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Jun 30, 2021
Uber Q2 2021 Earnings Report
Uber's performance was marked by substantial growth in Gross Bookings and revenue. The company reported a net income of $1.1 billion, driven by gains from equity investments, while working towards profitability.
Key Takeaways
Uber Technologies, Inc. announced its financial results for the second quarter of 2021, revealing significant growth in Gross Bookings, which reached an all-time high, and a net income of $1.1 billion. The company invested in recovery efforts, particularly in driver availability, and is progressing towards Adjusted EBITDA profitability by Q4.
Gross Bookings increased by 114% year-over-year to $21.9 billion.
Revenue grew by 105% year-over-year to $3.929 billion.
Net income attributable to Uber Technologies, Inc. was $1.1 billion, including gains from investments in Didi and Aurora.
Adjusted EBITDA was $(509) million, representing a (2.3)% margin as a percentage of Gross Bookings.
Uber
Uber
Uber Revenue by Segment
Revenue by Segment
Freight Revenue
CapyFin.com Forward Guidance
Uber anticipates continued growth and improved profitability. The company expects its Adjusted EBITDA loss in Q3 to improve to less than $100 million, with record Gross Bookings projected between $22 billion and $24 billion.
Positive Outlook
- Adjusted EBITDA loss in Q3 is expected to improve to less than $100 million.
- Record Gross Bookings between $22 billion and $24 billion are expected in Q3.
- Investments in drivers have led to a significant increase in monthly active drivers and couriers in the US.
- Consumers engaging with both Mobility and Delivery now generate nearly half of the company's total Gross Bookings.
- Freight revenue accelerated to 65% YoY, reaching a $1.4 billion annualized run-rate.
Challenges Ahead
- Mobility Take Rate and Adjusted EBITDA were impacted by elevated investments in reviving driver availability, particularly in the US.
- Mobility Adjusted EBITDA decreased $119 million QoQ.
- Corporate G&A and Platform R&D expenses increased due to higher headcount and external legal spend.
- GAAP cost of revenue increased $389 million QoQ and $1.18 billion YoY.
- Take Rate declined 280 bps QoQ, excluding the UK accrual, and declined 710 bps YoY.