Mobility technology company Uber Technologies, Inc. (NYSE: UBER) is slated to report its second-quarter results on August 2. The TipRanks website traffic tool is hinting at solid results for the company in the second quarter.
Uber’s Website Traffic Data is Impressive
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Uber’s performance this quarter.
According to the tool, the number of visits to uber.com was up 30.26% quarter-over-quarter.
Meanwhile, the Uber website recorded a 122.03% monthly rise in global visits in June, compared to the same period last year. Also, year-to-date, Uber website traffic increased by 79.91%, compared to the previous year.
As a result, the company’s increasing website traffic hints at encouraging results for the second quarter.
What is Driving This Rise in Uber Website Traffic?
Uber’s recently announced move to launch a new charter bus service in the two Texas cities of Dallas and Houston is perhaps driving its website growth.
Notably, the feature was launched in partnership with U.S. Coachways and aims to connect large groups of people traveling over long distances. Moreover, Uber has plans to launch this feature in additional cities.
Company Guidance for Q2
For the second quarter, Uber expects to report gross bookings between $28.5 billion to $29.5 billion. The company reported gross bookings of $21.9 billion in the year-ago quarter.
Meanwhile, the company expects to record an adjusted EBITDA figure in the range of $240 million to $270 million. The company reported an adjusted EBITDA loss of $509 million in the prior year.
Uber is expected to incur a loss of $0.27 per share in the second quarter compared to earnings per share (EPS) of $0.58 reported in the previous year.
In terms of quarterly revenues, analysts expect revenues to be about $7.35 billion, which represents a growth of 87% from the previous year.
Wall Street’s Take
Overall, consensus among analysts for Uber stock is a Strong Buy based on 27 Buys and three Hold. The UBER average price target of $46.54 implies upside potential of 98.5% from current levels. Shares have declined 46.1% over the past year.
Uber is not just a cab-hailing company anymore. With operations in food and freight delivery, the company is diversifying its sources of revenue to attract consumers. The company’s rising website traffic hints at a strong showing in the second quarter.
Yet, widening losses remain a cause of concern for the company.
Read full Disclosure