American ride-hailing giant Uber Technologies Inc. upgraded its outlook for the third quarter to drive its stocks up in premarket trade, CNBC reported.

  • Uber hiked its gross bookings guidance to $22.8 billion to $23.2 billion, up from the $22 billion to $24 billion it forecasted when it reported its financial earnings for the second quarter.
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was also upgraded to a between a loss of $25 million or profit of $25 million, up from the previous forecast of better than a $100-million loss.
  • Chief Executive Officer Dara Khosrowshahi said the company seized the opportunity in the past 18 months amid the COVID-19 pandemic, with a profit likely in the fourth quarter, despite “significant forecasting uncertainty.”
  • The company recorded 1.51 billion trips in the second quarter, up 4% from the previous quarter and 105% year-on-year. Drivers and couriers generated $7.9 billion during the quarter, with 420,000 partners from February to July.

Uber shares traded up around 6% on premarket trade. UBER is up 6.39%.