Uber Technologies (NYSE:UBER) shares are down nearly 4% in the morning session today after the ride-hailing behemoth delivered a mixed set of second-quarter numbers. Revenue rose 14% year-over-year to $9.2 billion but lagged estimates by $140 million. EPS at $0.18 though handily surpassed expectations by $0.19.
In Q2, while gross bookings rose 16% over the prior year to $33.6 billion, the number of trips also surged by 22% over the prior year to 2.3 billion. The company is seeing healthy demand and a concurrent focus on cost discipline is bearing fruit.
During the quarter, both Mobility and Delivery verticals grew in double digits but Freight proved to be a laggard owing to lower revenue per load and volume. Looking ahead, for the third quarter, gross bookings are anticipated between $34 billion and $35 billion alongside adjusted EBITDA in the range of $975 million and $1,025 million.
Overall, the Street has a $54.40 consensus price target on Uber alongside a Strong Buy consensus rating. Shares of the company have gained nearly 51% over the past six months
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