Uber stock drops as bookings guidance disappoints; CEO bets on robotaxi push to grow overall business

Uber (UBER) reported second-quarter results connected Wednesday that bushed connected bookings and profit, but shares fell arsenic the ride-hailing giant's bookings guidance missed expert projections. Uber says its robotaxi propulsion is inactive good underway, with investments acceptable to grow.

Uber sees third-quarter gross bookings of $58.25 cardinal to $60.25 billion, with a midpoint of $59.25 cardinal that missed the $59.32 cardinal expert consensus, per Bloomberg. Gross bookings measurement the full dollar worth of rides and orders, similar Uber Eats deliveries, connected the level

Uber shares slipped 4% connected Wednesday.

Uber CFO Balaji Krishnamurthy blamed an approximate "1 percentage-point currency headwind" that is expected to interaction twelvemonth implicit twelvemonth growth.

For the quarter, Uber reported gross bookings of $58.0 cardinal versus $57.17 cardinal expected, up 24% twelvemonth implicit year. Uber posted adjusted EPS of of $0.81 that matched estimates, with adjusted EBITDA coming successful astatine $2.82 cardinal versus $2.79 cardinal consensus, up 33%.

"Uber's level vantage continues to compound: grounds consumers and engagement, and profitable maturation crossed our business," CEO Dara Khosrowshahi said successful a statement, adding that Uber is investing "from a presumption of strength" arsenic it works to "build the world's largest level for autonomous vehicles."

That autonomous propulsion is progressively becoming a large portion of the Uber story, with the institution positioned itself arsenic a apical request matching level for robotaxis alternatively than gathering the exertion itself, routing self-driving proviso from partners onto its web arsenic fleets standard crossed much cities. 

Earlier contiguous Uber announced its concern with autonomous bundle institution Wayve reached a caller milestone, with London granting licenses for the concern to statesman investigating successful the summer.

Uber erstwhile counted Alphabet's (GOOGL) Waymo arsenic a spouse connected its platform, though the 2 companies are present unwinding the relationship. This whitethorn beryllium wherefore Khosrowshahi and Uber are moving with Lucid (LCID), Rivian (RIVN), and Nissan to physique their ain robotaxi networks too. Uber has said it plans to perpetrate much than $10 cardinal successful specified robotaxi partnerships implicit the coming years.

Khosrowshahi said Uber is connected way to person robotaxis successful arsenic galore arsenic 15 cities by the extremity of the year, and helium believes investments successful autonomous vehicles and robotaxis really heighten the wide "flywheel" effect connected Uber's platform. 

"We're besides seeing beardown grounds that AV deployments are apt to thrust incremental maturation for the full category. Importantly, successful much mature AV markets including Los Angeles, San Francisco, and Phoenix, Uber's class share, some citywide and successful AV operating zones, is higher contiguous than it was a twelvemonth ago," Khosrowshahi said during the net league call.