Uber stock price: UBER shares surge 10% as Q2 revenue exceeds $8 billion

Uber shares are surging in pre-market trading after the company announced its Q2 2022 results before the bell. At the time of this writing, UBER stock is up to $27.15 a share, or over 10.36% higher than yesterday’s closing price. Here’s what you need to know about Uber’s Q2 2022 financials:

• Total trips on the Uber platform: 1.87 billion, a 24% year-over-year increase and a 9% quarter-over-quarter increase.
• Monthly Active Platform Consumers (MAPCs): 122 million, a 21% year-over-year increase and a 6% quarter-over-quarter increase.
• Mobility Gross bookings: $13.4 billion, a 57% year-over-year increase.
• Delivery Gross bookings: $13.9 billion, a 12% year-over-year increase.
• Q2 Revenue: $8.1 billion, a 111% year-over-year increase.
• Q2 Net loss: $2.6 billion for the quarter.

While Uber’s net loss of $2.6 billion for the quarter isn’t anything to celebrate, investors seem to have shrugged it off so far—mainly thanks to Uber’s revenue beat of $8.1 billion. A 24% year-over-year increase of 1.87 billion total trips on the Uber platform doesn’t hurt the rosy outlook for Uber either.

Announcing Uber’s Q2 2022 earnings, Uber CEO Dara Khosrowshahi said, “Last quarter I challenged our team to meet our profitability commitments even faster than planned—and they delivered. Importantly, they delivered balanced growth: Gross Bookings up 36 percent to a $116 billion run-rate, Adjusted EBITDA significantly above our guidance, and $382 million in free cash flow, all on a platform that’s larger than ever, with the number of consumers and earners using Uber now both at all-time highs.”

For Q3 ahead, Uber says it expects gross bookings to reach between $29.0 billion and $30.0 billion, and an adjusted EBITDA of between $440 million and $470 million.

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