Uber Technologies Stock Rides Higher On Q2 Performance: The Details

Uber Technologies, Inc UBER reported second-quarter FY23 revenue growth of 14% year-on-year to $9.23 billion, slightly missing the consensus of $9.32 billion. 

Revenue from Mobility grew to $4.89 billion (+38% Y/Y), Delivery was $3.06 billion (+14% Y/Y), and Freight at $1.40 billion (-23% Y/Y).

Gross Bookings grew 16% Y/Y to $31.4 billion, with Mobility Gross Bookings of $16.7 billion (+25% Y/Y), Delivery Gross Bookings of $15.6 billion (+12% Y/Y), and Freight Gross Bookings of $1.3 billion (-30% Y/Y). 

Trips grew 22% Y/Y to 2.3 billion, or 25 million per day. Uber's Monthly Active Platform Consumers reached 137 million, up 12% Y/Y.

Uber's adjusted EPS of $0.02 beat the consensus loss of $(0.01). 

Margins: Uber clocked an Adjusted EBITDA of $916 million, driven by Mobility. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.7%, up from 1.3% in Q2 FY22. 

Uber held $5.5 billion in cash and equivalents and generated $1.1 billion in free cash flow.

"Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter, with trips up 22% and a GAAP operating profit, for the first time in Uber's history," said Dara Khosrowshahi, CEO. "These results also translated into strong driver and courier engagement, with 6 million drivers and couriers earning a record $15.1 billion during the quarter."

Outlook: Uber expects Q3 Gross Bookings of $34.0 billion - $35.0 billion and Adjusted EBITDA of $0.975 billion - $1.025 billion. 

Price Action: UBER shares traded higher by 2.41% at $50.65 premarket on the last check Tuesday.

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