FI showroom red and grey logo
MenuMENU
SearchSEARCH

Uber Doubles Q2 Revenue

The company saw revenue more than double to $8.1 billion as customers continued to hail rides and order takeout food.

August 3, 2022
Uber Doubles Q2 Revenue

 

Credit:

Flickr

2 min to read


 

Rising inflation had little impact on Uber Technologies in the second quarter. The company saw revenue more than double to $8.1 billion as customers continued to hail rides and order takeout food.

Revenue from the company’s services, which include ride hailing, food delivery and freight, increased 33% to an all-time high of $29.1 billion. Adjusted earnings before interest, tax, depreciation and amortization rose $873 million to $364 million.

Ad Loading...

Still, the company reported a net loss of $2.6 billion compared with net income of $1.1 billion during the same quarter last year. The company cited losses from its equity investments as the reason for the $1.7 billion of the second-quarter loss.

Uber reports 122 million people use the platform monthly, surpassing the 120.5 million analysts expected. The number of consumers and earners using Uber has hit record highs, Khosrowshahi said.

Khosrowshahi reported in May that the company is “recession resistant,” but it must still take steps to keep costs in check, by treating “hiring as a privilege.” It’s rival, Lyft, also has announced plans to significantly slow hiring and cut expenses.

Uber offered bonuses and incentives to lure people to drive for them but has since had to gradually decrease this extra spending.

The company instead has worked to improve its app. Now drivers can see a fare and a person’s destination in the app. A shortage of drivers has led to longer wait times and higher fares for customers. Rising fuel prices also have prompted drivers to trim the hours they are on the road.

Ad Loading...

Khosrowshashi reported Tuesday that the company saw an acceleration in active and new driver growth in the second quarter. In fact, the global driver and courier base grew 31% from 2021 to almost 5 million.

Uber Eats boomed during the pandemic as ride-hailing demand cratered. In the second quarter Uber Eats saw bookings increase 7% from 2021 to $13.9 billion. This is less than the $14.4 billion analysts were expecting.

Khosrowshahi reported the company expects delivery bookings to remain “roughly flat” in the current period compared to the second quarter.  

Uber projects gross bookings of $29 billion to $30 billion in the third quarter and adjusted earnings before interest, tax, depreciation and amortization of $440 million to $470 million.  

Originally posted on Auto Dealer Today

More Opinion

OpinionSeptember 15, 2023

Combative UAW Demands Leave No Room For Constructive Negotiations

Compensation for workers' contributions during the panedmic is justified but not at this level.

Read More →
OpinionAugust 4, 2022

Curing Your COVID Hangover

It’s time to get re-connected with our customers and stay there.

Read More →
Opinionby StaffJune 23, 2022

Study Finds Gen-Z Car Shoppers Spend More Time Researching and Find Purchase Process More Difficult Than Older Generations

Gen Z shoppers report they experience more problems compared to Baby Boomers, including 45% of Gen Z frustrated with waiting on a salesperson and 52% with additional fees.

Read More →
Ad Loading...
Opinionby StaffJune 21, 2022

The Remote Evolution In F&I

F&I profits have consistently increased since my departure from “the box” — and it’s all happening in conjunction with my fuzzy slippers.

Read More →
Opinionby StaffApril 21, 2022

LMP Automotive Holdings Receives Notification of Deficiency from Nasdaq

The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

Read More →
Opinionby StaffApril 13, 2022

Auto Experts Weigh in on the Semiconductor Shortage

Experts suggest automakers focus their attention on the user experience and greater collaboration as they content with limited semiconductor chip supplies.

Read More →
Ad Loading...
Opinionby StaffFebruary 16, 2022

LMP Automotive Holdings Announces its Board of Directors Approved an Immediate Pursuit of Strategic Alternatives

The Company intends to terminate all of its pending acquisitions in accordance with the terms of their respective acquisition agreements, primarily due to the inability to secure financial commitments and close within the timeframes set forth in such agreements.

Read More →
Opinionby StaffFebruary 15, 2022

Blockade of Ambassador Bridge Costs Auto Industry Millions

Total losses add up to $300 million, with a $155 million hit to automakers and $145 million in lost direct wages.

Read More →
OpinionDecember 21, 2021

8 Ways Small Dealers Can Compete With Big Franchises

The digitization of the auto retail and finance industry has helped level the playing field for dealers who are willing to invest in new tools — no matter your size or location.

Read More →
Ad Loading...
Opinionby StaffDecember 15, 2021

NIADA Launches Dashboard

Association’s information hub provides news, analysis, educational content for dealers.

Read More →