Uber shares: forecast for stronger ride-hailing demand
Uber has forecast third-quarter operating profit that beat the street. However, Uber’s second quarter revenue missed estimates. @AngelineOng takes a look at the trends behind Uber’s business model.
(Video Transcript)
Hail, Uber!
Now Uber has reported Q3 profits above Wall Street expectations. Have a look at the chart here. Let's take a look if there's any reaction because Uber, of course, is an all-sessions stock on the IG platform. Currently it's showing barely much movement there. It's just ticking slightly higher.
Q3 earnings forecast
Uber's Q3 operating profit beat the street and it sees growing demand for ride-hailing, as I mentioned earlier, as more people start coming out and doing more things, especially after lockdown's now a distant memory. The stock has also doubled year-to-date. Now, much of the focus on Uber is going to be what happens when these strong-ledger travel trends start to melt away and whether or not we see this soft landing for the US economy.
Uber, though, reporting second quarter sales of $9.2 billion, missing analyst estimates of $9.3 billion, according to Refinitiv IBES data. So this could be why the stock is not currently moving very much at the moment.
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