Uber Technologies (UBER) reported strong second-quarter 2024 results on Aug 6, before the opening bell. The leading ride-hailing company not only reported better-than-expected earnings per share and revenues but returned to profitability after posting a loss in first-quarter 2024. Adding to the optimism, second-quarter 2024 revenues increased 16%, year over year, which marked the fastest pace in five quarters. The strong earnings report naturally pleased investors, with the stock of this San Francisco-based ...

Uber Technologies' (UBER) second-quarter results beat Wall Street estimates on the back of steady demand for its ride-sharing and food-delivery services, sending the company's shares up 10.9% on Tuesday. The company came up with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.18 per share a year ago. Uber, which belongs to the Zacks Internet - Services industry, posted revenues of $10.7 billion for the quarter ended June 2024, s ...

Financial Performance - Revenue for the three months ended June 30, 2024, was $10,700 million, representing a 15.9% increase from $9,230 million in the same period of 2023[13]. - Net income attributable to Uber Technologies, Inc. for the three months ended June 30, 2024, was $1,015 million, compared to $394 million for the same period in 2023, marking a significant increase of 157.4%[13]. - The company reported a Gross Bookings increase, with the six months ended June 30, 2024, reaching $20,831 million, up from $18,053 million in the same period of 2023[13]. - Net income for the six months ended June 30, 2024, was $345 million, up from $237 million in the same period of 2023, representing a 45.6% increase[24]. - Total revenue for the six months ended June 30, 2024, reached $20.83 billion, compared to $18.05 billion in the same period of 2023, reflecting a growth of 15.4%[34]. - Mobility revenue for the six months ended June 30, 2024, was $11.77 billion, an increase from $9.22 billion in the same period of 2023, marking a 27.7% rise[34]. - Delivery revenue for the six months ended June 30, 2024, was $6.51 billion, up from $6.15 billion in the same period of 2023, indicating a growth of 5.8%[34]. - Total Segment Adjusted EBITDA for Q2 2024 was $2,143 million, an increase from $1,485 million in Q2 2023, marking a 44% growth[92]. - Mobility segment Adjusted EBITDA for Q2 2024 was $1,567 million, up from $1,170 million in Q2 2023, indicating a 34% increase[92]. - Delivery segment Adjusted EBITDA for Q2 2024 was $588 million, compared to $329 million in Q2 2023, showing a 78% increase[92]. Assets and Liabilities - Total current assets increased from $11,297 million as of December 31, 2023, to $12,483 million as of June 30, 2024[9]. - Total liabilities rose from $26,017 million as of December 31, 2023, to $27,731 million as of June 30, 2024, indicating a 6.6% increase[9]. - Cash and cash equivalents decreased from $4,680 million as of December 31, 2023, to $4,497 million as of June 30, 2024[9]. - The total equity of Uber Technologies, Inc. increased from $12,028 million as of December 31, 2023, to $13,152 million as of June 30, 2024, showing a growth of 9.3%[10]. - The accumulated deficit as of June 30, 2024, was $30,233 million, reflecting ongoing financial challenges[22]. - The company reported a net cash used in investing activities of $1.92 billion for the six months ended June 30, 2024, compared to a net cash provided of $9 million in the same period of 2023[24]. - The company had letters of credit outstanding of $1.2 billion as of June 30, 2024, an increase from $975 million as of December 31, 2023[65]. - Accrued and other current liabilities increased to $6.981 billion as of June 30, 2024, from $6.458 billion as of December 31, 2023[68]. Cash Flow - Cash flows from operating activities for the six months ended June 30, 2024, were $3.24 billion, compared to $1.80 billion in the same period of 2023, showing an increase of 80%[24]. - Cash and cash equivalents at the end of the period were $4.50 billion, down from $4.99 billion at the beginning of the period[26]. - The company reported a foreign currency translation adjustment loss of $(41) million for the six months ended June 30, 2024[24]. Stock-Based Compensation - Stock-based compensation for the six months ended June 30, 2024, was $939 million, slightly down from $974 million in the same period of 2023[24]. - The company reported stock-based compensation expense of $455 million for the three months ended June 30, 2024, compared to $504 million for the same period in 2023, a decrease of 9.7%[78]. - As of June 30, 2024, there were $3.8 billion of unamortized compensation costs related to unvested awards, expected to be recognized over a weighted-average period of approximately 2.81 years[78]. Legal and Regulatory Matters - The company is currently involved in various legal and regulatory matters, with potential liabilities that could impact financial results if resolved unfavorably[94]. - Proposition 22 allows drivers to maintain their status as independent contractors under California law, effective December 16, 2020[95]. - The California Supreme Court upheld Proposition 22 as constitutional on July 25, 2024, after a series of legal challenges[97]. - The Massachusetts Attorney General lawsuit was resolved on June 27, 2024, with the case dismissed and amounts accrued recorded in current liabilities[98]. - Uber has recorded approximately $1.2 billion (£957 million) in unpaid VAT assessments from HMRC for the period of March 2022 to December 2023[104]. - The company intends to vigorously defend its classification of drivers as independent contractors amid ongoing legal challenges[99]. Investments and Acquisitions - The company plans to acquire Foodpanda Taiwan for approximately $950 million, expected to close in the first half of 2025, pending regulatory approval[29]. - The investment in Delivery Hero amounted to $300 million for approximately 8.4 million shares, with a pending acquisition of Foodpanda Taiwan[42]. - Uber acquired a 30% minority interest in Moove for $185 million contingent on future performance, alongside a term loan of $213 million due February 2026[113][114]. Future Outlook - The company anticipates continued investments in new products and offerings to enhance operational performance and market competitiveness[5]. - The company expects continued growth in the Mobility and Delivery segments, driven by increased consumer demand and market expansion strategies[90]. - The company is focused on expanding its presence in identified markets and managing international expansion amidst regulatory challenges[5]. - Uber's financial performance expectations include maintaining profitability and generating positive Adjusted EBITDA or Free Cash Flow[5].

In late July, California's top state court upheld Proposition 22, a voter-approved measure allowing app-based services such as Uber, Lyft, Grubhub and DoorDash to classify drivers in the most populous U.S. state as independent contractors rather than employees. The California Supreme Court ruling was a major victory for the ride-hailing industry, which for cost and other reasons, has a vested interest in classifying gig workers as independents. While only applicable in California, labor law experts expect m ...

On Tuesday, Uber Technologies UBER reported its second quarter results that surpassed Wall Street estimates. In addition, Uber recorded a sixfold increase in autonomous rides through its collaborations with 10 partners that span across different segments. Back in July, Uber expanded its partnership list that already included Instacart CART with an EV star set to beat the mighty Tesla Inc TSLA in BEV sales this year, BYD Company Limited BYDDY. BYD already dethroned Tesla when it comes to total production las ...

Uber Technologies (UBER) reported second-quarter 2024 earnings of 47 cents per share, which outpaced the Zacks Consensus Estimate of 31 cents and improved more than 100% on a year-over-year basis. Total revenues of $10.700 billion beat the Zacks Consensus Estimate of $10.558 billion. The top line jumped 16% year over year on a reported basis and 17% on a constant currency basis. In the second quarter, the majority (57.3%) of the company's revenues came from Mobility. Revenues from this segment jumped 25% ye ...

Uber marked a milestone in the second quarter, with 7.4 million monthly drivers and couriers globally, per the company's earnings report released Tuesday (Aug. 6). The company's focus on expanding its service offerings and strategic partnerships has been key to its success. In recent developments, Uber has introduced several new services, including Uber Caregiver, scheduled UberX Share rides, and Uber Shuttle, as announced at the firm's annual GO-GET event in May. These additions have contributed to an incr ...

Uber Technologies Today UBER Uber Technologies $63.50 +5.02 (+8.58%) 52-Week Range $40.09 ▼ $82.14 P/E Ratio 102.42 Price Target $86.76 Add to Watchlist Uber Technologies Inc. NYSE: UBER has delivered strong second-quarter 2024 results, surpassing Uber's analyst community's expectations for revenue and earnings. Uber's financial performance was driven by robust growth across its core business segments, and Uber's earnings beat has fueled investor confidence and propelled the company's stock price upward. Bu ...

Uber Technologies (UBER) reported $10.7 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 15.9%. EPS of $0.47 for the same period compares to $0.18 a year ago. The reported revenue represents a surprise of +1.34% over the Zacks Consensus Estimate of $10.56 billion. With the consensus EPS estimate being $0.31, the EPS surprise was +51.61%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to de ...

Key Takeaways Uber shares jumped Tuesday after the company's second-quarter earnings came in well above analysts' expectations. Gross bookings rose 19% year-over-year, while profits more than doubled to $1.02 billion. JPMorgan analysts said Uber's stock buyback plan that started during Q2 should "ramp" over the next several quarters. Uber (UBER) stock jumped Tuesday as the ridesharing giant's second-quarter earnings beat analysts' estimates as gross bookings grew 19% year-over-year. The company reported a 1 ...