Uber (UBER) Q2 earnings 2023

Shares of Uber rose 4% in premarket buying and selling Tuesday after the corporate reported second-quarter outcomes that missed analysts’ expectations for income however provided rosy steering.

Here is how the corporate did:

• Earnings per share: 18 cents vs. 1 cent loss anticipated by analysts, in keeping with Refinitiv.
• Income: $9.23 billion vs. $9.33 billion anticipated by analysts, in keeping with Refinitiv.

Income for the quarter was up 14% from the identical quarter final yr.

Uber reported a web earnings of $394 million, or 18 cents per share, in comparison with a web lack of $2.6 billion, or $1.33 per share, in the identical quarter final yr.

In a ready assertion, CEO Dara Khosrowshahi stated the corporate achieved two main milestones throughout the quarter: its first quarter of free money move over $1 billion and its first GAAP working revenue. He added that the corporate plans to be worthwhile each quarter going ahead in an interview with CNBC’s “Squawk Field” Tuesday.

“Each of those milestones had been achieved by a mixture of disciplined execution, document viewers and robust engagement,” Khosrowshahi stated within the assertion.

Khosrowshahi stated throughout the quarterly name with buyers Tuesday that CFO Nelson Chai will depart the corporate in January 2024. Chai has served as Uber’s CFO since 2018, and he helped the corporate go public in 2019. The corporate stated it has launched a seek for his successor.

Uber reported adjusted EBITDA of $916 million, up 152% yr over yr. Gross bookings for the quarter got here in at $33.6 billion, up 16% yr over yr.

For the third quarter of 2023, Uber stated it expects to report gross bookings between $34 billion to $35 billion and an adjusted EBITDA of $975 million to $1.025 billion, each forward of analysts’ expectations, in keeping with StreetAccount.

Here is how Uber’s largest enterprise segments carried out:

Mobility (gross bookings): $16.73 billion, up 25% year-over-year

Supply (gross bookings): $15.60 billion, up 12% year-over-year

Uber’s mobility phase reported $4.89 billion in income, in contrast with supply’s $3.06 billion. Its freight enterprise booked $1.28 billion in gross sales for the quarter, down from the $1.83 billion it reported for a similar quarter final yr.

The variety of Uber’s month-to-month energetic platform customers reached 137 million within the second quarter, up 12% yr over yr. There have been 2.3 billion journeys accomplished on the platform throughout the interval, up 22% yr over yr.

Uber will maintain its quarterly name with buyers at 8:00 a.m. ET Tuesday.