Key facts
- Uber forecasts Q3 adjusted earnings per share between 84 cents and 88 cents, below analyst expectations.
- Foreign exchange is expected to reduce reported gross bookings growth by approximately one percentage point in Q3.
- The company plans to invest over $10 billion in autonomous vehicles in the coming years.
- Uber's Q2 gross bookings reached $58.02 billion, exceeding analyst expectations.
- Q2 adjusted core earnings also surpassed analyst expectations.
- Q2 revenue increased 12% to $14.19 billion, slightly missing estimates.
Uber Technologies forecast current-quarter adjusted earnings below Wall Street estimates, citing foreign exchange headwinds that are expected to trim bookings growth. The company also reaffirmed its commitment to significant investments in autonomous vehicles.
Uber outlined plans to spend more than $10 billion on autonomous vehicles in the coming years. For the third quarter, Uber projected gross bookings between $58.25 billion and $60.25 billion, broadly in line with analysts' expectations. The company anticipates foreign exchange will reduce reported gross bookings growth by about one percentage point compared to the previous year.
In the second quarter, Uber's gross bookings reached $58.02 billion, surpassing analysts' estimates. Adjusted core earnings also exceeded expectations. Revenue for the second quarter rose 12% to $14.19 billion, narrowly missing estimates.
Uber projected third-quarter adjusted earnings per share to be between 84 cents and 88 cents, falling short of analysts' expectations of 89 cents. Operating expenses increased by approximately 10% in the second quarter.