Uber reported second-quarter results that included revenue growth and earnings in line with analyst forecasts, but the company’s forward guidance disappointed markets. Revenue reached $12.65 billion, representing 12% growth from the prior year, while net income climbed to $2.39 billion, or $1.17 per share, up from $1.35 billion, or 63 cents per share, a year earlier. Shares closed 5.3% lower on Wednesday following the earnings announcement.
The company’s core mobility service generated $7.36 billion in second-quarter revenue, with delivery contributing $5.25 billion. Mobility gross bookings rose 22% year-over-year to $28.99 billion, while delivery bookings increased 26% to $27.46 billion. Total bookings of $58 billion exceeded the $57.23 billion average analyst estimate. However, third-quarter guidance proved less encouraging for investors. Uber projects third-quarter bookings of $59.25 billion at the midpoint, trailing the $59.33 billion average estimate, and guided for earnings per share of 84 cents to 88 cents, below the 89-cent consensus forecast.
Uber continues pursuing aggressive expansion into new markets and technologies. The company recently announced a $14.8 billion agreement to acquire Germany’s Delivery Hero, aimed at expanding food and grocery delivery operations. Additionally, Uber is making substantial investments in autonomous vehicle technology, committing more than $10 billion in coming years to commercialize AVs at scale. The company has also obtained regulatory clearance to operate autonomous rides in London through a partnership with Wayve, which plans to launch services with safety drivers early this summer, having already secured over 100,000 registrations from prospective riders.
Autonomous vehicle partnerships have shifted recently, with Uber and early AV partner Waymo ending their exclusive agreement in Atlanta and Austin by early 2028. Despite these partnerships, autonomous vehicle trips currently represent less than 0.5% of Uber’s 300 million weekly trips. Management indicated the company’s AV Lab focuses on accelerating autonomous vehicle development and safety specifically for ride-hailing applications. Year-to-date, Uber shares have declined 12%, while the Nasdaq has advanced 14% over the same period.
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