Uber Technologies Inc. (NYSE: UBER) reported strong second-quarter earnings on Wednesday, beating analyst expectations on both the top and bottom lines. The ride-hailing and delivery giant reported revenue of $8.5 billion, up 43% year-over-year, and adjusted earnings per share of $0.53, beating the consensus estimate of $0.45.
Uber’s strong results were driven by a number of factors, including continued growth in its ride-hailing business, the expansion of its food delivery business, and the recovery of travel demand from the COVID-19 pandemic. The company’s ride-hailing business grew 33% year-over-year in the second quarter, while its food delivery business grew 74%.
Uber also announced that it is on track to achieve profitability in 2023. The company said that it expects to generate $5.5 billion in free cash flow in 2023, which would be enough to cover its interest expenses and capital expenditures.
“We are very pleased with our strong second-quarter results,” said Dara Khosrowshahi, CEO of Uber. “We are seeing strong growth across our businesses, and we are confident that we are on track to achieve profitability in 2023.”
Uber’s stock price was up about 5% in after-hours trading following the earnings report.
Other news from Uber Technologies:
- Uber announced that it is expanding its electric vehicle fleet in London. The company said that it will add 1,000 electric vehicles to its fleet in London by the end of 2023.
- Uber launched a new feature called “Uber Reserve” in the United States. The feature allows users to reserve a ride up to 30 days in advance.
- Uber announced that it is partnering with Lime to offer electric scooters in select cities. The partnership will allow Uber users to rent Lime scooters through the Uber app.
Outlook for Uber Technologies:
Uber is facing a number of challenges, including increased competition from rivals like Lyft and DoorDash, as well as rising costs. However, the company is also benefiting from strong growth in its ride-hailing and food-delivery businesses. Overall, the outlook for Uber is positive, and the company is well-positioned for continued growth in the years to come.