24/7 Space News
CAR TECH
Uber reports surprise profit in Q2
Uber reports surprise profit in Q2
by AFP Staff Writers
New York (AFP) Aug 1, 2023

Uber reported a surprise profit on Tuesday, pointing to strong growth in its core mobility and delivery businesses despite missing revenue estimates.

Profits for the second quarter were $394 million, compared with a loss of $2.6 billion in the year-ago period.

The results included the company's first-ever quarterly operating profit. Its results were also boosted by a gain in Uber's equity investments.

"It's a great day," Chief Executive Dara Khosrowshahi said on CNBC.

"Everything came together this quarter," he said. "The team executed really well and we plan to be profitable for every quarter going forward."

Revenues rose 14 percent to $9.2 billion, but stood below the $9.3 billion expected by analysts.

The company scored sharp increases in revenues tied to customer rides and delivery, more than offsetting declines in its much smaller freight business.

"People are buying more services," Khosrowshahi said of the fall in freight. "But our mobility and delivery businesses are growing at huge rates and larger than ever."

Khosrowshahi also cited "cost discipline" as a driver, with general and administrative expenses down sharply from the year-ago period.

Shares of Uber fell more than 6 percent to $46.42 in after-market trades as investors weighed whether the company missing revenue expectations for the quarter was a sign of the road ahead.

Some analysts remained optimistic about the San Francisco-based company's potential, particularly given recent partnerships with Alphabet-owned autonomous car company Waymo and US pizza chain Domino's.

Waymo is to make its robotaxis available on the Uber platform, starting in the Arizona city of Phoenix, under the terms of a strategic partnership announced in the recently ended quarter.

The Domino's alliance will let people have orders from the restaurants delivered through Uber, according to the companies.

"We positively view Uber's recent agreement with Domino's and expanded Waymo partnership," CFRA analyst Angelo Zino said in a note to investors.

Earnings brought in by Uber's delivery unit more than tripled while those at the shared rides unit rose 52 percent when compared with the same period a year earlier, according to the earnings report.

Wedbush analyst Dan Ives viewed Uber as a having a "leading competitive position" in travel and mobility, and was encouraged by what he described as a healthy core business at the tech firm.

Related Links
Car Technology at SpaceMart.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
CAR TECH
Biden administration proposes new vehicle fuel efficiency targets
Washington DC (UPI) Jul 28, 2023
The Biden administration on Friday proposed a new rule to increase energy efficiency standards in new passenger and heavy-duty vehicles, potentially saving Americans more than $50 billion at the pump. If finalized, the rule would set a 2% per year increase in fuel efficiency for passenger cars and a 4% per year increase in light trucks beginning in model year 2027 and running through 2032, according to a release from the National Highway Traffic Safety Administration. The rule also would requir ... read more

CAR TECH
Geophysics student employs 800-year-old method for Lunar GPS system

In new space race, scientists propose geoarchaeology can aid in preserving space heritage

On space, poll shows most Americans support NASA's role, U.S. presence

NASA's Bill Nelson to discuss bilateral cooperation in South America

CAR TECH
What You Need to Know about NASA's SpaceX Crew-7 Mission

Former Twitter exec says a mercurial Musk rules by 'gut'

Gilmour Space Technologies to accelerate design and manufacturing with Siemens Xcelerator

Kuaizhou 1A launches satellites into orbit

CAR TECH
Mawrth Vallis region - the deepest clay deposits on Mars

Unveiling Mars' Past: Olympus Mons as a Gigantic Volcanic Isle

Sleeping the Sol Away: Sol 3894

Perseverance sees Mars in a new light

CAR TECH
China's Space Station Opens Doors to Global Scientific Community

China's Lunar Mission targets manned landing by 2030

Shenzhou XVI crew set to conduct their first EVA

Timeline unveiled for China's advanced manned spacecraft's inaugural flight

CAR TECH
New Heights for Satellite Communication: Iridium Launches Certus for Aviation

Iridium Board of Directors approves additional share repurchase program

Leaf Space secures additional edging closer to seamless satellite connectivity

Sidus Space to Host SOLAR MEMS Star Tracker on June SpaceX Mission

CAR TECH
Imaging shows how solar-powered microbes turn CO2 into bioplastic

For decades, artist Eduardo Kac has been laser-focused on sending hologram project into space

Goddard, Wallops Engineers Test Printed Electronics in Space

Optimum Technologies unveils innovative spacecraft facility in Northern Virginia

CAR TECH
Water discovered in rocky planet-forming zone offers clues on habitability

NASA lab hopes to find life's building blocks in asteroid sample

New study reveals Roman Telescope could find 400 Earth-mass rogue planets

Does this exoplanet have a sibling sharing the same orbit

CAR TECH
SwRI team identifies giant swirling waves at the edge of Jupiter's magnetosphere

First ultraviolet data collected by ESA's JUICE mission

Unveiling Jupiter's upper atmosphere

ASU study: Jupiter's moon Europa may have had a slow evolution

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.