Uber Posts Earnings, Forecasts Weaker Profit, Robotaxi Investment Plan Doubled Down

Uber reported Q2 revenue of $14.19 billion, up 12% year over year, narrowly missing the $14.24 billion analysts expected, while gross bookings of $58.02 billion beat the $57.06 billion consensus. Non-GAAP EPS came in at $0.81, just under the roughly $0.83 expected, though GAAP net income still climbed to $2.39 billion from $1.35 billion a year earlier.

The disappointment centered on guidance: Uber's third-quarter gross bookings outlook of $58.25 billion to $60.25 billion, a $59.25 billion midpoint, came in below the $59.33 billion consensus, and its EPS guidance of $0.84 to $0.88 fell short of the $0.89 expected. Management pointed to foreign-exchange headwinds trimming bookings growth by roughly one point. Shares of UBER fell about 3.5% on the report.

Uber doubled down on autonomous vehicles, committing more than $10 billion over coming years to scale robotaxi operations, even as its exclusivity arrangement with Waymo in Atlanta and Austin is set to end by early 2028. That shift opens the door to more robotaxi partners in those markets but signals rising capital intensity in a segment that has yet to turn a profit.

Investors will watch whether the stepped-up robotaxi spending pressures near-term margins even as core ride-hailing and delivery bookings keep growing double digits. The weaker guidance, layered onto a revenue miss, suggests Uber's growth is decelerating even as it invests more heavily in the technology it says will define its next phase.

Related Stocks

• UBER