Uber Technologies reported higher second-quarter revenue and profit Wednesday, driven by continued growth in its delivery business and record trip volumes, though shares came under pressure after the company issued third-quarter guidance that fell short of Wall Street's expectations.

The ride-hailing and delivery company posted revenue of $14.19 billion for the quarter ended June 30, up 12% from $12.65 billion a year earlier, though the figure came in just below the $14.24 billion analysts had expected, according to estimates compiled by LSEG. Net income attributable to Uber climbed to $2.39 billion, or $1.17 per diluted share, up from $1.36 billion, or 63 cents per share, in the same period last year. That result included a $1.6 billion pre-tax benefit tied to the revaluation of Uber's equity investments, a factor that makes the company's adjusted, non-GAAP earnings a more direct measure of underlying operating performance. On that basis, Uber posted earnings of 81 cents per share, matching analyst expectations exactly.

Bookings and Trips Outpace Revenue Growth

Gross bookings, the total dollar value of rides, delivery orders and freight activity processed on Uber's platform, rose 24% year over year to $58.0 billion, or 22% on a constant-currency basis, comfortably topping the $57.23 billion average analyst estimate. Total trips across the platform grew 18% to 3.87 billion, driven by a 16% increase in monthly active platform consumers, which reached 208 million during the quarter.

Uber's core mobility segment generated $7.36 billion of the quarter's revenue, with mobility gross bookings rising 22% year over year to $28.99 billion. The delivery........

© International Business Times