Uber announces results for second quarter 2024, operating in 61 cities across seven countries in sub-Saharan Africa. They saw a 19% YoY increase in gross bookings, reaching $40.0 billion in Q2 2024, globally. Mobility bookings rose 23% YoY to $20.6 billion, while delivery bookings grew 16% to $18.1 billion.
Trips surged 21% YoY to 2.8 billion, marking Uber’s sixth consecutive quarter of growth. Revenue increased 16% YoY to $10.7 billion, with mobility and delivery revenue up 19% to $9.4 billion, driven by higher trip volumes.
However, changes to its business model impacted revenue, with operating income at $796 million.
Dara Khosrowshahi, CEO of Uber
Dara Khosrowshahi, CEO of Uber, stated, “Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 per cent, alongside record profitability.”
For Q2, Uber’s monthly active platform consumers (MAPC) reached 156 million, marking a 14% YoY increase due to higher consumer activity in mobility and delivery. Monthly trips per MAPC also grew by 6%, hitting an all-time high.
In South Africa, Uber now supports teenage accounts for users aged 13 to 17, set up by a parent or guardian. Users can create a paired profile specifically for this age group.
Also, drivers and couriers earned a new all-time high of $17.9 billion over the quarter. In Nigeria, Uber increased driver earnings by 10% per kilometre and per minute fare on April 2, 2024, citing macroeconomic factors.
Looking ahead, Uber aims for gross bookings of $40.25 billion to $41.75 billion and an adjusted EBITDA of $1.58 billion to $1.68 billion in Q3 2024. In Q2 2024, the company reported an adjusted EBITDA of $1.6 billion, up 71% year-over-year.
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In addition to other continents, Uber operates in Ghana, Nigeria, Ivory Coast, Kenya, Uganda, Tanzania, and South Africa. In Kenya, Uber’s “Electric Boda” has seen an 81% increase in active driver sign-ups and a 94% rise in trips since launch. The electric motorcycles have transported 700,000 passengers and covered over 12 million kilometres.
Uber has been working with local EV providers and launched an electric vehicle fleet in South Africa in 2023. Plans are in place to expand this fleet nationwide in 2024. Additionally, Uber has announced a multi-year partnership with Chinese automaker BYD, aiming to introduce 100,000 new electric vehicles to its platform, starting with Europe and Latin America.
