Shares in Uber Technologies Inc. rose more than 10% in regular trading today after the ride-hailing company impressed investors with better-than-expected earnings and revenue in its fiscal second quarter.
For the quarter that ended on June 30, Uber reported adjusted earnings per share of 47 cents, up from 18 cents per share in the same quarter of the previous year, on revenue of $10.7 billion, up 16% year-over-year. Both were beats, as analysts had expected earnings per share of 31 cents on revenue of $10.57 billion.
Uber saw gross bookings grow 19% year-over-year in the quarter to $40 billion, split into $20.6 billion for its mobility segment, which includes its ride-hailing services and $18.1 billion for its delivery arm.
Trips through the quarter were up 21% year-over-year to 2.8 billion, or about 30 million trips per day on average. Monthly active platform consumers hit 156 million in the quarter, up 14% year-over-year.
Income from operations came in at $796 million, up from $470 million in the same quarter of fiscal 2023 and $624 million in the previous quarter. Net income attributable to Uber came in a very neat $1 billion, though that the figure included a $333 million benefit from net unrealized gains on equity investments.
Uber ended the quarter with $6.3 billion in cash, cash equivalents and short-term investments on hand, up from $5.8 billion in the previous quarter.
Notable business highlights in the quarter include Uber teaming with Instacart Inc. in May to bring Uber Eats restaurant deliveries to Instacart users. Under the partnership, Instcart customers can now use the Instcart app to order from restaurants that offer Uber Eats as a delivery option.
“Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability,” Dara Khosrowshahi, chief executive officer of Uber, said in the company’s earnings release. “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.”
For its fiscal third quarter, Uber expects to see gross bookings of $40.25 billion to $41.75 billion and adjusted earnings of $1.58 billion to $1.68 billion.
In a post-earnings call with analysts, Khosrowshahi addressed Uber’s plans to deploy autonomous vehicles, though he didn’t provide a lot of details, noting that the company was in a good position to partner with autonomous vehicle companies. According to Investors.com, the comments were likely aimed at concerns that companies such as Tesla Inc. could launch competing services using autonomous vehicles.