TapTechNews August 6th news, Uber today released its second quarter 2024 financial report as of June 30th, with both revenue and profit exceeding the expectations of Wall Street analysts.
In the second quarter, Uber's revenue was $10.7 billion, higher than the $10.57 billion expected by analysts. Earnings per share was 47 cents, higher than the 31 cents expected by analysts.
Uber CEO Dara Khosrowshahi said: Uber's growth engine continues to operate, with the travel growth rate exceeding 20% for six consecutive quarters, and the profitability also hitting a new record high. Uber's consumers have never been so strong (more users than ever before and higher usage frequency), and the income of drivers and couriers also hit a new record high of $17.9 billion this quarter.
Gross Bookings was $40 billion, an increase of 19% year-on-year. Excluding the impact of exchange rate changes, it increased by 21% year-on-year.
Among them, the gross bookings of ride-hailing services was $20.6 billion, an increase of 23% year-on-year. Excluding the impact of exchange rate changes, it increased by 27% year-on-year.
The gross bookings of delivery services was $18.1 billion, an increase of 16% year-on-year. Excluding the impact of exchange rate changes, it increased by 17% year-on-year.
Revenue was $10.7 billion, an increase of 16% year-on-year. Excluding the impact of exchange rate changes, it increased by 17% year-on-year. Higher than the $10.57 billion expected by analysts.
Among them, the total revenue of ride-hailing services and delivery services was $9.4 billion, an increase of 19% year-on-year. Excluding the impact of exchange rate changes, it increased by 20% year-on-year.
Uber said that changes in the business model had a negative impact of 7 percentage points on the year-on-year increase in total revenue.
Operating profit was $796 million, an increase of $470 million year-on-year and an increase of $624 million quarter-on-quarter.
The net profit attributable to Uber was $1 billion, including a gain of $333 million (unrealized net gain related to the revaluation of Uber's equity investment), while the net profit in the same period of the previous year was $394 million.
Earnings per share was 47 cents, higher than the 31 cents expected by analysts, and earnings per share in the same period of the previous year was 18 cents.
The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $16 billion, an increase of 71% year-on-year.
Operating cash flow was $18 billion, compared with $12 billion in the same period of the previous year.
Free cash flow was $17 billion, compared with $11 billion in the same period of the previous year.
At the end of the second quarter, Uber had $6.3 billion in unrestricted cash, cash equivalents and short-term investments.
In the second quarter, the number of monthly active consumers of Uber was 156 million, compared with 137 million in the same period of the previous year.
The number of trips in the second quarter was 2.8 billion times, an increase of 21% year-on-year, with an average of about 30 million times per day.
Uber expects that the gross bookings in the third quarter of 2024 will reach $40.25 billion to $41.75 billion, an increase of 18% to 23% year-on-year.
The adjusted EBITDA will reach $15.8 billion to $16.8 billion, an increase of 45% to 54% year-on-year.