2024

Better

Billion

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<p class="has-drop-cap">Uber Technologies, Inc. (NYSE: UBER) showcased a robust financial performance for the <a href="https://investor.uber.com/news-events/news/press-release-details/2024/Uber-Announces-Results-for-Second-Quarter-2024/default.aspx" target="_blank" aria-label="second quarter of 2024 (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">second quarter of 2024</a>, reporting significant year-over-year growth across key metrics. <br><br>Gross Bookings increased by 19% to $40.0 billion, with a 21% growth on a constant currency basis. Mobility Gross Bookings surged by 23% to $20.6 billion, while Delivery Gross Bookings rose by 16% to $18.1 billion. The company also achieved a notable 21% year-over-year increase in trips, reaching 2.8 billion trips for the quarter.</p> 
<p>Uber’s revenue grew by 16% year-over-year to $10.7 billion, or 17% on a constant currency basis. However, business model changes negatively impacted total revenue year-over-year growth by 7 percentage points. <br><br>Despite these changes, Uber demonstrated strong profitability, with income from operations reaching $796 million, a 144% increase from the same period last year. Additionally, Adjusted EBITDA surged by 71% to $1.6 billion, highlighting the company’s efficient cost management and operational leverage.</p> 
<p>Operating cash flow for the quarter was $1.8 billion, and free cash flow stood at $1.7 billion. Uber’s CEO, Dara Khosrowshahi, emphasized the company’s continued growth and profitability, noting that more consumers are using the platform more frequently than ever before. <br><br>CFO Prashanth Mahendra-Rajah highlighted the durability of Uber’s growth and significant cash flow generation, which allowed the company to initiate share repurchases during the quarter.</p> 
<h3 id="uber-reports-better-than-expected-q2-results">UBER Reports Better than Expected Q2 Results</h3> 
<p>Uber’s performance for the second quarter of 2024 exceeded market expectations. The company reported an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">earnings per share (EPS)</a> of $0.47, significantly surpassing the anticipated EPS of $0.30.<br><br>Revenue for the quarter was $10.7 billion, slightly above the expected $10.57 billion, despite the adverse impact of business model changes.</p> 
<p>Mobility and Delivery segments both contributed to the revenue growth, with Mobility revenue increasing by 25% year-over-year to $6.1 billion and Delivery revenue growing by 8% to $3.3 billion. The Freight segment, however, remained flat year-over-year, contributing $1.3 billion in revenue. <br><br>The company’s ability to manage costs effectively was evident in the Adjusted EBITDA margin, which improved to 3.9% of Gross Bookings, up from 2.7% in the same quarter last year.</p> 
<p>Uber’s net income attributable to the company was $1.0 billion, which included a $333 million benefit from net unrealized gains related to the revaluation of equity investments.</p> 
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<h3 id="uber-expects-q3-gross-bookings-to-be-between-40-25-billion-and-41-75-billion">UBER Expects Q3 Gross Bookings to Be Between $40.25 Billion and $41.75 Billion </h3> 
<p>Looking ahead to the third quarter of 2024, Uber provided optimistic guidance. The company anticipates Gross Bookings to be in the range of $40.25 billion to $41.75 billion, representing 18% to 23% year-over-year growth on a constant currency basis. <br><br>Adjusted EBITDA is expected to be between $1.58 billion and $1.68 billion, reflecting a 45% to 54% year-over-year growth. This guidance underscores Uber’s confidence in its growth trajectory and operational efficiency.</p> 
<p>However, Uber’s outlook also accounts for a roughly 4 percentage point currency headwind to total reported year-over-year growth, including a 7 percentage point currency headwind to Mobility’s reported year-over-year growth. <br><br>The recent strengthening of the US dollar versus other currencies is expected to pose an over $400 million headwind to Q3 Gross Bookings, which has been factored into the company’s guidance.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/uber-q2-results-beats-expectations-0-47-eps-10-7-b-in-revenue/">UBER Q2 Results Beat Expectations: $0.47 EPS, $10.7 B in Revenue</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

UBER Q2 Results Beat Expectations: $0.47 EPS, $10.7 B in Revenue

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