2 months ago
Key Takeaways
- Uber reports second-quarter net earlier markets unfastened Tuesday, pinch analysts projecting year-over-year gross and profit growth.
- Over $700 cardinal successful adjustments to nan worth of nan company's investments led Uber to study a astonishment nett nonaccomplishment for nan first 4th successful May.
- The institution announced a number of caller features successful nan quarter, including plans to connection discounted Uber One subscriptions to assemblage students and an hold of a Costco partnership.
Uber Technologies (UBER) reports net Tuesday morning, pinch nan ride-share elephantine looking to amended connected its capacity successful nan first quarter, erstwhile Uber reported a astonishment loss owed to complete $700 cardinal successful adjustments related to nan company's investments.
Estimates compiled by Visible Alpha task Uber's gross to emergence to $10.56 cardinal from $9.23 cardinal a twelvemonth ago. Net income is projected to emergence to $652.33 cardinal from $394 cardinal successful nan 2nd 4th of 2023.
| Analyst Estimates for Q2 2024 | Q1 2024 | Q2 2023 | |
| Revenue | $10.56 billion | $10.13 billion | $9.23 billion |
| Diluted EPS (Loss) | 31 cents | (31 cents) | 19 cents |
| Net Income (Loss) | $652.33 million | ($654 million) | $394 million |
Key Metric: Gross Bookings for Food Delivery vs. Rideshare Trips
UBS analysts successful a Monday statement cited information from search patient Sensor Tower, which showed Uber Eats performing amended than Uber's namesake ridesharing level successful position of converting monthly progressive users (MAUs) to regular progressive users complete nan people of nan 2nd quarter.
The analysts said they position nan progressive personification information arsenic a "proxy metric" that tin connection indications for really Uber's gross bookings will travel successful for a afloat quarter. UBS projects gross bookings for Uber Eats supra consensus, while projecting rideshare deliveries, Uber's "mobility" division, beneath expert consensus.
UBS connected Monday raised its value target for Uber to $102 from $95, lowering its targets for Uber's competitors successful nan rideshare and food-delivery spaces, Lyft (LYFT) and DoorDash (DASH), to $15 and $125 from $19 and $130, respectively.
Business Spotlight: New Features and Partnerships
Uber announced a number of caller features and partnerships successful nan quarter, pinch galore coming astatine nan company's annual Go-Get arena successful May, erstwhile it announced plans to connection discounted Uber One subscriptions to assemblage students and an description of its business pinch Costco (COST).
The institution besides precocious announced a feature to thief users schedule rides, providing estimates of mean hold times and prices for rides successful thousands of cities worldwide.
Analysts person previously cited take of caller features arsenic a imaginable root of gross maturation for Uber. UBS analysts said Monday that updates connected really Uber's caller verticals are contributing to nan company's results are a cardinal facet for investors to watch for.
Uber shares were down 1.1% Tuesday to $63.05. They're up astir 2.5% this year.
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