Uber Technologies (NYSE:UBER) saw its shares jump more than 8% intra-day today following the release of its second-quarter financial results, which exceeded expectations in revenue and gross bookings.
For Q2, Uber reported earnings per share of $0.18, falling short of the Street estimate of $0.31. However, the company’s quarterly revenue hit $10.7 billion, slightly above the projected $10.57 billion.
Gross bookings surged to $39.95 billion, a significant increase from $33.60 billion year-over-year, and surpassed the estimate of $39.71 billion. Adjusted EBITDA rose 71% year-over-year to $1.57 billion, outpacing the forecast of $1.5 billion.
Looking ahead to Q3, Uber anticipates gross bookings to be between $40.25 billion and $41.75 billion, compared to the expected $41.27 billion.
Adjusted EBITDA for the third quarter is expected to range from $1.58 billion to $1.68 billion, aligning with the Street estimate of $1.63 billion. The outlook includes an approximate 4 percentage point currency headwind to the total year-over-year reported growth, with Mobility’s year-over-year reported growth facing an estimated 7 percentage point currency headwind.