Uber revenue soars as bookings hit an all-time high

Uber continued to gain momentum in the second quarter with Americans returning to offices and gross bookings hitting an all-time high as anxiety over COVID-19 eased.

Riders made a total of 1.87 billion Uber trips during the spring and early summer, an increase of 24% compared to the same period last year. That’s about 21 million trips per day, on average.

The platform’s active monthly users increased 21% from the prior year period to 122 million.

The San Francisco company’s revenue more than doubled to $8.07 billion, boosted by a business model change for its UK mobility business and Uber Freight’s acquisition of Transplace. which is based in Chicago in the old Post Office building.

This exceeded the $7.36 billion that was predicted by analysts surveyed by FactSet.

The company had to navigate an extremely tight job market that has at times left it without drivers almost immediately after the pandemic.

“Despite rising rideshare prices in the US/Europe, clearly consumers are still moving to the Uber platform, especially as commuting, the shift to the office, and other post-marketing trends continue to increase. pandemic take hold globally with Uber set to profit in 2023,” said Dan Ives, who follows Uber for Wedbush.

Gross bookings rose 33% to $29.08 billion, an all-time high, and Uber Technologies Inc. forecasts third-quarter gross bookings of between $29 billion and $30 billion.

Wall Street missed a big loss for the quarter and shares were up almost 13% before the opening bell on Tuesday.

Uber lost $2.6 billion, or $1.33 a share, for the three months ended June 30. This included a $1.7 billion net counterpart related to Uber’s equity investments, primarily related to the revaluation of its holdings in Aurora Innovation Inc., Grab Holdings Inc. and Zomato, the Indian food delivery company. The loss also included $470 million in stock-based compensation expense.

Industry analysts had projected a loss of just 27 cents a share.

Uber has made up a lot of ground since the start of the COVID-19 pandemic in March 2020, prompting government lockdowns that kept most people at home.

The company turned around at the time by creating a then fledgling food delivery division, though that segment isn’t growing as fast as it was last year with so many people returning to restaurants.

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