![]() Uber trades at a 65% discount to its own highs at 2.2X forward sales and 43% below the Zacks tech sector. Uber is holding the line around its 50-day moving average and it trades about 28% below its average Zacks price target. ![]() Uber is currently down 30% from its 2021 records and 10% below its recent highs at roughly $44 a share. Uber hit fresh 52-week highs of $49.49 per share the day before it reported its Q2 results. More recently, Uber stock has jumped 80% in 2023 vs. Uber shares have climbed by roughly 36% during the past 12 months to crush the benchmark’s 5% and Lyft’s -37% drop. the Zacks tech sector’s 77% gain and the S&P 500’s 60% climb. Uber is up around 7% since its May 2019 IPO vs. Uber’s CEO said at the time that: “Fully autonomous driving is quickly becoming part of everyday life, and we’re excited to bring Waymo's incredible technology to the Uber platform.” Uber will be competing against or possibly with the likes of Tesla (TSLA ) and others in this space down the road. In fact, Uber in late May announced a new multi-year strategic partnership with Waymo for autonomous driving, bringing together its “world-leading autonomous driving technology with the massive scale of Uber’s ridesharing and delivery networks.” Uber remains focused on a possible future where fleets of autonomous vehicles drive people around cities, deliver food, and transport goods. The “power of the Uber platform and the team’s relentless focus on profitable growth was on full display in Q2, with record profitability and over $1 billion of quarterly free cash flow,” CFO Nelson Chai said in prepared remarks. a $713 million loss in the second quarter of 2022. a loss of $2.60 billion in the year-ago period and an operating income of $326 million vs. Uber reported $394 million in profit in Q2 vs. The company also crucially posted GAAP operating profit for the first time in Uber’s history. Uber posted adjusted quarterly earnings of +$0.18 a share in Q2 to crush the Zacks consensus that called for a loss of -$0.01 per share. Plus, Uber stock slipped recently on some post-release profit-taking and its valuation levels look enticing. Uber is also experimenting with new revenue streams. Uber crushed our Q2 earnings estimate on August 1 and boosted its guidance as ridership booms and delivery grows. Wall Street has celebrated Uber’s ability to expand its ride-hailing and delivery businesses while simultaneously focusing on the bottom line. The ride-hailing firm in early August reported GAAP operating profit for the first time in its history. Uber Carshare is separate from Uber Rent, which lets users rent cars from providers like Hertz through the Uber app.Uber Technologies, Inc. Car availability will be listed in 15-minute increments and there are no requirements for how far in advance drivers will need to book. Uber aims to have several hundred vehicles listed to rent in Boston and Toronto at launch.ĭrivers will be able to pick up and return the vehicle through the Uber app. A company spokesperson told Quartz at the time that the company pulled the plug on the program to “think through the best way to offer Uber customers access to rentals in the Uber app.”Īutonomous Uber ride Your next Uber ride in Las Vegas could be in an autonomous vehicle How does Uber Carshare work? In April 2018, the company said it had partnered with startup Getaround and would begin testing a feature to let San Francisco drivers rent cars from peers through the Uber app.īy the following November, Quartz reported that Uber notified users that it would be shutting down the program. This isn't the first time Uber has dipped its toes into the car-sharing space. ![]() “We believe that Uber has an unprecedented ability to bring carsharing to the mainstream unlike any other company in the market today and we’re excited to launch this offering soon,” said Camiel Irving, general manager of mobility in the U.S. The market size was an estimated $1.6 million that year and is projected to reach $7.2 million in 2030, according to maket research and consulting firm Prescient & Strategic Intelligence. The peer-to-peer carsharing industry, which includes companies like Turo and Getaround, saw a boost in 2021 amid the rental car shortage. ![]()
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