Shulou(Shulou.com)11/24 Report--

On the evening of August 1, Beijing time, Uber today released its second-quarter earnings report for the year ended June 30, 2023.

Uber's second-quarter revenue was $9.2 billion, up 15% year-on-year, according to the earnings report. Net profit attributable to Uber was $394 million, compared with a net loss of $2.6 billion for the same period in 2022.

Second quarter results: gross bookings were $33.6 billion, up 16% from a year earlier. Excluding the impact of exchange rate changes, it increased by 18% year-on-year.

Among them, the total order volume of online ride-hailing service was US $16.7 billion, up 25% year-on-year. Delivery service orders totaled $15.6 billion, up 12 percent from a year earlier. Cargo service orders totaled $1.28 billion, compared with $1.84 billion a year earlier.

Revenue was $9.2 billion, up 15% year-over-year. Excluding the impact of exchange rate changes, it increased by 17% year-on-year. That compares with analysts 'average estimate of $9.3 billion.

By region, revenue in the United States and Canada was $5.129 billion, up 4% year-over-year. Latin American market revenue was $627 million, up 30% year-on-year. Europe, Africa and the Middle East revenue was $2.412 billion, up 31% year-over-year. Asia-Pacific revenue was $1.062 billion, up 31% year-on-year.

Operating profit was $326 million, compared with a year-ago operating loss of $713 million. This is Uber's first operating profit.

Net income attributable to Uber was $394 million, including a pretax gain of $386 million, primarily from unrealized net gains related to the revaluation of Uber's equity investments.

By comparison, analysts, on average, expected a loss of $49.2 million. In the second quarter of 2022, Uber had a net loss of $2.6 billion.

Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $916 million, up $552 million from a year earlier.

Cash flow from operations was $1.2 billion, compared with $439 million in the same period last year.

Free cash flow was $1.1 billion, compared with $382 million a year earlier.

Uber had unrestricted cash, cash equivalents and short-term investments of $5.5 billion at the end of the second quarter.

Uber had 137 million monthly active consumers in the second quarter, up 12% year-over-year and 5% quarter-over-quarter. The number of trips was 2.3 billion, up 22% year-on-year and 7% month-on-month.

OUTLOOK: Uber expects total orders to reach $34 billion to $35 billion in the third quarter of 2023.

Adjusted EBITDA will range from $975 million to $1.025 billion.

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