(Reuters) – Uber Technologies on Tuesday published a turnover of 9.23 billion dollars (8.42 billion euros) for the second quarter, lower than analysts’ estimates, due to the weakness of the freight transport market.
Sales for Uber’s freight division fell 30% year-on-year due to a tougher economic environment in which prices and shipping volumes fell.
This announcement is sanctioned by a 4.57% drop in its stock price on Wall Street and in its wake, the competitor Lyft yields 6.58%.
In addition, the company announced the departure of its chief financial officer, Nelson Chai, next January.
The American VTC group, however, posted a profit of 18 cents per share over the period, while analysts had expected a loss of one cent per share.
The number of drivers has increased by 33% compared to last year, as economic uncertainty and the high level of inflation lead many people to seek a stable income supplement.
Trips in the United States and Canada returned to pre-pandemic levels and trips in all of the group’s markets grew by 22% over the period, to an average of 25 million per day, said namely Chairman and CEO Dara Khosrowshahi.
At the same time, the EBITDA margin adjusted for gross bookings reached a record level of 2.7% in the second quarter.
The group expects operating profit for the third quarter to exceed market expectations, betting on an increase in racing volumes. “Sustained demand, new growth initiatives and continued cost discipline delivered an excellent quarter, with rides up 22% and GAAP operating profit for the first time in the company’s history. ‘Uber,” Dara Khosrowshahi said. Uber forecasts for the third quarter a gross operating surplus between 975 million and 1.025 billion dollars. Analysts expect $925.9 million.
(Laetitia Volga, edited by Blandine Hénault)
2023-08-01 14:50:24
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