Uber Apple Inc. reported second-quarter earnings on Tuesday that beat Wall Street estimates. The stock rose about 6% at market open.
Here's how the company performed during the period ended June 30, compared to what Wall Street was expecting based on a survey of analysts conducted by LSEG:
Earnings per share: 47 cents vs. 31 cents expectedRevenue: $10.7 billion vs. $10.57 billion expected
Uber said in a press release that revenue increased 16% from $9.23 billion a year earlier. The company’s mobility unit reported a 23% increase in gross bookings to $20.6 billion. Gross bookings rose 16% in delivery to $18.1 billion, and were flat in the freight unit at $1.27 billion.
The company expects to grow about 20% in the second quarter, based on expected continued expansion in its core mobility business and increased food and ride-hailing orders from membership subscribers, CEO Dara Khosrowshahi said.
Uber expects bookings between $40.25 billion and $41.75 billion in the third quarter. The midpoint of the range, $41 billion, was below the average estimate of $41.18 billion, according to StreetAccount. The company expects adjusted earnings between $1.58 billion and $1.68 billion, with the midpoint of the range slightly above the average estimate of $1.62 billion.
Uber had 156 million monthly active customers (MACs) in the second quarter, with 2.77 billion rides taken on the Uber platform. This compares to 137 million MACs and 2.28 billion rides during the same period last year.
Uber also reported net income of $1.02 billion for the quarter, which included a pre-tax benefit of $333 million from “revaluation of Uber equity investments.”
In May, the company announced a partnership with Instacart This would add a “Restaurants” tab to the grocery delivery app, allowing its users to order from restaurants and have the orders delivered by Uber Eats.
In July, Chinese electric vehicle maker BYD and Uber announced a partnership to provide about 100,000 electric vehicles to Uber drivers, starting in Europe and Latin America. The two companies also plan to “cooperate on future BYD self-driving vehicles that will be deployed on the Uber platform,” Uber said Tuesday.
While BYD cars are not sold or available for lease in the United States, Uber has a range of incentives and other options to encourage drivers to use them. Tesla And other battery-powered electric vehicles, rather than gas-powered cars.
Analysts on the earnings call asked Khosrowshahi about Uber’s experience with self-driving vehicles, including its partnerships and long-term market strategy. Uber and Waymo are partnering in Arizona to let Uber users book driverless rides and have food delivery as an option.
Khosrowshahi did not disclose details about Waymo, but said in general that “autonomous vehicle operators” are seeing much higher usage with Uber than they would “without a first-party network.” He said Uber “will still have the most liquid and largest market” and that there will be “a very long hybrid period as autonomous vehicles develop and regulators try to figure out exactly how to regulate them.”
“We don't think this will be a winner-takes-all market,” Khosrowshahi said.
Uber shares were down 5% for the year at Monday's close, but are now up slightly after Tuesday's rally.
WATCH: CNBC's full interview with Uber CEO Dara Khosrowshahi
