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UBER Q2 Earnings & Revenues Surpass Estimates, Up Y/Y
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Uber Technologies (UBER - Free Report) reported second-quarter 2024 earnings of 47 cents per share, which outpaced the Zacks Consensus Estimate of 31 cents and improved more than 100% on a year-over-year basis. Total revenues of $10.700 billion beat the Zacks Consensus Estimate of $10.558 billion. The top line jumped 16% year over year on a reported basis and 17% on a constant currency basis.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
In the second quarter, the majority (57.3%) of the company’s revenues came from Mobility. Revenues from this segment jumped 25% year over year to $6.134 billion owing to an increase in Mobility gross bookings due to an increase in trip volumes.
Revenues from the Delivery segment increased 8% year over year to $3.293 billion owing to an increase in delivery gross bookings due to an increase in trip volumes.
Freight revenues decreased 0.5% year over year to $1.273 billion, due to lower revenue per load and volume and the challenging freight market cycle.
Adjusted EBITDA in the second quarter surged 71% to $1.570 billion.
Gross bookings from Mobility improved 23% to $20.554 billion. Gross bookings from Delivery augmented 16% to $18.126 billion. Gross bookings from Freight came in at $1.272 million in the second quarter, down 0.5% from the year-ago quarter. Total gross bookings ascended 19% to $39.952 million.
Uber exited the second quarter with cash and cash equivalents of $4.497 billion compared with $5.019 billion at the end of the prior quarter. Long-term debt, net of the current portion at the end of the reported quarter, was $9.454 billion compared with $9.457 billion at the first-quarter end.
Operating cash flow came in at $1.820 billion in the reported quarter. The free cash flow was $1.721 billion.
Q3 Guidance
For the third quarter of 2024, Uber expects gross bookings in the range of $40.25 billion-$41.75 billion, which reflects year-over-year growth of 18-23%.
The adjusted EBITDA is estimated to be between $1.58 billion and $1.68 billion, which reflects year-over-year growth of 45% to 54%.
Over the past year, shares of UBER have gained 31.4%, outperforming the industry’s growth of 18.4%.
Image Source: Zacks Investment Research
Q2 Performances of Other Computer and Technology Companies
Alphabet’s (GOOGL - Free Report) second-quarter 2024 earnings of $1.89 per share beat the Zacks Consensus Estimate by 2.2%. The figure rose 31.3% year over year.
Revenues of $84.74 billion increased 14% year over year (15% at constant currency). Net revenues, excluding total traffic acquisition costs (the portion of revenues shared with Google’s partners and the amount paid to distribution partners and others who direct traffic to Google’s website) were $71.35 billion, which surpassed the consensus mark by 1.1%. The figure rose 15% from the year-ago quarter.
Amphenol’s (APH - Free Report) second-quarter 2024 adjusted earnings of 43 cents per share beat the Zacks Consensus Estimate by 4.88%. The earnings figure increased 19.4% year over year.
Net sales increased 18.2% year over year to $3.61 billion and beat the consensus mark by 7.02%. Organically, net sales increased 11%. The top line benefited from higher revenues across the IT datacom, defense, commercial air, mobile devices, mobile networks and automotive end markets.
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UBER Q2 Earnings & Revenues Surpass Estimates, Up Y/Y
Uber Technologies (UBER - Free Report) reported second-quarter 2024 earnings of 47 cents per share, which outpaced the Zacks Consensus Estimate of 31 cents and improved more than 100% on a year-over-year basis. Total revenues of $10.700 billion beat the Zacks Consensus Estimate of $10.558 billion. The top line jumped 16% year over year on a reported basis and 17% on a constant currency basis.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote
In the second quarter, the majority (57.3%) of the company’s revenues came from Mobility. Revenues from this segment jumped 25% year over year to $6.134 billion owing to an increase in Mobility gross bookings due to an increase in trip volumes.
Revenues from the Delivery segment increased 8% year over year to $3.293 billion owing to an increase in delivery gross bookings due to an increase in trip volumes.
Freight revenues decreased 0.5% year over year to $1.273 billion, due to lower revenue per load and volume and the challenging freight market cycle.
Adjusted EBITDA in the second quarter surged 71% to $1.570 billion.
Gross bookings from Mobility improved 23% to $20.554 billion. Gross bookings from Delivery augmented 16% to $18.126 billion. Gross bookings from Freight came in at $1.272 million in the second quarter, down 0.5% from the year-ago quarter. Total gross bookings ascended 19% to $39.952 million.
Uber exited the second quarter with cash and cash equivalents of $4.497 billion compared with $5.019 billion at the end of the prior quarter. Long-term debt, net of the current portion at the end of the reported quarter, was $9.454 billion compared with $9.457 billion at the first-quarter end.
Operating cash flow came in at $1.820 billion in the reported quarter. The free cash flow was $1.721 billion.
Q3 Guidance
For the third quarter of 2024, Uber expects gross bookings in the range of $40.25 billion-$41.75 billion, which reflects year-over-year growth of 18-23%.
The adjusted EBITDA is estimated to be between $1.58 billion and $1.68 billion, which reflects year-over-year growth of 45% to 54%.
UBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the past year, shares of UBER have gained 31.4%, outperforming the industry’s growth of 18.4%.
Image Source: Zacks Investment Research
Q2 Performances of Other Computer and Technology Companies
Alphabet’s (GOOGL - Free Report) second-quarter 2024 earnings of $1.89 per share beat the Zacks Consensus Estimate by 2.2%. The figure rose 31.3% year over year.
Revenues of $84.74 billion increased 14% year over year (15% at constant currency). Net revenues, excluding total traffic acquisition costs (the portion of revenues shared with Google’s partners and the amount paid to distribution partners and others who direct traffic to Google’s website) were $71.35 billion, which surpassed the consensus mark by 1.1%. The figure rose 15% from the year-ago quarter.
Amphenol’s (APH - Free Report) second-quarter 2024 adjusted earnings of 43 cents per share beat the Zacks Consensus Estimate by 4.88%. The earnings figure increased 19.4% year over year.
Net sales increased 18.2% year over year to $3.61 billion and beat the consensus mark by 7.02%. Organically, net sales increased 11%. The top line benefited from higher revenues across the IT datacom, defense, commercial air, mobile devices, mobile networks and automotive end markets.