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Uber Technologies Inc. could be at the beginning of a stretch of sustained profitability as the ride-hailing giant posted surprise positive earnings for its latest quarter Tuesday.
The company logged second-quarter net income of $394 million, or 18 cents a share, whereas Uber
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posted a net loss of $2.6 billion, or $1.33 a share in its year-earlier period. Analysts tracked by FactSet were expecting a 1-cent loss per share.
Analysts expect a string of GAAP profits beyond this quarter, a trend that excites analysts as it could ultimately help Uber win inclusion in the S&P 500.
See also: Could Uber’s stock cruise to $70? Barclays thinks it can keep riding higher in a big way.
Uber’s shares were up about 4% in premarket trading Tuesday after roughly doubling so far this year.
Revenue rose to $9.23 billion from $8.07 billion, while analysts were modeling $9.34 billion. Uber generated $4.89 billion in revenue from its mobility business, up 38%, $3.06 billion from its delivery business, up 14%, and $1.28 billion from its freight business, down 30%.
Gross bookings, which represent the dollar value of rides, delivery orders and other non-tip items flowing through the company’s platform, increased to $33.6 billion to $29.1 billion, essentially matching the FactSet consensus, which was for $33.5 billion.
For the third quarter, Uber said it anticipates $34 billion to $35 billion in gross bookings, along with $975 million to $1.025 billion in adjusted earnings before interest, taxes, depreciation and amortization. The FactSet consensus was for $34.1 billion in gross bookings and $927 million in adjusted Ebitda.
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