Uber Raises Expectations For This Quarter

Uber stock rises 9% after the passenger carrier raises its level of expectations

Uber raised expectations for its third fiscal quarter on Tuesday, forecasting a rise in bookings and adjusted earnings to numbers that beat its previous forecast, sending the company’s stock up more than 9% in morning trading.

The passenger carrier said in a report that its total bookings for the current quarter will be in the $22.8-23.2 billion range instead of the $22-24 billion range it mentioned in its second-quarter results report, and Uber added that EBITDA-adjusted will range from a loss of about $25 million to a profit of $25 million as well, knowing that it had previously forecast that it would be at its best to post a loss of $100 million in the third quarter.

The company achieved total bookings during the second quarter of $21.5 billion, as its transportation services collected 8.6 billion and the food and meal delivery division 12.9 billion dollars, and Uber reported that its platform saw 1.51 billion rides booked, which representing 4% growth from the first quarter and 105% year-over-year, the company reported that its drivers and delivery workers earned a total of $7.9 billion during the quarter.

Uber and a number of its competitors suffered from supply problems and demand instability due to the Covid-19 epidemic, which led to higher pricing and an increase in waiting times, which the company said do not correspond to the level of quality it seeks, but it is expected that prices will decrease during the second half of this year.

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