Uber Forecasts Third-Quarter Bookings and Earnings Below Estimates

Uber Technologies (NASDAQ: UBER) issued third-quarter bookings and earnings guidance below analysts’ projections on Wednesday, overshadowing second-quarter profit that matched expectations. The company projected third-quarter gross bookings of $59.25 billion at the midpoint of its guidance range. Analysts had estimated $59.33 billion.

Uber also forecast earnings of 84 cents to 88 cents per share for the period, below the 89-cent average estimate compiled by LSEG. The company’s shares fell about 4% following the report. For the second quarter, Uber reported earnings of 81 cents per share, matching the LSEG consensus. Revenue totaled $14.19 billion, compared with the $14.24 billion analysts had expected. Quarterly revenue increased 12% from $12.65 billion a year earlier. Net income rose to $2.39 billion, or $1.17 per share, from $1.35 billion, or 63 cents per share, during the same period last year.

Gross bookings reached $58 billion, exceeding the $57.23 billion average estimate reported by StreetAccount. Uber’s mobility business generated $7.36 billion in revenue during the quarter. Mobility gross bookings increased 22% from a year earlier to $28.99 billion. Delivery revenue totaled $5.25 billion, while gross bookings for the business rose 26% to $27.46 billion.

Chief Executive Dara Khosrowshahi said in prepared remarks that the World Cup supported ride-hailing activity during the quarter. More than 8 million tourists used Uber across host cities in the U.S., Canada and Mexico. The company is also expanding its delivery operations. Uber announced a $14.8 billion agreement in July to acquire Germany-based Delivery Hero, a transaction that would add markets to its food and grocery delivery network.

Uber shares had declined 12% for the year through Tuesday’s close. The Nasdaq had gained 14% over the same period. The company separately said it expects to commit more than $10 billion over the coming years to expand the commercial use of autonomous vehicles.

Uber has established partnerships with several robotaxi operators but does not disclose how many rides or deliveries are completed without human drivers. Khosrowshahi said the autonomous-vehicle industry is moving from technology development toward large-scale commercial deployment and that Uber is seeking to establish a significant position within that market.

Uber and Waymo have said they will end their exclusive arrangement in Atlanta and Austin, Texas, by early 2028.

About Uber Technologies

Uber Technologies (NASDAQ: UBER) was founded in 2009 and is headquartered in San Francisco. The company operates a technology platform that connects customers with ride-hailing, food and grocery delivery, and logistics services.

At the time of publishing, Stocks.News holds positions in Uber as mentioned in the article.