Uber beat estimates on its top and bottom line and turned an unexpected one-time profit during the second quarter.
Shares dipped more than 4% in after hours trading.
Here’s how Uber did versus expectations:
- Earnings per share: 58 cents vs an expected 51 cent loss, according to a consensus of analysts surveyed by Refinitiv.
- Revenue: $3.93 billion vs $3.75 billion expected, according to Refinitiv.
Uber reported a net income of $1.1 billion for the quarter. That was largely due to unrealized gains of $1.4 billion in Didi and $471 million in Aurora. Shares of Didi have dropped about 37% over the last month, however, shrinking Uber’s stake in the company by $2 billion last week. Uber’s operating loss was still $1.19 billion.
Its adjusted EBITDA loss was $509 million, down $150 million from the prior quarter but an improvement of $328 million from last year. EBITDA refers to earnings before interest, taxes, depreciation and amortization.
So far, Uber’s Eats segment has bolstered the company to withstand many of the Covid headwinds. When people stopped traveling, they turned to food and goods deliveries. Uber added that its delivery business stayed strong even as Covid restrictions eased around the world.
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