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Uber stock soars after the Q2 revenue jumps 105% to $8.1B

Shares of the ride-hailing giant Uber (NYSE: UBER) jumped more than 18% on Tuesday after the company reported stronger than expected second-quarter revenue numbers. The company reported record revenue of $8.1 billion in the second quarter while Uber still posted a net loss of $2.6 billion.

Uber stock soars after the Q2 revenue jumps 105% to $8.1B

Shares of the ride-hailing giant Uber (NYSE: UBER) jumped more than 18% on Tuesday after the company reported stronger than expected second-quarter revenue numbers. The company reported record revenue of $8.1 billion in the second quarter while Uber still posted a net loss of $2.6 billion.

  • Earnings per share: -$1.33 vs. -$0.25 expected

  • Revenue: $8.1 billion vs. $7.39 billion expected

Uber's strong Q2 results were boosted by strong demand for its ride-hailing and food delivery services. The gross bookings reached an all-time high of $29.1 billion in the second quarter this year, up 33% YoY. For Q3 2022, Uber anticipates gross bookings of $29 billion to $30 billion.

"We saw an acceleration in both active and new driver growth in the quarter, last quarter I challenged our team to meet our profitability commitments even faster than planned -- and they delivered,” CEO Dara Khosrowshahi said.

Uber reported positive quarterly cash flow for the first time ever. The company generated a free cash flow of $382mn in the last quarter. While the company said that it had suffered an unrealised loss of $245 million on its investment in Zomato.

“We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum,” Uber CFO, Nelson Chai said.

HASH

Uber stock closed above $29 on Tuesday and the stock is down more than 35% since the beginning of this year. Uber rival Lyft shares were up 16% on Tuesday, the company is scheduled to report results on Thursday.

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