Uber is looking forward to first-ever adjusted profit, shares jump 7% | Tech News

Uber is looking forward to first-ever adjusted profit, shares jump 7%

Uber expects to post adjusted EBITDA between $0 and $100 million.

By:REUTERS
| Updated on: Aug 21 2022, 20:32 IST
Uber on Tuesday also raised its forecast for third-quarter gross bookings and now expects it between $22.8 billion and $23.2 billion from $22 billion to $24 billion earlier.
Uber on Tuesday also raised its forecast for third-quarter gross bookings and now expects it between $22.8 billion and $23.2 billion from $22 billion to $24 billion earlier. (AP)

Uber Technologies Inc could post its first profit on an adjusted basis in the current quarter, its chief financial officer said on Tuesday, sending the ride-hailing company's shares up nearly 7% in premarket trading. "With positive adjusted EBITDA in July and August, we believe Uber is now tracking towards adjusted EBITDA breakeven in Q3, well ahead of our prior guidance," said CFO Nelson Chai.

The company said last month riders returned to its platform in greater numbers in July, and that it expects the trend to continue in the coming months, together with strong food delivery orders.

You may be interested in

MobilesTablets Laptops
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
27% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

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

Also read
Looking for a smartphone? To check mobile finder click here.

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

Uber on Tuesday also raised its forecast for third-quarter gross bookings and now expects it between $22.8 billion and $23.2 billion from $22 billion to $24 billion earlier.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 21 Sep, 16:54 IST
Tags:
NEXT ARTICLE BEGINS