Uber Technologies, Inc (NYSE: UBER) reported fiscal second-quarter 2024 revenue growth of 16% year-on-year to $10.70 billion, beating the analyst consensus estimate of $10.57 billion.
Uber's GAAP EPS of 47 cents beat the analyst consensus estimate of 31 cents. The stock gained after the report.
Revenue from Mobility grew to $6.13 billion, up 25% year over year. Delivery was $3.29 billion, up 8%, and Freight was $1.27 billion, flat year over year.
Gross Bookings grew 19% year-over-year to $39.95 billion versus analyst consensus of $39.7 billion, Bloomberg reports. Mobility Gross Bookings of $20.55 billion, up 23% year-over-year, Delivery Gross Bookings of $18.13 billion, up 16%, and Freight Gross Bookings of $1.27 billion, flat year-over-year.
Trips grew 21% year-over-year to 2.8 billion, or 30 million per day. Uber's Monthly Active Platform Consumers reached 156 million, up 14% year-over-year.
The platform had 7.4 million monthly drivers and couriers, and ride-hailing hours per driver reached an all-time high, Bloomberg cites CEO Dara Khosrowshahi.
Margins: Uber clocked an Adjusted EBITDA of $1.57 billion, driven by Mobility. The Adjusted EBITDA margin as a percentage of Gross Bookings was 3.9%, up from 2.7% Y/Y, primarily driven by better cost leverage from higher volume.
Uber held $6.3 billion in unrestricted cash and equivalents and generated $1.7 billion in free cash flow as of June 30, 2024.
"Uber's growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability," said Dara Khosrowshahi, CEO. "The Uber consumer has never been stronger-more people are using the platform, and more frequently, than ever before-while drivers and couriers earned a new all-time high of $17.9 billion over the quarter."
Uber's Earnings Call: CEO Dara Khosrowshahi highlights a record quarter with 21% growth in gross bookings, 71% YoY increase in adjusted EBITDA, and positive GAAP operating income; addresses consumer strength, AV partnerships, and mobility market trends.
Outlook: Uber expects third-quarter gross bookings of $40.25 billion to $41.75 billion and adjusted EBITDA of $1.58 billion to $1.68 billion.
The third-quarter consensus for revenue and EPS are $10.93 billion and $0.35.
Price Action: UBER shares traded higher by 8.14% at $63.24 premarket at the last check on Tuesday.