In Q2 2024, Uber Technologies, Inc. saw huge growth and profitability, its sixth consecutive quarter of year-over-year (YoY) trip growth exceeding 20%.
The company’s gross bookings increased by 21% YoY on a constant-currency basis, driven by a 14% expansion in monthly active platform consumers (MAPC) and a 6% increase in trip frequency per MAPC, both at all-time highs.
Uber also achieved record adjusted EBITDA, up 71% YoY, and free cash flow totalling $4.8 billion over the past twelve months.
The growth of the company was carefully planned with initiatives including new services like Uber Caregiver, scheduled UberX Share rides, and Uber Shuttle, increasing multi-product usage among 35% of its consumers, up 4 percentage points YoY.
The platform supported a record 7.4 million monthly drivers and couriers, whose earnings grew 23% YoY, while mobility supply hours per driver reached an all-time high.
Uber’s mobility sector saw 27% YoY growth in gross bookings, with contributions from Latin America and Asia-Pacific regions, particularly Brazil, Australia, and India.
The company improved its travel experience with innovations such as enhanced in-app airport features and introduced travel-focused products like Uber XXL.
In the delivery sector, gross bookings increased 17% YoY, with strong order growth across income cohorts in the U.S. and increased merchant selection by 13% YoY. Uber continually improves delivery affordability and profitability through higher merchant-funded offers and algorithmic advancements.
While freight gross bookings were flat YoY due to industry headwinds, the company increased partnerships with companies like Aurora and expanded Uber Freight’s presence in Mexico. The company’s membership programs, including Uber One for Students, saw effective growth, enhancing engagement and retention.
Uber’s advertising business reached a revenue run-rate of over $1 billion, with strong adoption of Sponsored Listings on Uber Eats and mobility advertising growth through video Journey Ads.
Uber’s autonomous vehicle (AV) trips grew 6x YoY, with airport curbside drop-off launching at Phoenix Sky Harbor International Airport in partnership with Waymo.
The company’s record financial performance included $40 billion in gross bookings, a 17% YoY revenue increase to $10.7 billion, and a record adjusted EBITDA margin of 3.9% of gross bookings.
For Q3, Uber anticipates gross bookings between $40.25 billion and $41.75 billion, showing 18% to 23% YoY growth, and adjusted EBITDA between $1.58 billion and $1.68 billion, representing 45% to 54% YoY growth. Despite currency fluctuations, Uber is still optimising its P&L and further scaling GAAP profitability.
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