Uber stock drops as bookings guidance disappoints; CEO bets on robotaxi push to grow overall business Uber (UBER) reported second-quarter results on Wednesday that beat on bookings and profit, but shares fell as the ride-hailing giant’s bookings guidance missed analyst…
ojections. Uber says its robotaxi push is still well underway, with investments set to grow
Uber sees third-quarter gross bookings of $58.25 billion to $60.25 billion, with a midpoint of $59.25 billion that missed the $59.32 billion analyst consensus, per Bloomberg. Gross bookings measure the total dollar value of rides and orders, like Uber Eats deliveries, on the platform Uber shares slipped 4% on Wednesday. Uber CFO Balaji Krishnamurthy blamed an approximate “1 percentage-point currency headwind” that is expected to impact year over year growth.
For the quarter, Uber reported gross bookings of $58.0 billion versus $57.17 billion expected, up 24% year over year. Uber posted adjusted EPS of of $0.81 that matched estimates, with adjusted EBITDA coming in at $2.82 billion versus $2.79 billion consensus, up 33%. “Uber’s platform advantage continues to compound: record consumers and engagement, and profitable growth across our business,” CEO Dara Khosrowshahi said in a statement, adding that Uber is investing “from a position of strength” as it works to “build the world’s largest platform for autonomous vehicles.” That autonomous push is increasingly becoming a big part of the Uber story, with the company positioned itself as a top demand matching platform for robotaxis rather than building the technology itself, routing self-driving supply from partners onto its network as fleets scale across more cities. Earlier today Uber announced its partnership with autonomous software company Wayve reached a new milestone, with London granting licenses for the partnership to begin testing in the summer.