Uber Forecasts First-Time Adjusted Earnings, Stocks Up 7%

    0
    57

    Uber Technologies Inc could post its first earnings on an adjusted basis in the current quarter, its chief financial officer said Tuesday, sending the ride-hailing company’s shares up nearly 7% in pre-trading.

    “With positive adjusted EBITDA in July and August, we expect Uber to break even in adjusted EBITDA in the third quarter, well above our previous guidance,” said CFO Nelson Chai.

    The company said drivers returned to its platform in greater numbers last month in July and that it expects the trend to continue over the coming months along with strong grocery delivery orders.

    Uber now expects adjusted earnings before interest, taxes, depreciation and amortization – a metric that excludes one-time costs like stock-based compensation – for the third quarter of between a loss of $ 25 million and a profit of $ 25 million, compared to that previous forecast of a $ 100 million loss.

    For the fourth quarter, Uber expects adjusted EBITDA between $ 0 million and $ 100 million.

    Uber also raised its forecast for gross bookings in the third quarter on Tuesday and now expects to range between $ 22.8 billion and $ 23.2 billion from $ 22 billion to $ 24 billion previously.

    ALSO READ TECH NEWSLETTER OF THE DAY

    Over the past seven years, the ET Startup Awards (ETSA) have grown from strength to strength and have become by far the most prestigious award for entrepreneurs.

    Read now

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here