Uber shares soar in pre-market trading after the company announced are Q2 2022 results for the bell. At the time of writing, UBER stock is up to $27.15 per share, or more than 10% higher than yesterday’s closing price. Here’s what you need to know about Uber’s Q2 2022 financials:
- Total rides on the Uber platform: 1.87 billion, up 24% year-over-year and up 9% quarter-on-quarter.
- Monthly Active Platform Consumers (MAPCs): 122 million, up 21% year-over-year and up 6% quarter-on-quarter.
- Mobility Gross bookings: $13.4 billion, up 57% year over year.
- Delivery Gross bookings: $13.9 billion, up 12% year over year.
- Q2 turnover: $8.1 billion, up 111% year over year.
- Q2 Net loss: $2.6 billion for the quarter.
While Uber’s $2.6 billion net loss for the quarter isn’t something to celebrate, investors seem to be shaking it off so far, mainly thanks to Uber’s $8.1 billion in revenue. A 24% year-over-year increase from 1.87 billion rides on the Uber platform also doesn’t detract from the bright outlook for Uber.
Dara Khosrowshahi, CEO of Uber, announced Uber’s Q2 2022 results: “During the past quarter, I challenged our team to meet our profitability commitments even faster than planned, and they delivered. Importantly, they delivered balanced growth with gross bookings up 36 percent to a run rate of $116 billion, adjusted EBITDA significantly above our expectations, and $382 million in free cash flow, all on a platform that’s bigger than ever. with the number of consumers and earners using Uber both now at record highs.”
For the third quarter, Uber expects gross bookings to be between $29.0 billion and $30.0 billion, and adjusted EBITDA between $440 million and $470 million.