$Uber Tech(UBER.US) -1.1% pre-mkt after posting 2Q results that largely beat ests (mobility bookings -1% light), and providing better than expected 3Q guidance.
3Q guide:- Gross bookings $48.25B - $49.75B vs $47.58B est. - Adj Ebitda $2.19B - $2.29B vs $2.22B est2Q results:- Gross bookings $46.76B +17% y/y vs $46.42B- Mobility bookings $23.76B +16% y/y vs $23.91B est- Delivery bookings $21.73B +20% y/y vs $21.21B est - Trips 3.27B +18% y/y vs 3.23B est- Revs $12.65B +18% y/y vs $12.48B est- Adj Ebitda $2.12 billion, +35% y/y, vs $2.09B est- EPS 63c in-line with expectations - Monthly active platform consumers 180M 15% y/y vs 175.96M estCOMMENTARY AND CONTEXT- CEO Dara Khosrowshahi: “We’re still only beginning to unlock the platform’s full potential, now with 20 autonomous partners around the world.” The company plans to launch five new autonomous-vehicle deployments across the U.S., Middle East and Asia in the second half. - CFO: “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”- “As a reminder, our outlook includes the contribution from the close of the Trendyol Go acquisition; excluding this, our growth outlook would be 16% to 20% YoY on a constant-currency basis (consistent with the prior quarter)”- Plans to opportunistically monetize equity stakes over time, partly to seed investments related to advancing AV commercialization- Expects 3Q mobility trip growth globally to stay relatively stable near 19%, with pricing trends similar to 2Q- “In the U.S. specifically, while early, our efforts to improve affordability are beginning to show results, with YoY trip growth expected to accelerate in Q3”The copyright of this article belongs to the original author/organization.
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