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Uber Posts Q2 Loss, Adj. EBITDA Improves; Sees Sequentially Higher Adj. EBITDA In Q3

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Ride-sharing company Uber Technologies reported Tuesday a hefty net loss in its second quarter, compared to last year's profit mainly due to one-time charges. Adjusted EBITDA, however, was positive, compared to a loss last year, and significantly above guidance with strong growth in revenues.

Looking ahead for the third quarter, the company anticipates Gross Bookings of $29.0 billion to $30.0 billion, and adjusted EBITDA of $440 million to $470 million, higher than the second quarter.

In pre-market activity on the NYSE, Uber shares were gaining around 12.4 percent to trade at $27.65.

For the second quarter, net loss attributable to the company was $2.6 billion, compared to last year's net income of $1.14 billion.

Loss per share was $1.33, compared to prior year's earnings of $0.58.

The latest results included a $1.7 billion net headwind relating to Uber's equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber's Aurora, Grab, and Zomato stakes. Additionally, net loss included $470 million in stock-based compensation expense.

On average, 28 analysts polled by Thomson Reuters expected loss of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $364 million, compared to last year's loss of $509 million. Adjusted EBITDA margin as a percentage of Gross Bookings was 1.3 percent, up from negative 2.3 percent last year.

Revenue surged 105 percent to $8.07 billion from $3.93 billion a year ago. Revenue grew 111 percent on a constant currency basis. Analysts estimated revenues of $7.39 billion for the quarter.

The company noted that revenue growth significantly outpacing Gross Bookings growth due to a change in the business model for UK Mobility business and the acquisition of Transplace by Uber Freight.

Gross Bookings grew 33 percent year-over-year to $29.1 billion, or 36 percent on a constant currency basis. Mobility Gross Bookings of $13.4 billion climbed 55 percent and Delivery Gross Bookings of $13.9 billion grew 7 percent.

Trips during the quarter grew 24 percent from last year to 1.87 billion, or approximately 21 million trips per day on average.

Monthly Active Platform Consumers or MAPCs grew 21 percent from last year to 122 million.

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