- The stock price of Uber Technologies Inc (NYSE: UBER) increased by over 8% during intraday trading this morning. This is why it happened.
The stock price of Uber Technologies Inc (NYSE: UBER) increased by over 8% during intraday trading this morning. This is being driven by Uber reporting in an SEC filing that it is expected to report between $22.8 billion and $23.2 billion in gross bookings for the current quarter.
“They say that crisis breeds opportunity and that’s certainly been true of Uber during the last 18 months,” wrote Uber CEO Dara Khosrowshahi in the filing via CNBC.
So Uber revised its financial outlook for the third quarter as the bookings and adjusted earnings are now expected to be higher than previously reported. The outlook was adjusted from $22 billion to $24 billion as predicted in the second-quarter earnings call.
The gross bookings for the second quarter were $21.5 billion with $8.6 billion from mobility and $12.9 billion coming from food delivery.
The adjusted EBITDA is expected to be somewhere between a loss of $25 million or a profit of $25 million. Previously, Uber said it was expecting an adjusted EBITDA for the third quarter to be better than a $100 million loss.
“In Q2 we invested in recovery by investing in drivers and we made strong progress, with monthly active drivers and couriers in the U.S. increasing by nearly 420,000 from February to July,” added Khosrowshahi.
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