Uber Technologies (NYSE:UBER) shares climbed around 4% in premarket trading Tuesday after the ride-hailing giant reported better-than-expected revenue and gross bookings for the second quarter.
Earnings per share (EPS) for Q2 came in at $0.18, notably below the consensus estimate of $0.31.
Uber posted quarterly revenue of $10.7 billion, slightly above the consensus projection of $10.57 billion.
Gross bookings reached $39.95 billion, compared to $33.60 billion year-over-year, and exceeded the estimate of $39.71 billion. Adjusted EBITDA was $1.57 billion, a 71% increase year-over-year, surpassing the estimate of $1.5 billion.
For Q3 2024, Uber projects gross bookings between $40.25 billion and $41.75 billion, compared to analysts' expectations of $41.27 billion. Uber said the recent strengthening of the US dollar against other currencies is expected to create a headwind of over $400 million for Q3 Gross Bookings.
Adjusted EBITDA is expected to be between $1.58 billion and $1.68 billion, compared to the estimate of $1.63 billion.
The outlook factors in an approximate 4 percentage point currency headwind to the total year-over-year reported growth, including an estimated 7 percentage point currency headwind to Mobility's year-over-year reported growth.
“Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability,” said Dara Khosrowshahi, CEO of Uber.
“The Uber consumer has never been stronger--more people are using the platform, and more frequently, than ever before--while drivers and couriers earned a new all-time high of $17.9 billion over the quarter.”