Uber reports Q2 revenue up 12% YoY to $14.2B, below $14.24B est., Gross Bookings up 24% to $58B, above $57B est., and forecasts Q3 adjusted EPS below est. (Lora Kolodny/CNBC)
Uber issued a forecast for bookings and earnings that trailed analysts' estimates, while second-quarter profit was in line with expectations.
Uber reported second-quarter revenue of $14.2 billion, up 12% year-over-year, but slightly below the $14.24 billion analysts had estimated. Net income rose to $2.39 billion, or $1.17 per share, matching expectations, compared to $1.35 billion, or 63 cents per share, a year ago. The company's core mobility service contributed $7.36 billion to Q2 sales, while delivery revenue reached $5.25 billion.
Mobility gross bookings grew 22% to $28.99 billion, and delivery bookings jumped 26% to $27.46 billion, with total bookings of $58 billion surpassing the $57.23 billion average analyst estimate. For Q3, Uber anticipates bookings of $59.25 billion, slightly below the $59.33 billion average estimate. Despite this, CEO Dara Khosrowshahi attributed the quarter's success to the World Cup, which brought in over 8 million tourists who used Uber in the U.S., Canada, and Mexico.
Uber is expanding its delivery services and recently agreed to acquire Germany's Delivery Hero for $14.8 billion, boosting its presence in food and grocery delivery markets. The company is heavily investing in autonomous vehicles, with plans to commit over $10 billion in the coming years to bring AVs to market at scale. However, Uber faces challenges as Waymo, an early partner in robotaxi services, prepares to end their exclusive agreement in Atlanta and Austin by early 2028. Uber's stock has fallen 12% this year, while the Nasdaq has risen 14%.
Written by urgent.news from Techmeme's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
