Why Is Uber Stock Up Today?
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Uber (NYSE:UBER) stock is on the move Tuesday as investors react to results from the ride-sharing company’s earnings report for the third quarter of 2022.
The big news here is Uber beating out revenue estimates with its $8.34 billion. That’s well above the $8.12 billion in revenue Wall Street was expecting. It also represents a 72% growth year-over-year from $4.85 billion.
If there’s one negative worth mentioning, it’s the company’s losses per share of 61 cents. That’s a miss compared to analysts’ estimate of -22 cents per share. However, it’s a massive improvement over the -$1.28 per share reported during the same period of the year prior.
Looking Ahead at UBER Stock
While Uber’s Q3 earnings are mixed, its outlook for the fourth quarter of 2022 is looking good. That includes estimates for gross bookings to grow between 23% and 27%. With an expected 7% YoY currency headwind, that should range from $30 billion to $31 billion.
Uber is also expecting a strong Adjusted EBITDA for the fourth quarter of the year. The company’s current estimates have this ranging from $600 million to $630 million.
Today’s news brings with it heavy trading to UBER stock. As of this writing, more than 33 million shares are on the move. That’s already well above its daily average trading volume of about 27 million shares.
UBER stock is up 15.4% as of Tuesday morning.
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That’s thanks to our frequent coverage of the stock market. For Tuesday, that includes what has shares of Carvana (NYSE:CVNA) stock, Abiomed (NASDAQ:ABMD) stock, and SoFi Technologies (NASDAQ:SOFI) stock rising today. You can get up to speed on all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
