Shares of Uber (NYSE:UBER) fell 4% Tuesday after the company reported second-quarter results that missed analysts’ expectations for revenue but offered rosy guidance.
Earnings per share proved to be 18 cents vs. a one-cent loss expected by analysts, according to Refinitiv.
Revenue was $9.23 billion vs. $9.33 billion expected by analysts. Revenue for the quarter was up 14% from the same quarter last year.
Uber reported a net income of $394 million, or 18 cents per share, compared to a net loss of $2.6 billion, or $1.33 per share, in the same quarter last year. That includes a $386 million net benefit from revaluations of Uber’s equity investments.
CEO Dara Khosrowshahi said the company achieved two major milestones during the quarter: its first quarter of free cash flow over $1 billion and its first GAAP operating profit. He added that the company plans to be profitable every quarter going forward.
“Both of these milestones were achieved through a combination of disciplined execution, record audience and strong engagement,” Khosrowshahi said in the statement.
Uber reported adjusted EBITDA of $916 million, up 152% year over year. Gross bookings for the quarter came in at $33.6 billion, up 16% year over year.
For the third quarter of 2023, Uber said it expects to report gross bookings between $34 billion to $35 billion and an adjusted EBITDA of $975 million to $1.025 billion, both ahead of analysts’ expectations.
UBER shares sagged $1.88, or 3.8%, to $47.58.
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