Uber continued to gain momentum in the second quarter with Americans heading back to offices and gross bookings hit an an all-time high as anxiety over COVID-19 eased.
Passengers took a total of 1.87 billion trips on Uber during the spring and early summer, a 24% increase compared with the same time last year. That’s about 21 million trips per day, on average.
Monthly active platform consumers climbed 21% from the prior-year period to 122 million.
Revenue at the San Francisco company more than doubled to $8.07 billion, bolstered by a change in the business model for its UK mobility business and the acquisition of Transplace by Uber Freight.
This beat the $7.36 billion that analysts polled by FactSet predicted.
Gross bookings surged 33% to $29.08 billion, an all-time high and Uber Technologies Inc. foresees third-quarter gross bookings between $29 billion and $30 billion.
Wall Street overlooked a huge loss for the quarter and shares jumped more than 12% before the opening bell Tuesday.
Uber lost $2.6 billion, or $1.33 per share, for the three months ended June 30. This included a $1.7 billion net headwind related to Uber’s equity investments and $470 million in stock-based compensation expense.
Industry analysts had projected a loss of only 27 cents per share.
Uber has regained a lot of ground since the start of the COVID-19 pandemic in March 2020 triggered government lockdowns that kept most people at home.
The company pivoted at the time by building up a then-nascent food-delivery division, although that segment isn’t growing as rapidly as last year with so many people returning to restaurants.