Categories AlphaGraphs, Earnings, Industrials
Earnings: Uber Technologies swings to profit in Q2; revenue up 14%
Uber Technologies, Inc. (NYSE: UBER) reported net income for the second quarter of 2023, compared to a loss last year, as the ride-hailing company’s revenues increased 14%.
Net income for the June quarter was $394 million or $0.18 per share, compared to a loss of $2.6 billion or $1.33 per share in the corresponding period of last year.
There was a 14% increase in net revenues to $9.2 billion in the most recent quarter from $8.07 billion in the second quarter of 2022. At $33.6 billion, gross bookings were up 16% year-over-year.
“Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter, with trips up 22% and a GAAP operating profit, for the first time in Uber’s history,” said Dara Khosrowshahi, chief executive officer of Uber.
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