Uber shares drop after revenue miss, despite first operating profit

Shares of Uber fell 4% Tuesday aft the institution reported second-quarter results that missed analysts' expectations for gross but offered rosy guidance.

Here's however the institution did:

Earnings per share: 18 cents vs. 1 cent nonaccomplishment expected by analysts, according to Refinitiv.Revenue: $9.23 cardinal vs. $9.33 cardinal expected by analysts, according to Refinitiv.

Revenue for the 4th was up 14% from the aforesaid 4th past year.

Uber reported a nett income of $394 million, oregon 18 cents per share, compared to a net nonaccomplishment of $2.6 billion, oregon $1.33 per share, successful the aforesaid 4th last year. That includes a $386 cardinal nett payment from revaluations of Uber's equity investments.

In a prepared statement, CEO Dara Khosrowshahi said the institution achieved 2 large milestones during the quarter: its archetypal 4th of escaped currency travel implicit $1 cardinal and its archetypal GAAP operating profit. He added that the institution plans to beryllium profitable each 4th going guardant successful an interrogation with CNBC's "Squawk Box" Tuesday.

"Both of these milestones were achieved done a operation of disciplined execution, grounds assemblage and beardown engagement," Khosrowshahi said successful the statement.

Khosrowshahi said during the quarterly telephone with investors Tuesday that CFO Nelson Chai volition depart the institution successful January 2024. Chai has served arsenic Uber's CFO since 2018, and helium helped the institution spell nationalist successful 2019. The institution said it has launched a hunt for his successor.

Uber reported adjusted EBITDA of $916 million, up 152% twelvemonth implicit year. Gross bookings for the 4th came successful astatine $33.6 billion, up 16% twelvemonth implicit year.

For the 3rd 4th of 2023, Uber said it expects to study gross bookings betwixt $34 cardinal to $35 cardinal and an adjusted EBITDA of $975 cardinal to $1.025 billion, some up of analysts' expectations, according to StreetAccount.

Here's however Uber's largest concern segments performed:

Mobility (gross bookings): $16.73 billion, up 25% year-over-year

Delivery (gross bookings): $15.60 billion, up 12% year-over-year

Uber's mobility conception reported $4.89 cardinal successful revenue, compared with delivery's $3.06 billion. Its freight concern booked $1.28 cardinal successful income for the quarter, down from the $1.83 cardinal it reported for the aforesaid quarter last year.

Khosrowshahi told CNBC freight has remained a challenging spot for Uber since consumers are spending much connected services than connected shipping goods. He said services walk yet benefits the company's mobility and transportation businesses, but that Uber is adjusting costs for freight.

The fig of Uber's monthly progressive level consumers reached 137 cardinal successful the 2nd quarter, up 12% twelvemonth implicit year. There were 2.3 cardinal trips completed connected the level during the period, up 22% twelvemonth implicit year.