Uber beats on revenue, announces $20 billion stock buyback

Uber reported second-quarter results on Wednesday that beat on revenue and announced the authorization of a $20 billion stock buyback.

Here’s how the company did versus analysts’ estimates compiled by LSEG:

• Earnings per share: 63 cents vs. 63 cents expected.
• Revenue: $12.65 billion vs. $12.46 billion expected.

Here are the key segment numbers:

• Mobility (gross bookings): $23.76 billion, up 18% year over year
• Delivery (gross bookings): $21.73 billion, up 20% year over year

Uber’s revenue increased 18% from $10.7 billion a year earlier. For the quarter ending June 30, net income rose to $1.36 billion, or 63 cents per share, from $1.02 billion, or 47 cents per share, a year ago.

Gross bookings rose 17% to $46.8 billion, and the company reported adjusted earnings of $2.12 billion.

Uber’s “monthly active platform consumers” increased 15% to 180 million in the second quarter. The company said users booked around 3.3 billion trips during the period, up 18% from a year earlier.

CEO Dara Khosrowshahi said in prepared remarks that Uber sees “enormous potential in better serving families across all stages of life.”

In the second quarter, Uber launched Senior Accounts, including an “app experience” that features larger text and icons, and other features that allow family organizers to book and manage rides for others.

The company also recently started testing a new feature in the U.S. that allows women riders or drivers to avoid being paired with men in their ride when possible.

In some international markets, Uber Eats’ food delivery service is more popular than ride hailing, and the company is working to increase “cross-platform activity” to drive sales growth, Khosrowshahi said.

Uber shares are up 48% this year as of Tuesday’s close, while the Nasdaq has gained about 8% over that stretch.

Executives will go over results and the company’s outlook on a call with analysts at 8 a.m. ET.