Uber doubles down on robotaxi plans, shares fall on weak profit forecast

Uber's second-quarter gross bookings of **$58.02 billion** topped analysts' estimates of **$57.06 billion**, while adjusted core earnings also exceeded expectations. The business benefited from broad-based demand across regions and services during the quarter, including travel linked to the FIFA World Cup. Revenue rose **12%** to **$14.19 billion**, narrowly missing estimates of **$14.24 billion**. Uber said it added more first-time users over the past year than during any comparable period in the previous five years, helping lift gross bookings by **24%**. The global ride-hailing and delivery giant's capital allocation has become a key investor focus after it announced a **$14.8-billion** deal for Delivery Hero last month. "The $10 billion investment figure is in line with my own thinking," said Adam Ballantyne, senior analyst at Uber shareholder Cambiar Investors, adding Uber would need billions of dollars over the next four to five years to support autonomous-driving partners as they scale. Uber Technologies on Wednesday outlined plans to spend more than **$10 billion** on robotaxis over the coming years and said Waymo remained an important partner despite reports that the Alphabet unit was considering ending their alliance. The company said the investments in robotaxis would largely comprise equity investments in autonomous-driving partners and balance-sheet support for fleet operations and vehicle commitments. Uber CEO Dara Khosrowshahi, on a conference call with analysts, brushed off reports of Waymo considering ending their partnership, saying he expected the companies to continue operating together in Austin and Atlanta, while the ride-hailing company expanded ties with other autonomous vehicle developers. Shares of the ride-hailing company fell **4.8%** after the company forecast adjusted profit per share of **84 cents to 88 cents** for the third quarter, below analysts' expectations of **89 cents**, according to data compiled by LSEG. It forecast third-quarter gross bookings of **$58.25 billion to $60.25 billion**, broadly in line with analysts' expectations of **$59.21 billion**, according to data compiled by LSEG. Foreign exchange is expected to trim reported third-quarter gross bookings growth by about one percentage point from last year, the company said, after boosting growth over the previous four quarters.

Uber doubles down on robotaxi plans, shares fall on weak profit forecast

Second-quarter bookings and revenue rise

Investor focus remains on capital allocation

Uber outlines more than $10 billion robotaxi push

Shares fall after weak third-quarter profit forecast

Related News

Nasdaq trade halt continues <QMMM.O> reason not available at 10:18 AM

U.S. natgas futures edge up on lower output, hot weather

Nasdaq Trade Halt <JDZG.O> Volatility Trading Pause at 10:04 AM

Heavy interest in US swap futures signals worry about higher rates for longer

Trump says US held 'all-day negotiation' with Iran on Tuesday