Uber (UBER.US) stock rose over 10.0% in premarket after the world's largest ride-sharing company reported better than expected Q2 revenue figures, positive quarterly cash flow for the first time ever and solid financial outlook for the current quarter.
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Loss per share of $1.33, while analysts polled by Investing.com anticipated EPS of $-0.2687.
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Revenue rose by 105% to $8.07 billion and beat Refinitiv analysts’ estimates of $7.39 billion,
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Net loss of $2.6 billion, of which $1.7 billion was attributed to investments and a revaluation of stakes in Aurora, Grab and Zomato.
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Free cash flow rose to $382 million, well above market projections of $263.2 million as the number of trips jumped above pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.
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The company reported adjusted EBITDA of $364 million,which also easily topped Wall Street expectations in the $240 million to $270 million range.
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Gross bookings jumped 33.0% to $29.1 billion YoY and in line with market estimates.
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Mobility (gross bookings): $13.4 billion, up 57% from a year ago in constant currency.
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Delivery (gross bookings): $13.9 billion, up 12% from a year ago in constant currency.
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Monthly active platform consumers increased by 21.0% to 122 million YoY.
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The number of drivers and delivery agents on its platform rose 31% to an all-time high of almost 5 million, despite concerns that high petrol prices were deterring them from signing up with the company.
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“Consequently in July, surge and wait times are near their lowest levels in a year in several markets, including the US, and our Mobility category position is at or near a multi-year high in the US, Canada, Brazil, and Australia,” Uber said in a release.
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For the current quarter, the company forecasts gross bookings in the region of $29 billion to $30 billion and adjusted EBITDA of $440 million to $470 million.
Uber (UBER.US) stock rose sharply before the opening bell and broke above the downward trendline. If current sentiment prevails, an upward move may accelerate towards resistance at $32.00, which is marked with upper limit of the 1:1 structure and 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
