Uber reached a milestone in the second quarter, counting 7.4 million drivers and couriers worldwide each month, according to the company’s earnings report released on Tuesday (August 6).
The company’s focus on expanding its service offerings and strategic partnerships has been key to its success. Recently, Uber has launched several new services, including Uber Caregiver, scheduled UberX Share rides, and Uber Shuttle, as announced at the company’s annual GO-GET event in May. These additions have contributed to an increase in multi-product usage, with 35% of Uber customers now using multiple services.
CEO Dara Khosrowshahi noted that consumers spend three times more on multiple products than other consumers.
“Uber’s growth engine continues to run strong. We delivered over 20% year-over-year trip growth and record profitability for the sixth consecutive quarter,” Khosrowshahi noted. “And this strong engagement isn’t just limited to consumers. In the second quarter, our platform supported a record 7.4 million drivers and couriers per month (whose revenue increased 23% year-over-year), while mobility delivery hours per driver reached an all-time high.”
Gross bookings increased 19% year-on-year to $39.95 billion, driven by a 23% increase in ride bookings and a 16% increase in delivery bookings. Revenue increased 16% to $10.7 billion, bolstered by price increases and a thriving in-app advertising segment that now accounts for over $1 billion annually. At the same time, the number of monthly active platform users increased 15% to 149 million, a figure that represents those who have completed either a mobility ride or a delivery order.
Despite concerns about the potential impact of a recession on consumer behavior, Khosrowshahi was optimistic. “Although our consumers tend to have higher incomes, we do not see any weakness or decline in any income group. Where current macroeconomic fears come to fruition, we are confident that Uber can deliver strong results due to the countercyclical nature of our platform,” he said.
On the mobility side, he added, “More driver supply lowers prices for riders and improves reliability. And on the delivery side, dealers are investing in performance channels like ours to grow and improve choice and affordability for consumers.”
On the operational side, Uber has entered into new partnerships with Instacart for delivery and with BYD for electric vehicles. The latter partnership is expected to bring 100,000 new electric and autonomous vehicles to the Uber platform.
The initiative will launch in Europe and Latin America, with future expansion to the Middle East, Canada, Australia and New Zealand planned. This partnership offers Uber drivers competitive pricing and financing options for BYD vehicles and is an important step in Uber’s commitment to sustainable transportation.
“Electrifying our fleet is an incredibly important initiative for us,” Khosrowshahi said. “And if there’s one driver you want to convert to electric vehicles, it’s an Uber driver, because Uber drivers also drive about five times as many miles as a regular driver. So it’s a very targeted segment that we want to target.”
The main reason some drivers are hesitant to switch to electric cars is affordability, Khosrowshahi said. “When you look at cost and quality, BYD is really unmatched compared to any other manufacturer in the market,” he said. “We are very, very excited about the partnership.”
As part of recent expansions, Uber has made progress in new markets such as Luxembourg and Hungary. When asked about the significance of these moves, Khosrowshahi replied: “Our model continues to adapt and grow in new regions, reflecting the strong demand for our services.”
