SAN FRANCISCO – Uber today reported better-than-expected revenue in the second quarter, fueled by strong demand for the San Francisco-based company’s ride-hailing and food delivery services.
Revenue more than doubled to $8.1 billion (RM35.7 billion) in the three months through June – a 105% increase. Though it still posted a net loss of $2.6 billion (RM11.5 billion), investors reacted positively: shares shot up more than 12%, to $27.58 (RM121.42), in pre-market trading.
The company posted $1.8 billion (RM7.9 billion) in revenue from its freight operations. It also said the boost in revenue was partially explained by a change in how it accounts for its rides business in Britain.
Uber notched gains in monthly active platform consumers, gross bookings and trips compared with a year ago, reflecting higher demand but also a higher number of drivers for its signature ride service and food delivery operations.
Uber CEO Dara Khosrowshahi said both consumers and earners were at “all-time highs.”
“Last quarter I challenged our team to meet our profitability commitments even faster than planned – and they delivered,” Khosrowshahi said in a statement.
Uber primarily attributed its loss to the falling value of its investments in financially strapped companies such as Singapore’s VTC Grab, US self-driving vehicle start-up Aurora and Indian food delivery service Zomato. – AFP, August 2, 2022
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