Uber Technologies, Inc. unveiled its financial results for Q2 2024, showcasing robust growth and record profitability.
“Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability,” said Dara Khosrowshahi, CEO.
“Uber consumers have 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.”
Prashanth Mahendra-Rajah, CFO, added, “Strong topline trends and operating leverage across the P&L demonstrate the durability of our growth and significant cash flow generation underlying our platform. We started share repurchases against our inaugural authorization during the quarter as we continue to drive long-term shareholder return.”
Q2 2024 Financial Highlights
Gross Bookings: Increased 19% year-over-year (YoY) to $40.0 billion, or 21% on a constant currency basis. Mobility Gross Bookings hit $20.6 billion (+23% YoY, +27% constant currency), and Delivery Gross Bookings reached $18.1 billion (+16% YoY, +17% constant currency).
Trips: Grew 21% YoY to 2.8 billion, averaging approximately 30 million trips per day.
Revenue: Climbed 16% YoY to $10.7 billion, or 17% on a constant currency basis. Combined Mobility and Delivery revenue rose 19% YoY to $9.4 billion, or 20% on a constant currency basis.
Income from Operations: Increased to $796 million, up $470 million YoY and $624 million quarter-over-quarter (QoQ).
Net Income: Reached $1.0 billion, bolstered by a $333 million pre-tax benefit from net unrealized gains on Uber’s equity investments.
Adjusted EBITDA: Soared 71% YoY to $1.6 billion. Adjusted EBITDA margin as a percentage of Gross Bookings improved to 3.9%, up from 2.7% in Q2 2023.
Cash Flow: Net cash from operating activities was $1.8 billion, with free cash flow at $1.7 billion.
Share Repurchases: $325 million of common stock repurchased under the February 2024 authorization.
Liquidity: Unrestricted cash, cash equivalents, and short-term investments totaled $6.3 billion at quarter-end.
Outlook for Q3 2024
Gross Bookings: Expected between $40.25 billion and $41.75 billion, reflecting 18% to 23% YoY growth on a constant currency basis.
Currency Headwinds: Anticipated 4 percentage point headwind to total reported YoY growth, including a 7 percentage point headwind to Mobility’s reported YoY growth.
Adjusted EBITDA: Projected between $1.58 billion and $1.68 billion, representing 45% to 54% YoY growth.
Uber’s Q2 results reflect a thriving business adapting to market dynamics with agility and strategic foresight. The company’s continued growth and profitability underscore its resilience and capacity for innovation in a competitive landscape.
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