Uber reports better-than-expected results for second quarter

Uber reported second-quarter results that topped Wall Street estimates on Tuesday. The stock rose about 4% in pre-market trading.

Here’s how the company did for the period ending June 30, compared to analysts’ estimates:

• Earnings per share: 47 cents vs. earnings of 31 cents expected by LSEG
• Revenue:  $10.7 billion vs. $10.57 billion expected by LSEG

Revenue increased 16% from $9.23 billion a year earlier, Uber said in a press release. The company’s mobility unit reported a 23% increase in gross bookings to $20.6 billion. Gross bookings rose 16% in delivery to $18.1 billion, and were flat in the freight unit at $1.27 billion.

CEO Dara Khosrowshahi had said the company expect around 20% growth for the second quarter, based on anticipated continued expansion in its core mobility business, and rising frequency of orders for food and trips through its membership subscribers.

For the third quarter, Uber expects bookings of $40.25 billion to $41.75 billion. The middle of the range, $41 billion, fell shy of the $41.18 billion average estimate, according to StreetAccount. The company expects adjusted earnings of $1.58 billion to $1.68 billion, with the middle of the range just above the $1.62 billion average estimate.

Uber’s “monthly active platform consumers” (MAPCs) reached 156 million in the second quarter with 2.77 billion trips via the Uber platform. This compares to 137 million MAPCs and 2.28 billion trips during the same period a year ago.

Uber also reported $1.02 billion in net income for the quarter, which included a $333 million pre-tax benefit from “revaluations of Uber’s equity investments.”

In May, the company announced a partnership with Instacart that would add a “restaurants” tab to the grocery delivery app, enabling its users to order from restaurants and have deliveries fulfilled by Uber Eats.

Last month, Chinese electric vehicle maker BYD and Uber announced a partnership to bring around 100,000 EVs to Uber drivers starting in Europe and Latin America. The companies also plan “to collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform,” Uber said on Tuesday.

While BYD vehicles aren’t sold or available for lease in the U.S., Uber has a range of other incentives and options in place to motivate drivers to use Tesla and other battery electric vehicles, rather than gas-powered cars.

In a note on July 31, Bank of America research analysts said they expected Uber execs on the call to speak about future impacts of autonomous vehicles or robotaxi services and to say whether consumers’ lower spending on restaurants and travel broadly would impact Uber’s overall bookings.

Uber shares were down 5% for the year as of Monday’s close at $58.48.

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