Uber’s Second-Quarter Results Show Increased Demand for Rides

Ride-hailing company Uber just announced its second-quarter results and its predictions for next quarter. For the period ending June 30, revenue rose 16% to $10.7 billion. Net income hit $1.02 billion.

Per Uber’s press release, its mobility unit saw gross bookings increase 23%, reaching $20.6 billion. Monthly users of the Uber app went from 137 million in Q2 2023 to 156 million in Q2 2024, with the number of trips topping 2.8 billion during the quarter, a 21% rise.

The projected numbers for next quarter look just as promising. Bookings are expected to reach $40.25 billion to $41.75 billion, which is an 18% to 23% growth year-over-year. Earnings should fall between $1.58 billion and $1.68 billion.

“The Uber consumer has never been stronger — more people are using the platform, and more frequently, than ever before — while drivers and couriers earned a new all-time high of $17.9 billion over the quarter,” said CEO Dara Khosrowshahi.

To grab even more market share, Uber made a deal with Instacart earlier this year. Through the partnership, the Instacart app will now include a “restaurants” option, allowing users to get food delivered by Uber Eats. Customers will be able to look at menus, place orders, and track deliveries from inside the Instacart app. Interestingly, Uber has also aligned itself with Serve Robotics and Cartken to offer autonomous food delivery via an army of small robots.

While Wall Street analysts predicted earnings of 31 cents per share, Uber posted earnings of 47 cents per share for the second quarter. Uber stock was up over 4% in premarket trading Tuesday morning, according to Investopedia. Still, Uber shares are down 8% since the beginning of 2024.

Under Khosrowshahi’s leadership, Uber went from near collapse to the top of the heap. In February, the company announced it made an annual operating profit for the first time in its 15-year history. In 2023, the company made $1.1 billion compared to a $1.8 billion loss in 2022.