Uber's Q2 Revenue Surpasses Estimates with Strong Ride-Sharing Demand
Uber exceeded Wall Street expectations for its second-quarter results, reporting a 16% increase in revenue to $10.70 billion and a 19% rise in gross bookings to $39.95 billion. The company's core earnings reached $1.60 billion, surpassing the forecasted $1.51 billion. This growth was driven by its ride-sharing and food delivery segments, which saw a 25% increase to $6.13 billion, above expectations of $5.94 billion. However, the delivery business underperformed, with $3.29 billion in revenue against the anticipated $3.32 billion.
Despite the delivery segment's underperformance, Uber's overall strong performance indicates sustained market demand for both transportation and delivery services. The company also benefited from improvements in airport rides, discounted subscriptions for students, and pre-scheduled shared rides. Looking ahead, Uber forecasted third-quarter gross bookings between $40.25 billion and $41.75 billion.
