Uber is coming back to life. With the reopening of the economy , the VTC company sees its passenger journeys – which had plunged with confinements and teleworking – regaining momentum in the second quarter. With a turnover doubled, reaching 3, 93 billion dollars, the Californian giant has exceeded estimates; It also made an unexpected net profit of 1.1 billion dollars, in particular thanks to the revaluation of its shares in the Chinese groups Didi and Aurora .
Meal deliveries, which have exploded since the Covid pandemic – 19, continue to make revenue, while the restaurants have largely reopened, and still represent the majority of the group’s income. These increased by 85% in the second quarter to reach 000, $ 9 billion.
VTC side, more than 1.5 billion trips were ordered on the platform in the second quarter, 4% more than the previous quarter and more than double from a year ago. Gross travel bookings have thus jumped 184% in one year to $ 8.6 billion. But the financial incentives intended to bring back the drivers weigh on the profitability of the Californian giant.
Investments in the drivers “We have invested in the recovery by investing in drivers,” said Uber general manager Dara Khosrowshahi in a press release. Through marketing campaigns and direct calls from former employees, Uber has seen the number of monthly active drivers and couriers in the United States increase by nearly 184. 000 between February and July.
But Uber recognizes that “high investments intended to revive the availability of drivers, particularly in the United States”, have affected the profitability of the group. In the branch dedicated to passenger transport, the percentage that the company takes on the fare paid by the passenger has increased from 23, 8% one year ago at 18, 7% at the second quarter.
Activities still in deficit For the specialist analyst Rob Enderle interviewed by the AFP, “with the variant delta growing in the population, Uber’s income is likely to be quite uneven in the short term.” Its activities are still losing money: the group recorded a loss before interest, taxes and depreciation of 420 million dollars. That’s 93 millions more than in the first quarter.
Despite everything , Uber could post fourth quarter earnings before interest, taxes, depreciation and amortization, CFO Nelson Chai said in the statement.
Uber’s biggest US competitor, Lyft, also shared its financial results this week. The company posted an adjusted profit of 23, $ 9 million, helped by growing demand for its ridesharing services and the significant cost reductions the company made over the past year. A figure that exceeded the estimates of analysts who expected a loss of 25, $ 2 million over the quarter.