Uber Technologies, Inc. experienced a significant surge in its stock value, rising over 7 percent in morning trading on the NYSE. This increase followed the company’s announcement of better-than-expected second-quarter profit and revenue, driven by heightened gross bookings. Additionally, Uber provided an optimistic third-quarter forecast, predicting strong growth in adjusted EBITDA and gross bookings.CEO Dara Khosrowshahi remarked, “Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability. The Uber consumer has never been stronger—more people are using the platform, and more frequently, than ever before—while drivers and couriers earned a new all-time high of $17.9 billion over the quarter.”Looking ahead to the third quarter, Uber anticipates an adjusted EBITDA between $1.58 billion and $1.68 billion, equating to a 45 percent to 54 percent increase from the previous year.The company also projects gross bookings ranging from $40.25 billion to $41.75 billion for the quarter, which would reflect an 18 percent to 23 percent year-over-year growth on a constant currency basis.In its second-quarter report, Uber noted a net income attributable to the company of $1.015 billion or $0.47 per share, marking a 158 percent increase from last year’s $394 million or $0.18 per share.Analysts, on average, had anticipated earnings of $0.28 per share, according to Thomson Reuters. These estimates typically exclude special items.The adjusted EBITDA for the quarter reached $1.6 billion, a 71 percent increase from the previous year, with the adjusted EBITDA margin improving to 3.9 percent from 2.7 percent a year ago.Uber’s quarterly revenue rose by 15.9 percent, hitting $10.70 billion compared to $9.23 billion last year. Market analysts had projected revenues of $9.69 billion for the quarter.Revenue growth was 17 percent on a constant currency basis.The combined Mobility and Delivery revenue increased by 19 percent from the prior year to $9.4 billion on a reported basis, or 20 percent on a constant currency basis. However, changes in the business model negatively impacted total revenue growth by 7 percentage points.During the quarter, gross bookings climbed 19 percent year-over-year to $40.0 billion, or 21 percent on a constant currency basis. Mobility gross bookings rose by 23 percent to $20.6 billion, while Delivery gross bookings grew by 16 percent to $18.1 billion.Uber also reported a 21 percent increase in trips during the quarter, totaling 2.8 billion, or approximately 30 million trips per day on average.On the NYSE, Uber’s shares saw an approximate 7.5 percent increase, trading at $62.85.The material has been provided by InstaForex Company – www.instaforex.com
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