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On Tuesday, Uber Technologies (NYSE:UBER) reported its second quarter results that surpassed Wall Street estimates. In addition, Uber recorded a sixfold increase in autonomous rides through its collaborations with 10 partners that span across different segments.
Back in July, Uber expanded its partnership list that already included Instacart (NASDAQ:CART) with an EV star set to beat the mighty Tesla Inc (NASDAQ:TSLA) in BEV sales this year, BYD Company Limited (OTC:BYDDY). BYD already dethroned Tesla when it comes to total production last year, but lost its top EV seller title during the first quarter this year.
Second quarter highlights
For the quarter ended on June 30th, Uber reported revenue grew 16% YoY to $10.7 billion, surpassing LSEG’s consensus estimate of $10.57 billion.
Gross bookings of the mobility unit increased 23% to $20.6 billion while the delivery unit reported that gross bookings rose 16% to $18.1 billion, with the freight unit remaining flat at $1.27 billion.
With 156 million monthly active platform consumers, 2.77 billion trips being made via Uber's platform, rising from last year’s comparable quarter when Uber recorded 137 million MAPCs and 2.28 billion trips.
Including a $333 million pretax benefit from revaluations of equity investments, net income for the quarter amounted to $1.02 billion.
Third quarter guidance
Uber guided for bookings in the range from $40.25 billion to $41.75 billion, with StreetAccount’s average estimate of $41.18 billion being within that range but below midpoint. Adjusted earnings outlook is between $1.58 billion and $1.68 billion, with the middle of the range being just above the $1.62 billion average analyst estimate.
Partnerships with Instacart and BYD
Back in May, Uber revealed it joined forces with Instacart. Through the partnership, the grocery delivery app is getting a restaurants tab for Instacardt’s users to order , enabling its users to order from restaurants and have deliveries fulfilled by Uber Eats. In July, it announced a partnershup with no other than the Tesla killer, BYD. Under the partnerhsip, BYD will supply as many as 100,000 EVs to Uber drivers starting in Europe and Latin America. In addition, Uber and BYD will work together on future BYD autonomous-capable vehicles to be deployed on the Uber platform. But, Tesla is also Uber’s incoming competitor as it plans to reveal its first robotaxi in the fall. Tesla CEO Elon Musk described the EV maker’s future robotaxi network as having a similar business model to that of Uber.
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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
