Uber Technologies reported a robust financial performance for the second quarter of 2024, with significant year-over-year growth. The company's revenue increased by 16% to $10.7 billion, while net income attributable to Uber Technologies, Inc. surged by 158% to $1.015 billion. Operating profit saw a remarkable 144% increase to $796 million, and Adjusted EBITDA rose by 71% to $1.570 billion. These financial gains were driven by a 14% growth in Monthly Active Platform Consumers (MAPCs) and a 21% increase in Trips. Gross Bookings also grew by 19% to $39.952 billion, reflecting higher Mobility Trip volumes and Delivery service demand. Uber's Mobility segment experienced a 25% revenue increase, while Delivery revenue grew by 8%. However, Freight revenue remained flat. The company's financial health was further evidenced by an 80% increase in net cash...Show More

Uber Technologies reported a robust financial performance for the second quarter of 2024, with significant year-over-year growth. The company's revenue increased by 16% to $10.7 billion, while net income attributable to Uber Technologies, Inc. surged by 158% to $1.015 billion. Operating profit saw a remarkable 144% increase to $796 million, and Adjusted EBITDA rose by 71% to $1.570 billion. These financial gains were driven by a 14% growth in Monthly Active Platform Consumers (MAPCs) and a 21% increase in Trips. Gross Bookings also grew by 19% to $39.952 billion, reflecting higher Mobility Trip volumes and Delivery service demand. Uber's Mobility segment experienced a 25% revenue increase, while Delivery revenue grew by 8%. However, Freight revenue remained flat. The company's financial health was further evidenced by an 80% increase in net cash provided by operating activities, reaching $3.236 billion, and an 82% rise in free cash flow to $3.080 billion for the first half of 2024. Uber's business development was marked by a settlement with Moove, now considered a related party, and a commercial partnership agreement. The company also made strategic investments in Moove through preferred shares and a term loan. Looking ahead, Uber plans to settle a preferred stock redemption with the 2020 Freight Series A Investor in cash by October 2024. The company continues to innovate and expand its technology platform, connecting consumers with ride services, merchants, delivery service providers, and public transportation networks. Uber's future plans include ongoing improvements to its platform offerings and other research and development programs.