Lei Jianping on August 6
United States ride-hailing Uber (NYSE: UBER) today reported financial results. According to the financial report, Uber's revenue in the first half of 2024 will be $20.831 billion, an increase of 15.4% from $18.053 billion in the same period last year. Uber's net income attributable to the company's shareholders was $361 million in the first half of 2024, compared to $237 million in the year-ago quarter.
Uber's revenue for the second quarter of 2024 was $10.7 billion, up 15.9% from $9.23 billion in the year-ago quarter.
Uber's revenue from travel in the second quarter of 2024 was $6.134 billion, an increase of 25.3% from $4.894 billion in the same period last year; revenue from distribution was $3,293 million, an increase of 8% from $3,057 million in the same period last year; Revenue from freight was $1,273 million, essentially flat in the year-ago quarter.
As more people return to the office and get out of their homes, ridesharing demand has been boosted over the past few months, with companies like Uber and rival Lyft benefiting.
"Uber's growth engine continues to roar, delivering six consecutive quarters of more than 20% growth in trips while achieving record profitability." Dara Khosrowshahi, CEO of Uber, said, "Uber consumers have never been stronger—more people are using the platform than ever before, and more often—while drivers and couriers earned a record $17.9 billion in the quarter." ”
"The strong revenue trend and operating leverage on the P&L are a testament to the durability of our growth and the significant cash flow behind our platform," said Prashanth Mahendra-Rajah, Uber's chief financial officer. "We began to repurchase shares under the maiden mandate during the quarter as we continue to drive long-term shareholder returns."
Uber's costs and expenses were $9.9 billion in the second quarter of 2024, up 11.2% from $8.9 billion in the year-ago quarter.
Uber's operating profit for the second quarter of 2024 was $796 million, up 144% from $326 million in the year-ago quarter.
Uber's net income attributable to the company's shareholders for the second quarter of 2024 was $1.015 billion, up 158% from $394 million in the year-ago quarter.
Uber's Adjusted EBITDA for the second quarter of 2024 was $1.6 billion, up 71% from the same period last year. Adjusted EBITDA from travel was $1.6 billion, Adjusted EBITDA from food delivery was $588 million, and Adjusted EBITDA from freight was -$12 million.
As of June 30, 2024, Uber had $6.3 billion in cash and cash equivalents, restricted cash.
Uber forecasts third-quarter gross bookings, including its mobile, delivery and freight divisions, to be between $40.25 billion and $41.75 billion, with a median value lower than analysts' forecasts of $41.26 billion.
Uber expects adjusted EBITDA of $1.58 billion to $1.68 billion for the third quarter of 2024, up 45% to 54% from the year-ago quarter.
Uber's second-quarter results beat Wall Street expectations due to steady demand for ride-sharing and food delivery services, and Uber's shares jumped more than 7% after the market opened today, giving the company a market capitalization of more than $130 billion so far.
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