Uber Technologies Inc. on Tuesday reported that it swung to a profit in the second quarter, and that gross bookings and revenue doubled year over year, but investors still drove its stock down in extended trading.
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Uber said it had 101 million monthly active-platform consumers during the quarter, falling short of analysts’ expectation of 108.9 million.
Gross bookings rose to $21.9 billion, above analysts’ expectations of $21.25 billion. Mobility gross bookings rose to $8.6 billion, beating expectations of $8.3 billion. Delivery gross bookings climbed to $12.9 billion, above the $12.6 billion analysts expected.
Uber reported second-quarter net income of $1.1 billion, or 58 cents a share, largely due to unrealized gains in its investments in Didi Global Inc. DIDI,
Analysts surveyed by FactSet had forecast a loss of 52 cents a share on revenue of $3.76 billion.
Shares of Uber are down 18% so far this year and up more than 25% in the past year, while the S&P 500 Index SPX,
The company reported earnings a day after Lyft’s results also showed a continued pandemic recovery but also continued uncertainty.
See: Lyft stock sinks on worries about outlook, pandemic uncertainty and growth
See: Uber, Lyft drivers strike for a day, say earnings down despite driver shortage
