Uber reported second-quarter results that produced mixed market reactions, with the company’s stock falling after the announcement. Revenue climbed 12% to reach growth, while net income rose to $2.39 billion compared to $1.35 billion in the prior year period. Earnings per share came in at $1.17 versus 63 cents annually.
The ride-hailing and delivery services provider generated $7.36 billion in mobility revenue during the quarter, while its delivery segment contributed $5.25 billion. Mobility gross bookings increased 22% year-over-year to $28.99 billion, and delivery bookings jumped 26% to $27.46 billion. Total bookings of $58 billion exceeded analyst expectations of $57.23 billion.
However, forward guidance dampened investor enthusiasm. For the upcoming third quarter, the company projected bookings of $59.25 billion at the midpoint of its range, slightly trailing the average analyst estimate of $59.33 billion. More significantly, the company’s earnings per share guidance of 84 cents to 88 cents fell short of the 89-cent consensus estimate. Shares closed 5.3% lower on Wednesday following the earnings release.
Looking ahead, Uber announced plans to invest more than $10 billion in coming years to commercialize autonomous vehicles at scale. The company has been pursuing partnerships with various robotaxi providers while continuing to expand its service offerings. Earlier, the company announced a $14.8 billion agreement to acquire Germany’s Delivery Hero, which will broaden its food and grocery delivery presence across additional markets. CEO Dara Khosrowshahi highlighted that the World Cup generated significant demand for ride-hailing services, with more than 8 million tourists using the platform across host cities.
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