Connect with us

Technology

Uber shares surge 6% as it revises its financial outlook higher

The shares of Uber recorded 6 percent surge on Tuesday after the company revised its financial outlook for the third quarter, with bookings and adjusted earnings now expected to be better than first reported.

Published

on

Uber shares surge 6% as it revises its financial outlook higher
GNN Media: Representational Photo

The San Francisco-headquartered firm said in an SEC filing that now expects to report between $22.8 billion and $23.2 billion in gross bookings for the current quarter, adjusted from the $22 billion to $24 billion it predicted on its second-quarter earnings call.

Gross bookings for the second quarter came in at $21.5 billion, with mobility accounting for $8.6 billion and food delivery accounting for $12.9 billion.

“They say that crisis breeds opportunity and that’s certainly been true of Uber during the last 18 months,” Uber CEO Dara Khosrowshahi said in the filing.

Shares of the company were up around 6% in the premarket trade on the New York Stock Exchange.

It also said it now expects adjusted EBITDA (which refers to earnings before interest, taxes, depreciation and amortization) to come in between a loss of $25 million or a profit of $25 million. Uber previously said it expected its adjusted EBITDA for the third quarter to be better than a loss of $100 million.

Looking ahead, Uber reiterated that, on an adjusted EBITDA basis, it should see a profit in the fourth quarter. However, it noted that “significant forecasting uncertainty” remains a factor.

In the second quarter, Uber reported 1.51 billion trips on the platform, up 4% from the first quarter and 105% from the year-ago quarter. Uber said its drivers and couriers earned an aggregate $7.9 billion during the quarter.

Uber and other competitors have struggled with supply and demand imbalances because of the coronavirus pandemic, leading to surge pricing and increased wait times. Khosrowshahi said on a call with investors that prices and wait times aren’t meeting company targets.

“In Q2 we invested in recovery by investing in drivers and we made strong progress, with monthly active drivers and couriers in the U.S. increasing by nearly 420,000 from February to July,” Khosrowshahi said in a statement.

SOURCE: CNBC

Faisal Ali Ghumman

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 4 months.

Regional

Public holiday in Karachi as Cyclone Gulab triggers extreme weather warning 

Sindh's administration has announced a public holiday in the megacity on Friday (October 1) amid the in view of extreme weather emergency caused by a tropical cyclone Gulab in the Arabian Sea.

Profile Avatar

Published

on

Public holiday in Karachi as Cyclone Gulab triggers extreme weather warning 

Karachi: Sindh's administration has announced a public holiday in the megacity on Friday (October 1) amid the in view of extreme weather emergency caused by a tropical cyclone Gulab in the Arabian Sea.

Releasing an official notification on Thursday, Commissioner Karachi said that all provincial offices and businesses in Karachi would remain closed today.

The notification also advices general public to take precautions and remain indoors for safety.

In addition, Karachi University has canceled all examinations scheduled for today.  As per Controller Examinations, Dr. Zafar, the new dates for the examinations will be announced later.

However, the holiday will not apply to hospitals, local bodies and compulsory service agencies. 

Meanwhile, the meteorological department has forecast moderate to heavy rains and possibly isolated heavy rains between Friday and Saturday under the influence of deep pressure in the Arabian Sea, which turned into a tropical cyclone today.

A low air pressure system could turn into a hurricane, added the Meteorological Department forecast note.

The Met department, on Sunday, also warned fishermen not to go out to sea until October 3.

Following the situation, Sindh Chief Minister Murad Ali Shah has assigned the duties of overseeing relief and rescue operations to the ministers. 

Continue Reading

Pakistan

‘Covid fourth wave’: Pakistan reports 1016 new cases, 28 deaths

According to National Command and Operations Center (NCOC), around 1,016 cases of coronavirus were reported while 28 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,201.

Profile Avatar

Published

on

‘Covid fourth wave’: Pakistan reports 1016 new cases, 28 deaths

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than the previous three COVID waves.

According to National Command and Operations Center (NCOC), around 1,016 cases of coronavirus were reported while 28 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,201.

The total number of cases has reached 1,261,685.

As many as 1,193,175 patients have recovered from the disease with 2,195 critical cases.

Punjab

The number of patients swelled to 437,032 in the province with 12,808 causalities.

Sindh

The number of infections has surged to 464,142 in the province, while the death toll has reached 7,514.

Khyber Pakhtunkhwa

The confirmed cases have surged to 176,366 in the province with 5,666 casualties.

Balochistan

There are 33,100 confirmed cases while 352 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 34,372 coronavirus cases in the AJK while the death toll has reached 740. On the other hand, there are 10,361 cases in GB with 186 coronavirus deaths.

Islamabad

There are 106,312 cases in the capital city while 935 people have lost their lives. 

Continue Reading

Entertainment

‘First in world’; BTS’ Jimin gets customized helicopter birthday banner for exclusive routes in US, Australia

On his 26th birthday, the artist became the first person in the world to receive a customized helicopter birthday banner for exclusive routes in the United States (US) and Australia.

Profile Avatar

Published

on

‘First in world’; BTS’ Jimin gets customized helicopter birthday banner for exclusive routes in US, Australia

Seoul: Renowned K-POP idol and member of boyband BTS, Park Jimin continues to set records as the first person in the world with different highly innovative and grand-scale birthday support projects. 

On his 26th birthday, the artist became the first person in the world to receive a customized helicopter birthday banner for exclusive routes in the United States (US) and Australia.

The exclusive birthday-themed banner will be up to 35 meters long for both the US and Australia routes, which is a giant size to ensure visibility. Both flights will have a specialized light aerobatic aircraft utilized for the birthday project.

In US, the banner will pass through famous sites including the Statue of Liberty and the George Washington Bridge—a strategy that will foster drawing attention to the project. 

The US flight will be for 3 hours, which is also a long period to ensure enough buzz for the project—ensuring a grand-scale promotion for Jimin in the most sophisticated way imaginable.

For the Australian route, the flight will be on Gold Coast, and the duration will be two hours.

The Australian route will include a highlighted tourist resort named after the 42 km of golden sandy beach—adding prestige to the project.

In addition to incredible birthday support projects, fans known as ARMY are also showing their love to the singer through various hashtags on Twitter.

To commemorate BTS Jimin's birthday today, Ukraine ARMYs have also prepared a "first-in-the-world" project that involves the ‘Serendipity’ singer being featured on the biggest LED screen in all of Europe.

Another birthday support project for BTS member Jimin that is also the first in the world is a digital ad in Kyoto, Japan. Jimin became the first foreign artist to be featured on that ad space in the country.

The advertisement will run for a week.

Moreover, ARMYs in France are celebrating BTS Jimin's birthday by lighting up the Eiffel Tower, which is a famous landmark in the city.

Continue Reading

Trending