Before the market opens on Tuesday, Uber Technologies Inc. shares are going up after the company reported better-than-expected earnings and continued profit growth.
In the second quarter, the company made $1.02 billion, or 47 cents per share. This is up from $394 million, or 18 cents per share, in the same time last year. FactSet kept track of analysts who thought the company would earn 31 cents per share.
Uber UBER -0.86% also reported adjusted earnings of $1.57 billion, up from $916 million the previous year. This was higher than the $1.51 billion that analysts were expecting.
The amount of money made went up from $9.23 billion the year before to $10.70 billion. The most common answer from FactSet was $10.57 billion.
Uber made $40.0 billion in gross bookings, which is 19% more than the same time last year and more than the $39.6 billion that analysts were expecting. Gross bookings show how much money things like rides and delivery orders are worth.
“Uber’s growth engine continues to hum,” CEO Dara Khosrowshahi said in a release. “Our sixth consecutive quarter of trip growth above 20 percent, along with record profitability, is proof of this.”
The latest quarter was the first time the company bought back its own shares, Prashanth Mahendra-Rajah said in the release. Uber bought back stock worth $325 million.
Uber stock is up more than 5% before the market opens on Tuesday. In three months, they’re down 18%.
Uber thinks that gross bookings will be between $40.25 billion and $41.75 billion in the third quarter, but the value of the dollar will be a problem. Analysts thought the number would be $41.18 billion.
Uber also thinks that its adjusted EBITDA for the third quarter will be between $1.58 billion and $1.68 billion, while analysts had been expecting it to be $1.63 billion.
