Uber Technologies Inc. beat analyst estimates for quarterly revenue and profit, but its shares fell more than 4% in after-hours trading yesterday.
Earnings per share were 58 cents versus an expected loss of 51 cents, according to the consensus of analysts in a Refinitiv poll. Revenue was $3.93 billion, versus the $3.75 billion forecast.
Uber revealed a net profit of $1.1 billion during the second quarter. This is largely due to unrealized gains of $1.4 billion in Didi Global and $471 million in Aurora. However, Didi's shares fell by about 37% over the past month, that is, after the period of business results, and Uber's operating losses are still at $1.19 billion.
Its adjusted loss before interest, tax, depreciation, and amortization was $509 million, down $150 million from the previous quarter but an improvement of $328 million from a year ago, it said. CNBC.
For his part, Chief Financial Officer Nelson Chai said in a letter to investors: "As we make progress toward this milestone, we expect EBITDA-adjusted to improve in a letter to investors." Debt in the third quarter was less than $100 million, plus total booked bookings between $22 and $24 billion.
So far, the Uber Eats food delivery segment has boosted business results, as people stop traveling and turn to food and merchandise delivery.
Uber added that its delivery business remained strong even as Covid restrictions eased around the world.
