Uber revenue Q2 2022

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during an interview in San Francisco on Tuesday, December 14, 2021.

David Paul Morris | Bloomberg | Getty Images

Uber reported a second-quarter loss on Tuesday, but beat analysts’ estimates for revenue, posting $382 million in free cash flow for the first time ever.

Shares of Uber rose 14% in premarket trading.

Here are the main numbers:

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

The company reported a net loss of $2.6 billion for the second quarter, of which $1.7 billion was attributed to investments and a remeasurement of interests 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 million to $270 million it generated in the first quarter. Gross bookings of $29.1 billion were up 33% year-over-year and were in line with the $28.5 billion to $29.5 billion forecast.

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

Mobility (gross bookings): $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 the mobility segment outpaced Eats revenue in the first quarter as passengers began making more trips.

This trend continued in the second quarter. The mobility segment reported revenue of $3.55 billion, compared to $2.69 billion for delivery. Uber’s freight segment delivered revenue of $1.83 billion this quarter. Income does not include additional taxes, tolls and surcharges for gross bookings.

Despite the rise in fuel prices during the quarter, Uber said more drivers and couriers are making money than before the pandemic, and saw an acceleration in the growth of active and new drivers.

“Driver engagement hit another post-pandemic peak in the second quarter and we saw an acceleration in both active and new driver growth in the quarter,” Khosrowshahi said. ÔÇťAgainst the backdrop of high gas prices globally, this is a resounding confirmation of the value incentives Uber continues to see. As a result, July peak and wait times in several markets, including the US, are near the lowest level in a year. , and our position in the Mobility category is at or near a multi-year high in the US, Canada, Brazil and Australia.”

Uber recently announced new changes that could help it attract and retain drivers. For example, they can choose the trips they want and see how much they earn before accepting a trip.

The company reported 1.87 billion rides on the platform in the quarter, up 9% from the previous quarter and up 24% year-over-year. Monthly active platform users reached 122 million, up 21% year-over-year. Drivers and couriers earned a total of $10.8 billion during the quarter, up 37% year over year.

Uber also benefited from the revival of travel. It said gross airport bookings had reached pre-pandemic levels, with 15% of total gross mobility bookings, up 139% year-on-year.

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

Khosrowshahi will be on CNBC’s “Squawk on the Street” at 9 p.m. ET.

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