With more people returning to offices and stepping out of their homes, ride-sharing demand has gotten a boost in the past several months, benefiting companies such as Uber Technologies and rival Lyft.
Yesterday, Uber reported second-quarter results that beat the Wall Street estimates, sending the company’s shares up about 6% at the market open.
Uber’s revenue rose 16% to $10.70 billion in the second quarter ending June 30, while gross bookings increased 19% to $39.95 billion. Analysts had expected $10.57 billion and $39.68 billion, respectively, according to LSEG data.
The company reported a profit of 47 cents per share, beating estimates of 31 cents.
Chief Executive Dara Khosrowshahi said in a news release, “The Uber consumer has never been stronger. More people are using the platform and more frequently, than ever before.”
Uber forecast adjusted core earnings between $1.58 billion and $1.68 billion in the third quarter, compared with estimates of $1.62 billion.
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Market Recap Week of 07/29/2024 to 08/02/2024