Uber Technologies Inc., which has lost billions of dollars since its inception, revealed Tuesday that it expects to send its stock higher, hoping to show profits on a highly integrated basis a quarter earlier than previously said.
Uber shares UBER,
The stock rose nearly 13% to .9 44.95 in afternoon trading, allowing the stock to close above its initial public offering price of 45 45 for the first time since July. For more than 10 months from November 4, 2020, the shares were in motion for their largest percentage increase. Shares of Uber have fallen nearly 12% so far, while the S&P 500 index SPX,
It has grown by about 16% so far this year.
According to data filed with the Securities and Exchange Commission on Tuesday, Uber expects interest, taxes, devaluation and refinancing, also known as Ebitda, to be in the third quarter with a loss of 25 25 million and a profit of 25 25 million. Ride-healing and delivery companies previously expected adjustment losses of less than 100 100 million in the third quarter.
The company raised its outlook for total bookings this quarter from .8 22.8 billion to .2 23.2 billion to 22 22 billion to 24 24 billion.
In the fourth quarter, Uber said it expects to post a consolidated profit between $ 0 and $ 100 million.
Uber has never made an annual profit and has only posted two quarterly profits in the past, both of which rely on Didi Global Inc. investments.
Under the pressure of posting profits, the company has reduced growing discounts and incentives, one of the reasons for the rise in ride prices.
The ride-healing business was severely slowed at the start of the coronavirus epidemic last year, with Uber and its biggest rival Lift Inc. LYFT,
Adjusting the business by cutting thousands of employees and reducing costs. Uber has improved from its delivery business, Uber Eats, which improved its ride unit during the epidemic. Uber’s EBITDA gains came after Lift Adjusted-EBITDA reported profit in the second quarter.