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Investing.com -- Uber Technologies, Inc. (NYSE:UBER) reported second-quarter earnings that exceeded analyst expectations, with strong growth across its mobility and delivery segments.
The ride-hailing and food delivery giant posted adjusted earnings per share of $0.63, beating the analyst estimate of $0.62, while revenue climbed 18% year-over-year to $12.7 billion, surpassing the consensus estimate of $12.47 billion.
Gross bookings increased 17% YoY to $46.76 billion, slightly above analyst expectations of $46.42 billion. The company’s shares edged are down 1.4% following the announcement.
Uber’s platform strategy continued to deliver results with trips growing 18% YoY to 3.3 billion, driven by a 15% increase in Monthly Active Platform Consumers. Adjusted EBITDA surged 35% YoY to $2.1 billion, with margins improving to 4.5% of gross bookings compared to 3.9% in the same quarter last year.
"Our platform strategy is working, with record audience, frequency, and profitability across Mobility and Delivery," said CEO Dara Khosrowshahi. "But we’re still only beginning to unlock the platform’s full potential, now with 20 autonomous partners around the world."
The company’s mobility segment saw revenue increase 19% YoY to $7.29 billion, while delivery revenue jumped 25% to $4.1 billion. Freight revenue declined slightly by 1% to $1.26 billion.
In a significant move to return capital to shareholders, Uber announced a new $20 billion share repurchase authorization. CFO Prashanth Mahendra-Rajah noted, "Today’s announcement of a new $20 billion share repurchase authorization underscores our confidence in the business, following yet another quarter of strong top and bottom-line performance."
For the third quarter, Uber forecasts gross bookings between $48.25 billion and $49.75 billion, representing growth of 17% to 21% YoY on a constant currency basis. This outlook exceeds the analyst consensus of $47.58 billion. The company also expects adjusted EBITDA of $2.19 billion to $2.29 billion, in line with the consensus estimate of $2.22 billion.