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Uber reported record profits and milestones in the second quarter of 2023, with significant improvements in earnings per share, operating income, and EBITDA, as well as a substantial increase in trips and food delivery orders.
On August 1st, the shares of Uber Technologies Inc (NYSE: UBER) fell by more than 5.5% after the publication of the financial results for Q2 of 2023. This drop can be attributed to the fact that, despite the company’s earnings per share (EPS) of $0.18, the revenues were lower than expected by the shareholders.
According to the report, UBER’s earnings per share showed a significant improvement compared to the $1.33 per share loss they experienced during the same period last year.
Uber Hits Revenue and Profit Milestones in Second Quarter
Uber’s revenues rose to 14% during the second quarter, generating $9.2 billion in Q2 2023. This reflects a 14% increase compared to Q2 2022. The company attributed the growth primarily to a 25% increase in trips and a 12% rise in food delivery orders. Additionally, Uber noted substantial user growth globally in Latin America (+30%), Europe, Middle East, and Africa (+31%), and Asia Pacific (+31%).
Another positive aspect for Uber was achieving an operating income of $326 million during the second quarter, compared to an operating loss of $713 million in the same period in 2022.
Using EBITDA, a key financial indicator to measure a company’s profitability, Uber reached $916 million, representing a 152% year-on-year growth and demonstrating significant improvements in the automotive giant’s profitability.
Uber’s CEO, Dara Khosrowshahi, stated that the company’s new growth initiatives contributed to a 22% increase in trips, helping the workforce of 6 million drivers earn a record $15.1 billion during Q2.
“Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter, with trips up 22% and a GAAP operating profit, for the first time in Uber’s history, […] These results also translated into strong driver and courier engagement, with 6 million drivers and couriers earning a record $15.1 billion during the quarter,” revealed the company.
Uber Reports Record Profits in Q2 2023
Uber achieved a record of $1.1 billion in free cash flow during the quarter, marking a 198% increase compared to Q2 2022. Thanks to this milestone, the company can continue investing in its expansion and service innovation.
Nelson Chai, Uber’s CFO, highlighted the team effort that led to two significant achievements during the second quarter: record profitability and over $1.1 billion in free cash flow, emphasizing the company’s commitment and position to “continue generating value for shareholders” in the years to come.
Regarding expectations, Uber anticipates gross revenues for the third quarter of 2023 to be between $34 billion and $35 billion. Additionally, they project an EBITDA of between $975 million and $1.025 billion.
Bolt has intimated plans to become profitable in 2024 and leverage its African presence, while mulling a potential public listing in 2025.
Ride-hailing and food delivery startup Bolt expects to be profitable within the next 12 months ahead of a planned IPO in 2025. The Uber rival, valued at over $8 billion, generated 628 million euros from investors in January 2022 and expects to report post-operating income profitability in 2023.
In an interview, Bolt CEO Markus Villig stressed the Estonian company’s intentions to attain profitability next year. The 29-year-old chief executive added that Bolt would not raise external capital through another funding round. Instead, the Tallinn-based mobility company will float an initial public offering in 2025. However, Villig also pointed out that a final decision on Bolt’s IPO ambitions will depend on market conditions.
Defending Bolt’s pricing model, Villig explained:
“Our philosophy is not always to be the cheapest rider … the mistake that some platforms make is that if you only focus on the lowest prices, you can end up with very bad availability of cars because drivers will not be happy.”
Ride-hailing is Bolt’s most lucrative business and sees the company charge as high as 23% of fare rates as commission from drivers. However, the mobility platform also charges far less (10%) if drivers opt for promotional schemes like putting Bolt stickers on their cars.
In addition to ride-hailing, Bolt offers grocery delivery, car-sharing, and micromobility (electric scooter) services. Although the European company operates in over 500 cities in more than 45 countries globally, it has a renewed focus on Africa.
Bolt to Become More Profitable Even as Its Priorities Increased Visibility in Africa
Bolt has a solid customer base of 50 million in Africa, around a third of its global customer numbers. The company has a strong presence in West Africa and seeks to scale up to other sections of the region. Therefore, Bolt’s agenda to become profitable would likely factor into the African market and explore opportunities there. As Villig put it:
“Out of all the African countries, we’ve so far only launched in seven… over the next 10 years, Africa remains a massive opportunity for us.”
Bolt also hopes to address the payment landscape in Africa, where there are more people with mobile phones than bank accounts. Several Africans remain unbanked, meaning they do not use debit or credit cards, which often poses a limiting factor in transactions. Commenting on this headwind, Villig said Bolt could “go into that” in the near future.
Although Bolt has yet to disclose its revenue publicly, the company CEO said it does single-digit billion-dollar transactions yearly. Furthermore, the ride-hailing platform also expects its grocery business to at least break even in two to three years.
Bolt faces stiff competition in grocery and food delivery from other mobile platforms such as Just Eat Takeaway.com and Uber Eats. However, the industry, as a whole, also faces growing macroeconomic restraints, including more stringent government oversight. As a result, Uber Eats and Just Eat Takeaway.com charge more for deliveries to cover higher wage costs.
The food delivery sector experienced a boom during the pandemic as customers stuck at home ordered edibles to their doorsteps. However, the trend has tapered off, with the same customers forced to cut back on discretionary spending due to surging prices.
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The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today.
The Californian Court of Appeals has overturned a lower court’s decision that sought to classify drivers working for ridesharing firms like Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) as independent contractors. As reported by CNBC, the objection to Proposition 22 which was voted for by California residents was raised by a group of drivers who sued the firm.
Proposition 22 was approved by California voters back in November 2022. Per the provisions of the proposition, it allowed Uber and Lyft to treat drivers as contractors and not employees. This implies that there was a limit to the obligation of the firm in terms of remuneration to the drivers, a development that is designed to help cut the costs of operations significantly.
Proposition 22 was tagged as unconstitutional by a lower court in 2021 and the current verdict from the Court of Appeals has given the associated firms the required legal backing to define their own terms of engagement and remuneration for hundreds of thousands of drivers.
Despite the Provisions of Proposition 22, Uber is still obligated to grant the drivers some form of incentives including medical insurance, which in this case, will be dependent on time spent driving. One of the arguments that were a point for consideration was the fact that it infringes on the powers of the legislature to establish standards in the workplace.
“Proposition 22 does not intrude on the Legislature’s workers’ compensation authority or violate the single-subject rule,” the opinion highlighting the verdict from the Appeals court reads.
The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today. While Uber stock is up 5.94% to $32.65, Lyft has jumped as high as 4.96% to $8.88.
Welcome Verdict for Uber and Lyft
With the global economy currently being strained as well as the push for funds diversification, the strain on companies on Wall Street has continued to grow over the past few years. The duo, as well as their counterparts in other business areas, would have had to start coughing out unrealistic budgets to support the obligations that will be attached to the claims if drivers were classified as regular staff and not contractors.
The firms are at peace with the verdict and according to an Uber spokesman, the verdict reflects the wishes of some of its drivers as well.
“Today’s ruling is a victory for app-based workers and the millions of Californians who voted for Prop 22. Across the state, drivers and couriers have said they are happy with Prop 22, which affords them new benefits while preserving the unique flexibility of app-based work,” Uber chief legal officer Tony West said in a statement.
No mention of whether the case will still be dragged until further redress is unveiled if at all, the current verdict puts an end to the lawsuit.
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Fans of the most popular dog-themed cryptocurrencies have a new place to spend their crypto, with Uber Eats now accepting Shiba Inu and Dogecoin.
Uber Eats doesn’t directly accept any crypto, but it does via its integration with the BitPay service. BitPay made the announcement via a blog post.
BitPay offers a variety of options for purchasing prepaid gift cards with crypto. Gift cards can be bought with cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), XRP (XRP), Dai (DAI), Wrapped bitcoin (WBTC), Gemini USD (GUSD), USD Coin (USDC), and Binance USD (BUSD).
Despite starting as a meme, Dogecoin has become a major player in the crypto market. Shiba Inu, the “Dogecoin killer,” has similarly captured the hearts and wallets of users.
BitPay’s expanded support for both coins will make it much easier to use them for everyday purchases.
Shiba Inu Accepted by Uber Eats in the U.S. – 10% Weekly Gains for SHIBThe wide adoption of may come as a surprise to some, but thanks to the immense growth of the SHIB Army crypto community, holders of the dog-themed crypto now find themselves able to book flights, hotels, book a ride in a Lamborghini and, as of last week, enjoy a delicious meal from the comfort of their own homes through two of the top American food delivery services.
Hungry? Pay for DoorDash and Uber (NYSE:) Eats food delivery with #crypto: https://t.co/N9PxyIeHf1 #cryptocurrecy pic.twitter.com/elxa2osLfZ
— BitPay (@BitPay) July 1, 2022
3 Ways to Eat with Crypto
In recent news, both Uber Eats and DoorDash announced the availability of crypto payments using three different methods:
Enjoy Breakfast at Chili’s with Shiba Inu
Some of the restaurants participating in this mouth-watering deal include Chili’s, Bonefish Grill, Steak ‘n’ Shake, Carrabba’s Italian Grill, and many others featured on Bitpay’s merchant directory. As it stands, there are a wider range of delivery options compared to takeout, unless buying with a gift card, which can be done in-app.
Although many of the top cryptocurrencies recorded losses last week, popular, dog-themed, meme coin Shiba Inu (SHIB) raked in double-digit gains, with its price rise of 10% putting it firmly in the green zone.
At press time, Shiba Inu (SHIB) trades at $0.00001093, according to CoinGecko. Despite the aforementioned 10% weekly increase, that marks a 4.3% loss over the last 24 hours, following a similar trend to the world’s leading crypto asset, Bitcoin (BTC), which dropped 4.2% in value.
Shiba Inu is eating good!#Shiboshi #ShibArmy #shibcoin #ShibaInuCoin #crypto #Shibarium #Robinhood #Shibaarmy #Robinshib #Shib #ShibaToken #shibainu #btc #shibaswap #xrp #Doge #ShibaInuToken #eth #nft #bnb #altcoin #Defi #love #bitcoin #ShibaHood pic.twitter.com/anSIkRuonj
— SHIBAKING (@autonomous_sea) October 5, 2021
It’s Getting Hot in Here for Shiba Inu
Ever since wiping a zero from its valuation, Shiba Inu (SHIB) has enjoyed a wave of success. It was revealed that SHIB is held by the majority of Coinbase (NASDAQ:) users, and news of the meme coin’s listing on Robinhood (NASDAQ:) only served to build hype on Twitter (NYSE:), with hashtags like “#SHIBArmy” and “#SHIB” constantly trending across the platform. On top of that, Shytoshi Kusama announced a major update on Shibarium, and the development of SHIB’s very own stablecoin.
Perhaps most importantly, the benevolent Shiba Inu community sent 69,507,755 tokens to a dead wallet, setting aflame a massive stack of coins in hopes of deleting another zero.
In the past 24 hours, there have been a total of 69,507,755 $SHIB tokens burned and 11 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) July 11, 2022
On the Flipside
- Shiba Inu (SHIB) and its rival Dogecoin (DOGE) were both kicked off of the Crypto.com Earn program.