Uber Second quarter results were reported on Wednesday, and announced approval for a $20 billion share buyback, surpassing revenue.
Here’s how the company did it with analyst estimates compiled by LSEG:
Earnings per share: 63 cents vs. 63 cents forecast. Report: $12.65 billion versus $12.466 billion is expected.
The main segment numbers are:
Mobility (total reservation): $237.6 billion, age 18% increase (total reservation): $21.73 billion, 20% increase from the previous year
Uber’s revenues rose 18% from $10.7 billion a year ago. Net income for the quarter ending June 30th rose to $1.36 billion (63 cents per share) from $1.02 billion a year ago, or 47 cents per share.
Total bookings rose 17% to $46.8 billion, with the company reporting adjusted profit of $2.12 billion.
“At this point, we don’t see any consumer weaknesses,” CEO Dara Khosrowshahi told CNBC’s “Squawk Box” on Wednesday. “It’s stable as she goes, and for Uber, that’s great news.”
Uber’s “Monthly Active Platform Consumers” rose 15% in the second quarter, up 180 million. The company said users booked around 3.3 billion trips over the period, an increase of 18% from the previous year.
In the second quarter, Uber launched advanced accounts that include an “App Experience” featuring larger text and icons, and an “App Experience” that allows family organizers to book and manage rides for others.
The company recently began testing a new US feature that will allow female riders and drivers to avoid being paired with men while riding whenever possible.
In some international markets, Uber Eats food delivery services are more popular than ride appeals, and the company is working to increase its “cross-platform activities” to drive sales growth, Khosrowshahi said in the release.
Autonomous vehicle
Uber won’t destroy some of the travel and delivery that’s being implemented through self-driving cars, but the push to artificial intelligence is currently a major focus for the company.
“This is a physical world AI and I think it will be a big trend in the future,” Khosrowshahi said Wednesday.
The ride company said it has partnerships with 20 companies involved in autonomous movement, delivery and freight services, and already offers autonomous services in 12 different cities. Its partners range from Robotaxi leaders Waymo and Apollo Go to venture-back startups such as May Mobility, Nuro and Wayve.
With Uber alphabet-Waymo launched its commercial robotaki service in Austin, Texas in March. Tesla.
“It’s great to see Tesla in the market. They’re taking their time to make sure they’re expanding in a safe way,” Khosrowshahi said Wednesday.
“This autonomous competition is all about creating safer streets and we’ll be a big part of that,” he added.
Uber’s shares rose 48% this year as of Tuesday’s closing, but Nasdaq is up about 8% over its stretch.
Executives look at the results and look at the company’s outlook for calls with analysts at 8am.
Uber YTD Stock Chart.
