Uber released a forecast for bookings and earnings that fell short of analysts’ expectations, although its second-quarter profit was in line with forecasts. Following the earnings report, shares declined approximately 3.5% on Wednesday.
The company’s performance compared to analyst estimates, as compiled by LSEG, showed:
• Earnings per share: 81 cents, matching expectations
• Revenue: $14.19 billion, slightly below the expected $14.24 billion
Revenue increased 12% from $12.65 billion a year earlier, with net income rising to $2.39 billion, or $1.17 per share, up from $1.35 billion, or 63 cents per share, in the previous year.
Uber’s core mobility segment generated $7.36 billion in second-quarter sales, while delivery revenue reached $5.25 billion.
Gross bookings for mobility rose 22% year-over-year to $28.99 billion, and delivery bookings increased 26% to $27.46 billion. Total bookings totaled $58 billion, surpassing the average analyst estimate of $57.23 billion.
For the third quarter, Uber projects bookings of around $59.25 billion, slightly below the StreetAccount estimate of $59.33 billion.
The company’s earnings per share forecast of 84 to 88 cents also fell short of the average analyst estimate of 89 cents.
As of Tuesday’s close, Uber’s shares have declined 12% this year, while the Nasdaq has gained 14% over the same period.
Source (CNBC)
