Uber (UBER) Gains on Updated Q3 Guidance, Says Now Tracking Towards Adjusted EBITDA Breakeven in Q3

September 21, 2021 6:52 AM EDT

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Uber (NYSE: UBER) presented its updated Q3 outlook today to say it now expects Q3 bookings between $22.8 billion and $23.2 billion (from $22 billion to $24 billion reported in Q2).

Adjusted EBITDA is now seen between negative $25 million and positive $25 million, which is better than a loss of $100 million expected, driven by “strong improvements in both Mobility and Delivery Adjusted EBITDA.”

“With positive Adjusted EBITDA in July and August, we believe Uber is now tracking towards Adjusted EBITDA breakeven in Q3, well ahead of our prior guidance,” said Nelson Chai, CFO. “We expect to deliver sequential Adjusted EBITDA improvement in Q4, even as we continue to invest in our growth initiatives.”

For Q4, the company is now expecting to reach its long-term profitability target as it sees adjusted EBITDA between $0 and $100 million, better than the previously expected “Adjusted EBITDA profitability.”

Shares of Uber are up 3.7% in pre-open Tuesday.

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