV maker BYD to bring around 100,000 electric vehicles to Uber drivers in Europe and Latin America.
  • Partnership with Waymo in Arizona to offer driverless rides and food deliveries.

Autonomous vehicles strategy:

  • CEO Dara Khosrowshahi emphasized high utilization rates for autonomous vehicle (AV) players with Uber.
  • Uber anticipates a long hybrid period as AV technology and regulations evolve.
  • Believes the AV market will not be "winner take all."

Conclusion:

Uber's strong second-quarter performance highlights the company's ability to exceed market expectations and drive growth in its core mobility and delivery units. Strategic partnerships and initiatives in electric and autonomous vehicles position Uber for continued innovation and expansion.

Despite some fluctuations in stock performance, Uber remains focused on maintaining its market leadership and adapting to emerging technologies.

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