Uber issues weaker-than-expected bookings, earnings forecasts for third quarter
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- Uber forecast Q3 bookings of $59.25 billion at the midpoint of its range, trailing the $59.33 billion StreetAccount estimate, with an EPS guidance of 84–88 cents falling below the 89-cent analyst consensus from LSEG
- Uber shares sank about 3.5% on Wednesday following the print, extending a 12% year-to-date decline against a Nasdaq up 14% over the same stretch
- Uber posted Q2 revenue of $14.19 billion (vs. $14.24 billion expected), with net income climbing to $2.39 billion, or $1.17 a share, from $1.35 billion a year earlier
- Uber's mobility segment generated $7.36 billion in Q2 sales with gross bookings up 22% to $28.99 billion, while delivery revenue hit $5.25 billion with bookings jumping 26% to $27.46 billion
- Uber announced a $14.8 billion agreement last month to acquire Germany's Delivery Hero, expanding the number of markets where it can deliver food and groceries
- Uber said it expects to commit more than $10 billion in coming years to bring autonomous vehicles to market at scale, with CEO Dara Khosrowshahi describing the company as building 'one of the most valuable positions in the AV ecosystem'
- Uber and early robotaxi partner Waymo will end their exclusive agreement in Atlanta and Austin, Texas, by early 2028, though Uber separately won a UK regulatory green light to launch autonomous rides in London with Wayve, where more than 100,000 people have signed up
Why it matters: The soft Q3 guide — bookings roughly $80 million short of consensus and EPS guidance 1–5 cents below estimates — came even as mobility bookings grew 22% and delivery bookings jumped 26%, suggesting investors are reading management's caution as a signal that the post-World Cup demand pop won't sustain into autumn. The $14.8B Delivery Hero deal and $10B+ AV commitment show Khosrowshahi is doubling down on growth bets just as the stock has lagged the Nasdaq by 26 percentage points YTD.
