Uber’s stock declined following the release of its second-quarter earnings report and forward guidance. The company reported revenue growth of 12% to reach the prior year comparison of $12.65 billion. Net income increased to $2.39 billion, or $1.17 per share, compared to $1.35 billion, or 63 cents per share, in the year-ago period.
The core mobility business generated $7.36 billion in second-quarter revenue, while the delivery segment contributed $5.25 billion. Mobility gross bookings expanded 22% to $28.99 billion, and delivery bookings climbed 26% to $27.46 billion. Combined total bookings of $58 billion exceeded the analyst consensus estimate of $57.23 billion according to StreetAccount data.
However, the company’s forward guidance disappointed investors. Uber projected third-quarter bookings of $59.25 billion at the midpoint of its range, falling short of the $59.33 billion average analyst estimate. The company’s earnings per share guidance of 84 cents to 88 cents trailed the 89-cent consensus estimate from LSEG. Shares closed 5.3% lower on Wednesday following the announcement. Year-to-date, Uber stock has declined 12% as of the prior trading day, while the Nasdaq composite has advanced 14% over the same period.
The company continues pursuing expansion in autonomous vehicles, committing more than $10 billion in coming years to scale such technology. Autonomous vehicle trips currently represent less than 0.5% of Uber’s 300 million weekly trips. Additionally, Uber announced progress on a robotaxi initiative with UK firm Wayve and confirmed that an exclusive partnership with autonomous vehicle operator Waymo in Atlanta and Austin would end by early 2028. Separately, Uber announced a $14.8 billion acquisition agreement for Germany’s Delivery Hero to expand food and grocery delivery capabilities.
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