initial public offerings (IPOs) trading on American exchanges

Thursday, August 8, 2019

Uber (UBER) reported earnings on Thur 8 Aug 2019 (a/h)

  • Uber’s initial public offering in May didn’t go as many investors hoped, and the shares haven’t done much in the time since, still lingering below the $45 IPO price. Investors are worried about its path to profitability, executive departures, and questions about the employment status of drivers. However, it remains an analyst favorite for its disruptive qualities and hope that Uber could break even more quickly than expected. The stock got a bit of a boost from its first-quarter earnings, and then again earlier this week, when rival Lyft (LYFT) released a surprisingly good earnings report.
** charts before earnings **

** charts after earnings **

Uber misses by $1.53, misses on revs, misses top and bottom-line estimates.

  • Reports Q2 (Jun) GAAP loss of $4.72 per share, $1.53 worse than the S&P Capital IQ GAAP Consensus of ($3.19); revenues rose 14.4% year/year to $3.17 bln vs the $3.39 bln S&P Capital IQ Consensus.
  • Gross bookings were +31% yr/yr to $15.76 bln -- Foreign currency negatively impacted reported gross bookings growth by 6% in Q2 2019.
  • Adj-EBITDA was ($656 mln) vs. ($292 mln) a year ago, and ($869 mln) in Q1.
  • Monthly active platform consumers totaled 99 mln vs. 93 mln in Q1.
  • "Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year," said Dara Khosrowshahi, CEO. "In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world."
  • Supplemental Slides
  • note: Shares initially dropped as much as 13% as investors digested the worse-than-expected results, but have since recovered and currently trade lower by just 4%. 
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