Uber Stock Falls as Earnings Meet Wall Street Forecasts

Dow Jones
Aug 05

Shares of Uber Technologies declined Wednesday as the ride-hailing platform's second-quarter earnings were broadly in-line with Wall Street expectations.

Uber posted adjusted earnings of 81 cents a share for the second quarter, up from 63 cents a year ago and slightly above estimates of 80 cents. Revenue rose 12% to $14.2 billion, in-line with the analyst consensus call for $14.23 billion, according to FactSet.

Uber's gross bookings, which tracks the value of all rides and deliveries, grew 24% to $58 billion, above Wall Street's $57.23 billion view.

For the third quarter, Uber forecasts adjusted earnings between 84 cents and 88 cents a share, below the consensus expectation at the midpoint. The company expects third-quarter gross bookings of $58.25 billion to $60.25 billion. Wall Street forecasts $59.33 billion in gross bookings for the current quarter.

Uber stock declined 2.4% to $70.24 in premarket trading on Wednesday after ending Tuesday up 0.5%. Shares of the ride-hailing platform have fallen 12% this year as of Tuesday's closing bell.

 

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