Uber Q2 2022 results

Uber reported a second quarter loss Tuesday, but beat analyst estimates for revenue and posted $382 million in free cash flow for the first time ever.

Uber shares jumped 12% in premarket trading.

Here are the key numbers:

• Loss per share: $1.33, not comparable to estimates.
• Revenue: $8.07 billion vs $7.39 billion estimated, according to a Refinitiv survey of analysts.

The company posted a net loss of $2.6 billion for the second quarter, of which $1.7 billion was attributed to investments and a revaluation of stakes in Aurora, Grab and Zomato.

But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from an increase in on-demand transportation and a shift in spending from retail to services.

The company reported adjusted EBITDA of $364 million, ahead of the $240-270 million range provided in the first quarter. Gross bookings of $29.1 billion were up 33% year over year and in line with its forecast of $28.5 billion to $29.5 billion.

Here’s how Uber’s largest business segments fared in the second quarter of 2022:

Mobility (gross reservations): $13.4 billion, up 57% from a year ago in constant currency.

Delivery (gross bookings): $13.9 billion, up 12% from a year ago in constant currency.

Uber relied heavily on the growth of its Eats delivery business during the pandemic, but its mobility segment has outpaced Eats revenue in the first trimester as runners began to make more trips.

This trend continued during the second quarter. Its mobility segment brought in $3.55 billion in revenue, compared to $2.69 billion for delivery. Uber’s freight segment generated $1.83 billion in revenue for the quarter. Revenue does not include additional taxes, tolls and fees from gross bookings.

Despite rising fuel prices in the quarter, Uber said it had more drivers and couriers earning money than before the pandemic, and saw an acceleration in driver growth. active and new.

“Driver engagement reached another post-pandemic peak in the second quarter, and we saw an acceleration in the growth of active drivers and new drivers in the quarter,” Khosrowshahi said in prepared remarks. “In the context of high gas prices globally, this is a resounding endorsement of the value engines that Uber continues to see. expectations are near their lowest levels in a year in several markets, including the United States, and our position in the Mobility category is at or near a multi-year high in the United States, Canada, Brazil and in Australia.”

Uber recently announced some new changes that could help continue to attract and retain drivers. They will be able to choose the trips they want, for example, and will be able to see how much they will earn before accepting a trip.

The company reported 1.87 billion trips on the platform during the quarter, up 9% from last quarter and up 24% year-over-year. The platform’s monthly active consumers reached 122 million, up 21% year-over-year. Drivers and couriers earned a total of $10.8 billion in the quarter, up 37% year-over-year.

Khosrowshahi said on a call with investors that new driver registrations were up 76% year-over-year. He said more than 70% of drivers said inflation and the cost of living played a role in their decision to join Uber.

Uber has also benefited from the upsurge in travel. He said airport gross bookings had reached pre-pandemic levels, at 15% of total mobility gross bookings, up 139% year-on-year.

For the third quarter, Uber expects gross bookings between $29 billion and $30 billion and adjusted EBITDA of $440 million to $470 million.

Khosrowshahi will be on CNBC”scream in the street“at 9 a.m. ET.