Uber doubles revenue to $8.1 billion in Q2 2022

Uber more than doubled its revenue in the second quarter of 2022, notching $8.1 billion, a 105% increase from the same period in 2021.

Its net loss for the quarter ending June 30, 2022, was $2.6 billion, which included a $1.7 billion pre-tax net headwind related to revaluations of Uber’s stakes in Aurora , Zomato and Grab .

Gross bookings for Q2 2022 grew 33% year-on-year to $29.1 billion - an all-time high - with mobility gross bookings jumping 55% to $13.4 billion. Uber’s delivery business, which helped carry the ride-share giant through the pandemic, comparatively grew 7% year-on-year to $13.9 billion.

Revenue for Uber’s mobility segment was $3.6 billion, up 120% year-on-year and 41% quarter-over-quarter. The company says the increase was in part driven by a $983 million net benefit related to a business model change in the United Kingdom.

Meanwhile its delivery business brought in revenue of $2.7 billion, up 37% year-on-year and 7% quarter-on-quarter.

Trips on the Uber platform grew 24% year-on-year to 1.87 billion, or approximately 21 million trips per day on average. Monthly active platform consumers grew 21% year-on-year in Q2 2022 to 122 million.

Gross bookings for Uber for Business were $1.3 billion, up 41% compared to the same period last year.

Adjusted EBITDA was $364 million, up $873 million from the corresponding period in 2021.

Uber was also cash-flow positive for the first time, generating free cash flow of $382 for the second quarter of 2022.

“Last quarter I challenged our team to meet our profitability commitments even faster than planned - and they delivered,” says Uber CEO Dara Khosrowshahi.

“Importantly, they delivered balanced growth: Gross bookings up 36% to a $116 billion run-rate, adjusted EBITDA significantly above our guidance and $382 million in free cash flow, all on a platform that’s larger than ever, with the number of consumers and earners using Uber now both at all-time highs.”

Adds Uber CFO Nelson Chai: “We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum. This marks a new phase for Uber, self-funding future growth with disciplined capital allocation, while maximizing long-term returns for shareholders.”

In April 2022, Uber outlined its super app strategy, adding trains and car rentals and eventually flights and hotels to its app. The following month, it unveiled additional travel features, including party bus and electric vehicle bookings.