Uber beats revenue expectations, stock rises

Yahoo Finance's Dan Howley breaks down Uber second-quarter earnings.

影片文字轉錄稿

AKIKO FUJITA: Well, focusing now on the tech sector, investors are zeroing in on Uber's first ever quarter in which it reported positive cash flow. With more, let's bring in Yahoo Finance's Dan Howley here. Dan, we're seeing a big pop on the back of those numbers. Uber up more than 15% today.

DAN HOWLEY: That's right, you have the positive cash flow number, but not just that. They also managed to beat on bookings. Let's just go over the numbers real quick. Gross bookings came in at $29.1 billion. That's versus $28.8 billion. That's a nice beat there. Mobility grossings also beat with 13.4 billion versus 12.5 billion. And delivery gross bookings were a little bit light at 13.9 billion versus 14.4 billion.

Now they did swing for a big loss of $2.6 billion in the quarter. But they attribute that to $1.7 billion in pre-tax headwinds related to re-evaluations of some of the stocks that they have hold-- or some of the companies they have holdings in. Those include the likes of Aurora, Zomato, and Grab. Those are companies that basically Uber had sold their assets to.

So Aurora is the self-driving unit prior to the sale of Uber's self-driving unit. They sold off, and now that's Aurora. Zomato was a food delivery business in India that Uber had that they sold. And then Grab is, obviously, a cab company in Southeast Asia that Uber had sold its properties to. And so they had stakes in all of those. And so those re-evaluations really stung it.

But they said that drivers are more interested in the platform. They said new signups were up 76% versus the same time in 2021. And the company also said that they're going to be offering driver incentives for areas that are lagging in particular. So we could start to see that number creep up even more in the future. Obviously, they also had to introduce some of those gas surcharges as a result of rising fuel costs. They said that did hit them as far as the take rate for riders.