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Uber shares, which have lost more than 40% this year, surged 15%
to $28.41 in premarket trading and helped drive an 8% gain in
rival Lyft Inc's shares.
Uber generated free cash flow of $382 million in the second
quarter, topping analysts' expectations of $263.2 million, as
trips exceeded pre-pandemic levels, boosted by the reopening of
offices and a surge in travel demand.
The number of drivers and delivery agents on its platform rose
31% to an all-time high of almost 5 million, allaying concerns
that soaring gas prices was deterring them from signing up with
the company.
"That's right: more people are earning on Uber today than before
the pandemic," Chief Executive Officer Dara Khosrowshahi said.
Growth at its delivery business was slowing but Uber expected
ordering in to become the standard for consumers as it continues
to add new partners.
The delivery segment's revenue rose 37% to $2.69 billion, while
that of ride-share business surged 120% to $3.55 billion in the
quarter ended June 30.
Analysts were expecting revenue of $2.58 billion for delivery
and $2.93 billion for ride share.
Gross bookings, or the total value of bookings made on its
platform, rose 33% to $29.1 billion.
Adjusted EBITDA was $364 million, surpassing estimates of
$257.89 million.
It now expects adjusted EBITDA of between $440 million and $470
million for the third quarter, well above analysts' forecast of
$383.95 million, according to IBES data from Refinitiv.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil
D'Silva)
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