“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 CFO Nelson Chai.
The company said last month riders returned to its platform in greater numbers in July, and that it expects the trend to continue in the coming months, together with strong food delivery orders.
Uber now expects third-quarter adjusted earnings before interest, taxes, depreciation and amortization – a metric that excludes one-time costs such as stock-based compensation – between loss of $25 million and profit of $25 million, compared to the prior forecast of a loss of $100 million.
For the fourth quarter, Uber expects to post adjusted EBITDA between $0 and $100 million, it said.
Uber on Tuesday also raised its forecast for third-quarter gross bookings and now expects it between $22.8 billion and $23.2 billion from $22 billion to $24 billion earlier.
ALSO READ TECH NEWSLETTER OF THE DAY
Over the past seven years, the ET Startup Awards (ETSA) have grown from strength to strength and emerged by far as the most prestigious set of accolades for entrepreneurs.
Read Now
For all the latest Technology News Click Here
