Uber Technologies, Inc. stock research
FY2024 Q2
Uber Technologies (UBER) Gross Margin — Quarter Ended Jun 30, 2024
In the current quarter, revenue increased compared to both the prior quarter and the same quarter a year ago, with gross profit rising at a faster pace than cost of revenue, resulting in an improved gross margin. The gross margin was higher than both the immediately preceding quarter and the year-ago quarter.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
In the current quarter, revenue increased compared to both the prior quarter and the same quarter a year ago, with gross profit rising at a faster pace than cost of revenue, resulting in an improved gross margin. The gross margin was higher than both the immediately preceding quarter and the year-ago quarter.
- The strongest observable driver was the favorable relationship between revenue and cost of revenue, as revenue growth outpaced cost growth, leading to margin expansion.
- Compared to the prior quarter, gross margin improved, and relative to the same period a year ago, it was also higher. The year-ago gross margin was lower than the current quarter's level.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
32.0%
Gross profit
$3.4B
Revenue
$10.7B
Cost of revenue
$7.3B
Quarter-over-quarter change
+0.7 pts
Year-over-year change
+0.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2023 | $9.3B | $2.9B | $6.4B | 30.9% |
| Dec 31, 2023 | $9.9B | $3.1B | $6.9B | 30.8% |
| Mar 31, 2024 | $10.1B | $3.2B | $7.0B | 31.3% |
| Jun 30, 2024 | $10.7B | $3.4B | $7.3B | 32.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
+0.7 pts
Year-over-year change
Jun 30, 2023
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver was the favorable relationship between revenue and cost of revenue, as revenue growth outpaced cost growth, leading to margin expansion.
Compared to the prior quarter, gross margin improved, and relative to the same period a year ago, it was also higher. The year-ago gross margin was lower than the current quarter's level.
Monitor the trajectory of cost of revenue relative to revenue to assess the sustainability of the gross margin improvement.