Higher Q3 outlook revision for Uber

By: Miguel A. Rodriguez

17:55, 23 September 2021

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According to its SEC filing, Uber revised the financial outlook for Q3. Booking and adjusted earnings are now expected to be better than previously reported

For Q3, Uber touts between $22.8 billion and $23.2 billion in gross bookings. It previously predicted $22 billion to $24 billion gross bookings. At the same time, the company expects an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to oscillate between a loss of $25 million or a profit of $25 million. The EBITDA was significantly revised from a previously stated loss of $100 million.

Uber’s forecast extended beyond Q3. For the final quarter of the year, the company reiterated that on an adjusted EBITDA basis, it should report a profit. However, it added that “significant forecasting uncertainty” remains a factor.

In the filing, Uber CEO Dara Khosrowshahi stated: “They say that crisis breeds opportunity, and that’s certainly been true of Uber during the last 18 months.” 

Following the reveal, Uber stock price gained 6% in pre-market trading.

Source: cnbc.com

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