- Uber Technologies, Inc UBER reported second-quarter FY22 revenue growth of 105% year-on-year to $8.1 billion, beating the consensus of $7.4 billion.
- Uber: Revenue from Mobility grew to $3.55 billion (+120% Y/Y), Delivery was $2.69 billion (+37% Y/Y) and Freight at $1.8 billion (428% Y/Y).
- Gross Bookings grew 33% Y/Y to $29.1 billion, with Mobility Gross Bookings of $13.4 billion (+55% Y/Y) and Delivery Gross Bookings of $13.9 billion (+7% Y/Y).
- Trips grew 24% Y/Y to 1.87 billion, or 21 million per day.
- Margins: Uber clocked Adjusted EBITDA of $364 million, with Mobility margins at an all-time high and Freight reaching Adjusted EBITDA profitability.
- Uber's Adjusted EBITDA margin as a percentage of Gross Bookings was 1.3%, up from (2.3)% in Q2 2021.
- Uber's EPS loss of $(0.47) missed the consensus loss of $(0.26).
- Uber held $4.4 billion in cash and equivalents and generated $439 million in operating cash flow.
- "We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum," said Nelson Chai, CFO. "This marks a new phase for Uber, self-funding future growth with disciplined capital allocation, while maximizing long-term returns for shareholders."
- Outlook: Uber expects Q3 Gross Bookings of $29 billion - $30 billion and Adjusted EBITDA of $440 million - $470 million.
Price Action: UBER shares traded higher by 13.6% at $27.92 in the premarket on the last check Tuesday.
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