Uber outperforms expectations on steadfast customer demand | News

Revenue doubled to $8.1 billion in the second quarter, Uber said. Analysts polled by financial news agency Bloomberg expected an average of $7.4 billion.

For the second quarter, Uber reported a 33 percent increase in retail transactions to a record $29.1 billion. This includes taxi calls, meal deliveries and freight. Operating profit (EBITDA) rose $873 million to $364 million, much better than expected.

Uber reported that 122 million customers use the platform monthly. Analysts assumed 120.5 million customers. CEO Dara Khosrowshahi said this is a record.

Uber and similar companies like Lyft and DoorDash are struggling with high inflation and an economic outlook that could put a brake on demand just as the economy started to recover from the corona crisis.

At the same time, loss-making companies like Uber are less popular with investors because the US central bank raises interest rates. As of Monday evening, Uber shares had already lost 43 percent in value this year.

Khosrowshahi said in May that the company is “resistant to a recession”. But it did take steps to keep costs under control.

Uber’s adjusted operating profit was $364 million. A year earlier, the company suffered an operating loss of more than half a billion dollars.

Uber still wrote red numbers below the line. There was a loss of 2.6 billion dollars in the books. This was partly because Uber’s interests in other companies were worth 1.7 billion less. Uber also lost nearly $500 million in stock compensation to its employees.

Uber expects to bring in even more bookings for the coming quarter. The operating profit will also be even higher.

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