Uber Q2 2021 Earnings Report
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.
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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.