The ride-sharing platform beat the earnings estimates across the board in its second quarter, causing its stock to surge on Tuesday by 11%.
Uber benefited from increased demand in its core business as well as delivery service, reporting a revenue of $10.70 billion. The analysts expected $10.58 billion. The company’s adjusted earnings per share came at $0.47 compared to estimates of $0.39.
Additionally, Uber’s gross bookings saw a 19% year-over-year jump to $39.95 billion versus estimates of $39.68 billion.
The only segment in which Uber didn’t clear the mark set by analysts was delivery, which saw a revenue of $3.29 billion, slightly below the $3.32 billion expected. Still, Uber’s CEO, Dara Khosrowshahi, doesn’t believe the slight miss had too much of an impact on the overall results.
“While there have been some concerns about consumer spend on restaurants and delivery, we are not seeing any impact today,” Khosrowshahi said in a conference call with reporters.
A successful quarter saw Uber’s shares surge in premarket trading on Tuesday, with the rally continuing through the day. The stock went on to close at $64.87 per share, an 11% increase compared to Monday’s closing price. It is currently 11.12% up year to date.