
Uber reported second-quarter outcomes on Wednesday that beat on income and introduced the authorization of a $20 billion inventory buyback.
This is how the corporate did versus analysts’ estimates compiled by LSEG:
- Earnings per share: 63 cents vs. 63 cents anticipated.
- Income: $12.65 billion vs. $12.46 billion anticipated.
Listed here are the important thing phase numbers:
- Mobility (gross bookings): $23.76 billion, up 18% 12 months over 12 months
- Supply (gross bookings): $21.73 billion, up 20% 12 months over 12 months
Uber’s income elevated 18% from $10.7 billion a 12 months earlier. For the quarter ending June 30, web earnings rose to $1.36 billion, or 63 cents per share, from $1.02 billion, or 47 cents per share, a 12 months in the past.
Gross bookings rose 17% to $46.8 billion, and the corporate reported adjusted earnings of $2.12 billion.
“At this level, we’re not seeing weak spot within the shopper,” CEO Dara Khosrowshahi advised CNBC’s “Squawk Field” Wednesday. “It is regular as she goes, and for Uber, that is nice information.”
Uber’s “month-to-month lively platform customers” elevated 15% to 180 million within the second quarter. The corporate stated customers booked round 3.3 billion journeys in the course of the interval, up 18% from a 12 months earlier.
Within the second quarter, Uber launched Senior Accounts, together with an “app expertise” that options bigger textual content and icons, and different options that permit household organizers to ebook and handle rides for others.
The corporate additionally just lately began testing a brand new function within the U.S. that permits girls riders or drivers to keep away from being paired with males for his or her journeys when doable.
In some worldwide markets, Uber Eats’ meals supply service is extra widespread than journey hailing, and the corporate is working to extend “cross-platform exercise” to drive gross sales development, Khosrowshahi stated in a launch.
Autonomous rides
Uber doesn’t get away the portion of journeys or deliveries it’s now conducting by way of autonomous autos, however the push into synthetic intelligence is now a significant focus for the corporate.
“That is bodily world AI, and we predict it will be an enormous pattern going ahead,” Khosrowshahi stated Wednesday.
The ride-hailing platform now has partnerships with 20 firms concerned in autonomous mobility, supply and freight providers, and is providing autonomous providers in 12 totally different cities already. Its companions vary from robotaxi leaders Waymo and Apollo Go, to venture-backed startups like Could Mobility, Nuro and Wayve.
Uber and Alphabet-owned Waymo started business robotaxi service in Austin, Texas, in March, beating Elon Musk‘s automaker Tesla to the punch.
Austin-based Tesla began testing a robotaxi service there in late June utilizing a small fleet of Mannequin Y autos geared up with the corporate’s newest, partially automated driving programs.
The Tesla Robotaxis now function in a restricted space of Austin, are solely open to pick invited customers, and have human security supervisors on board to intervene when points come up with a visit.
“It is nice to see Tesla available in the market. They’re taking their time and they’re ensuring they’re increasing in a protected manner,” Khosrowshahi stated Wednesday. “All of this competitors in autonomous goes to create safer streets, and we will be an enormous a part of that,” he added.
Tesla can be operating a automobile service with human drivers on the wheel within the San Francisco Bay Space and looking for approvals to run a Robotaxi service there from state authorities.
Uber expanded its partnership with Waymo to Atlanta in late June.
Uber YTD inventory chart.
On the earnings name Wednesday morning, Morgan Stanley analyst Brian Nowak requested execs for an replace on Waymo robotaxi utilization on Uber’s community.
Khosrowshahi stated that in Austin and Atlanta, “the common Waymo is busier than 99% of our drivers by way of accomplished journeys per day.”
He added that in Austin, providing Waymos as a part of the Uber platform “has sort of a optimistic halo impact on the general system,” with folks being “excited to make use of an AV.”
Michael Morton of MoffettNathanson requested the CEO to debate a current determination to speculate $300 million into EV maker Lucid, which can use the funds to construct robotaxis with driverless tech startup Nuro, to be used by Uber.
“The extra drivers there are within the ecosystem that we will amalgamate with our platform, the higher our service turns into, and that applies with robotic and autonomous drivers as nicely,” Khosrowshahi stated.
He stated the corporate is more likely to do extra offers to that finish sooner or later.
Uber shares have been up 48% this 12 months as of Tuesday’s shut, whereas the Nasdaq has gained about 8% over that stretch. Shares have been down about 2% mid-day after the second quarter name.
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CNBC’s Chris Eudaily contributed to this text.