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Uber Reports Strong Q2 Results with $10.7B Revenue, $0.47 EPS, Stock Up 5%

Aug 6, 2024, 11:12 AM

Uber Technologies Inc. reported better-than-expected financial results for the second quarter of 2024, driven by strong demand for its ride-sharing and food-delivery services. The company achieved a revenue of $10.7 billion, surpassing Wall Street estimates of $10.6 billion, and reported earnings per share of $0.47, exceeding the expected $0.31. Gross bookings for the quarter reached $40 billion, also beating the forecasted $39.7 billion. Uber's mobility gross bookings saw a 23% year-over-year increase to $20.6 billion. The company returned to profitability, highlighting its disciplined cost management. Additionally, Uber repurchased $325 million of common stock during the quarter. The company has guided third-quarter gross bookings to be between $40.3 billion and $41.8 billion. Uber's advertising business also performed well, reaching a revenue run rate of over $1 billion. The stock rose 5% in premarket trading and was up 4% following the earnings announcement, with a notable free cash flow (FCF) beat.