Uber (NYSE:UBER) reported second-quarter results that topped Wall Street estimates on Tuesday, sending its shares higher.
The delivery service reported Tuesday revenue increased 16% from $9.23 billion a year earlier. The company’s mobility unit reported a 23% increase in gross bookings to $20.6 billion. Gross bookings rose 16% in delivery to $18.1 billion, and were flat in the freight unit at $1.27 billion.
CEO Dara Khosrowshahi had said the company expect around 20% growth for the second quarter, based on anticipated continued expansion in its core mobility business, and rising frequency of orders for food and trips through its membership subscribers.
For the third quarter, Uber expects bookings of $40.25 billion to $41.75 billion. The middle of the range, $41 billion, fell shy of the $41.18 billion average estimate, according to StreetAccount. The company expects adjusted earnings of $1.58 billion to $1.68 billion, with the middle of the range just above the $1.62 billion average estimate.
Uber’s “monthly active platform consumers” reached 156 million in the second quarter with 2.77 billion trips via the Uber platform. This compares to 137 million MAPCs and 2.28 billion trips during the same period a year ago.
Uber also reported $1.02 billion in net income for the quarter, which included a $333-million pre-tax benefit from “revaluations of Uber’s equity investments.”
UBER shares opened Tuesday up $4.22, or 7.2%, to $62.70.
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