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UBER Swings to Earnings in Q2, Misses Revenue Estimates
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Uber Technologies, Inc. (UBER - Free Report) reported second-quarter 2023 earnings of 18 cents per share. The Zacks Consensus Estimate was pegged at a loss of a penny. In second-quarter 2022, Uber incurred a loss of $1.33 per share.
Total revenues of $9,230 million missed the Zacks Consensus Estimate of $9,320.3 million. The top line jumped 14.3% year over year.
In the reported quarter, majority (53%) of the company’s revenues came from Mobility. Revenues from this segment climbed 38% year over year to $4,894 million. Actual segmental revenues surpassed our projection of $4,392 million.
Revenues from the Delivery segment increased 14% year over year to $3,057 million. Actual segmental revenues outpaced our projection of $2,882.5 million.
Freight revenues fell to $1,279 million, down 30% from the year-ago period due to lower revenue per load and volume, and the challenging freight market cycle. Actual segmental revenues missed our projection of $1,847.4 million
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Total revenues rose 4% year over year to $5,129 million in the United States and Canada. While revenues increased 30% to $627 million in Latin America, it grew 31% to $2,412 million in Europe, the Middle East and Africa. Revenues rose 31% to $1,062 million in the Asia-Pacific region. Monthly active platform consumers jumped 12% to 137 million.
Adjusted EBITDA in the second quarter surged more than 100% to $916 million compared with $364 million in the year-ago period.
Gross bookings from Mobility improved 25% to $16,728 million. From Delivery, gross bookings augmented 12% to $15,595 million. Gross bookings from Freight came in at $1,278 million in the second quarter, down 30% from the year-ago quarter. Total gross bookings ascended 16% to $33,601 million.
Uber exited the second quarter with cash and cash equivalents of $4,995 million compared with $4,208 million at the end of December 2022. Long-term debt, net of the current portion at the end of the reported quarter, was $9,255 million compared with $9,265 million at December 2022-end.
Operating cash flow came in at $1,190 million compared with $439 million in the year-ago quarter. The free cash flow was $1,140 million.
Q3 Guidance
For the third quarter of 2023, Uber expects gross bookings to be between $34 billion and $35 billion. The adjusted EBITDA is estimated in the range of $975-$1.025 billion.
Zacks Rank
Currently, Uber Technologies sports a Zacks Rank #1 (Strong Buy).
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UBER Swings to Earnings in Q2, Misses Revenue Estimates
Uber Technologies, Inc. (UBER - Free Report) reported second-quarter 2023 earnings of 18 cents per share. The Zacks Consensus Estimate was pegged at a loss of a penny. In second-quarter 2022, Uber incurred a loss of $1.33 per share.
Total revenues of $9,230 million missed the Zacks Consensus Estimate of $9,320.3 million. The top line jumped 14.3% year over year.
In the reported quarter, majority (53%) of the company’s revenues came from Mobility. Revenues from this segment climbed 38% year over year to $4,894 million. Actual segmental revenues surpassed our projection of $4,392 million.
Revenues from the Delivery segment increased 14% year over year to $3,057 million. Actual segmental revenues outpaced our projection of $2,882.5 million.
Freight revenues fell to $1,279 million, down 30% from the year-ago period due to lower revenue per load and volume, and the challenging freight market cycle. Actual segmental revenues missed our projection of $1,847.4 million
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote
Total revenues rose 4% year over year to $5,129 million in the United States and Canada. While revenues increased 30% to $627 million in Latin America, it grew 31% to $2,412 million in Europe, the Middle East and Africa. Revenues rose 31% to $1,062 million in the Asia-Pacific region. Monthly active platform consumers jumped 12% to 137 million.
Adjusted EBITDA in the second quarter surged more than 100% to $916 million compared with $364 million in the year-ago period.
Gross bookings from Mobility improved 25% to $16,728 million. From Delivery, gross bookings augmented 12% to $15,595 million. Gross bookings from Freight came in at $1,278 million in the second quarter, down 30% from the year-ago quarter. Total gross bookings ascended 16% to $33,601 million.
Uber exited the second quarter with cash and cash equivalents of $4,995 million compared with $4,208 million at the end of December 2022. Long-term debt, net of the current portion at the end of the reported quarter, was $9,255 million compared with $9,265 million at December 2022-end.
Operating cash flow came in at $1,190 million compared with $439 million in the year-ago quarter. The free cash flow was $1,140 million.
Q3 Guidance
For the third quarter of 2023, Uber expects gross bookings to be between $34 billion and $35 billion. The adjusted EBITDA is estimated in the range of $975-$1.025 billion.
Zacks Rank
Currently, Uber Technologies sports a Zacks Rank #1 (Strong Buy).
Other Key Picks
Some other top-ranked stocks in the broader Computer and Technology sector include Airbnb, Inc. (ABNB - Free Report) and Alphabet Inc. (GOOG - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Airbnb delivered an earnings surprise of 54.9%, on average, in the trailing four quarters.
ABNB has a long-term expected growth rate of 19%.
Alphabet has an expected earnings growth rate of 23.7% for the current year.
GOOG has a long-term expected growth rate of 15.3%.