- Uber reported Q2 earnings before the bell
- EPS missed estimates but revenue topped expectations
- Uber shares gained 11.5% premarket
Uber (NYSE: UBER) shares are trading 11.5% above Monday's close premarket after it reported second-quarter earnings before the bell.
The company posted a wider than expected loss per share but topped revenue expectations. They revealed a loss of $1.33 per share compared to analyst estimates of a loss of $0.26 per share. However, revenue came in at $8.07 billion, a 105% increase YoY and above analyst estimates of $7.39 billion.
Net cash provided by operating activities was $439 million, up $780 million YoY, while free cash flow was $382 million, up $780 million YoY. In addition, Uber's gross bookings hit an all-time high of $29.1 billion, up 33% year-over-year.
“We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum,” said Nelson Chai, Uber's CFO. “This marks a new phase for Uber, self-funding future growth with disciplined capital allocation, while maximizing long-term returns for shareholders.”
In the third quarter, Uber expects gross bookings of between $29 billion to $30 billion and adjusted EBITDA of between $440 million to $470 million.
“Last quarter I challenged our team to meet our profitability commitments even faster than planned—and they delivered,” said Dara Khosrowshahi, Uber CEO. “Importantly, they delivered balanced growth: Gross Bookings up 36 percent to a $116 billion run-rate, Adjusted EBITDA significantly above our guidance, and $382 million in free cash flow, all on a platform that’s larger than ever, with the number of consumers and earners using Uber now both at all-time highs.”