It was a tale of two different quarterly earnings report outcomes from ride-hailing companies Uber Technologies Inc. and Lyft Inc. today, with Uber beating expectations and Lyft missing.

For its second quarter ended June 30, Uber reported adjusted earnings of 63 cents per share, up from 47 cents per share in the second quarter of 2024, on revenue of $12.651 billion, up 18% year-over-year. Both figures were beats, as analysts had been expecting 62 cents per share and revenue of $12.47 billion.

Uber’s strong figures were driven by increasing usage, with trips in the quarter growing 18% year-over-year, to 3.3 billion. Gross bookings rose 17%, to $46.8 billion, and Uber reported income from operations of $1.5 billion, up an impressive 82% year-over-year.

Notable business highlights in the quarter included Uber offering Waymo robotaxis in Atlanta. The service, announced in June, began with a few dozen cars, but both Waymo and Uber plan to increase the number to a fleet of hundreds. Uber also announced plans the same month that it intended on bringing robotaxis to London in 2026.

“Our platform strategy is working, with record audience, frequency and profitability across Mobility and Delivery,” Chief Executive Dara Khosrowshahi said in the company’s earnings release. “But we’re still only beginning to unlock the platform’s full potential, now with 20 autonomous partners around the world.”

For its fiscal third quarter, Uber said that it expects gross bookings of $48.25 billion to $49.75 billion.

Along with the results, Uber also announced a $20 billion share repurchase program, which the company says reflects its confidence in future performance and commitment to returning value to shareholders.

While Uber beat expectations, its main rival in the North American market, Lyft, wasn’t so fortunate. For its fiscal second quarter, Lyft reported adjusted earnings per share of 10 cents, up from one cent per share in the second quarter of 2024, on revenue of $1.59 billion, up 11% year-over-year. Both figures fell short of the 26 cents per share and revenue of $1.61 billion expected by analysts.

While Lyft missed on key metrics, the company did see some positives in the quarter, including rides growing 14% year-over-year, to 234.8 million, a record high, and active riders grew 10%, to 26.1 million, also a record high.

Lyft earned net income of $40.3 million, up from $5 million in the second quarter of 2024, net cash from operating activities of $343.7 million, up from $276.2 million in the same quarter of last year and record free cash flow of $329.4 million.

“Q2 was another quarter of strong execution with all-time record rides, gross bookings and cash flow generation,” Chief Financial Officer Erin Brewer said in the company’s earnings release. “These results showcase our commitment to operational excellence and customer obsession.”

For its fiscal third quarter, Lyft said that it expects gross bookings of $4.65 billion to $4.8 billion.

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