Uber Announces Results for Second Quarter 2024

Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended June 30, 2024.

“Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability,” said Dara Khosrowshahi, CEO. “The Uber consumer has never been stronger–more people are using the platform, and more frequently, than ever before–while drivers and couriers earned a new all-time high of $17.9 billion over the quarter.”

“Strong topline trends and operating leverage across the P&L demonstrate the durability of our growth and significant cash flow generation underlying our platform,” said Prashanth Mahendra-Rajah, CFO. “We started share repurchases against our inaugural authorization during the quarter as we continue to drive long-term shareholder return.”

Financial Highlights for Second Quarter 2024

Gross Bookings grew 19% year-over-year (“YoY”) to $40.0 billion, or 21% on a constant currency basis, with Mobility Gross Bookings of $20.6 billion (+23% YoY or +27% YoY constant currency) and Delivery Gross Bookings of $18.1 billion (+16% YoY or +17% YoY constant currency). Trips during the quarter grew 21% YoY to 2.8 billion, or approximately 30 million trips per day on average.
Revenue grew 16% YoY to $10.7 billion, or 17% on a constant currency basis. Combined Mobility and Delivery revenue grew 19% YoY to $9.4 billion, or 20% on a constant currency basis. Business model changes negatively impacted total revenue YoY growth by 7 percentage points.
Income from operations was $796 million, up $470 million YoY and $624 million quarter-over-quarter (“QoQ”).
Net income attributable to Uber Technologies, Inc. was $1.0 billion, which includes a $333 million benefit (pre-tax) due to net unrealized gains related to the revaluation of Uber’s equity investments.
Adjusted EBITDA of $1.6 billion, up 71% YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 3.9%, up from 2.7% in Q2 2023.
Net cash provided by operating activities was $1.8 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $1.7 billion.
Share repurchases were $325 million of our common stock under the February 2024 authorization.
Unrestricted cash, cash equivalents, and short-term investments were $6.3 billion at the end of the second quarter.
Outlook for Q3 2024

For Q3 2024, we anticipate:

Gross Bookings of $40.25 billion to $41.75 billion, which represents 18% to 23% YoY growth on a constant currency basis.
Our outlook assumes a roughly 4 percentage point currency headwind to total reported YoY growth, including a roughly 7 percentage point currency headwind to Mobility’s reported YoY growth.
For perspective, recent strengthening of the US dollar versus other currencies represents an over $400 million expected headwind to Q3 Gross Bookings and is included in our outlook.
Adjusted EBITDA of $1.58 billion to $1.68 billion, which represents 45% to 54% YoY growth.