Uber Technologies Inc.

Uber eyes positive Q3 EBITDA, shares jump 6% premarket

Uber aims for profitability and raises outlook

In some big news for the rideshare giant, Uber on Tuesday revised its Q3 2021 outlook and now expects earnings before interest, taxes, depreciation and amortization to be positive as early as this quarter. Shares of the company’s stock jumped north of 6% on premarket movement on the New York Stock Exchange Tuesday morning.

In an SEC filing, Uber (NYSE: UBER) said that it now expects EBITDA for the current quarter to come in somewhere between a $25 million deficit and a $25 million profit, a...

https://www.freightwaves.com/news/uber-eyes-positive-q3-ebitda-shares-jump-6-premarket

Uber Freight posts continued revenue gain, higher EBITDA than 2Q ’20

The portion of Uber Technologies’ earnings report that is devoted to Uber Freight is for a three-month period that immediately preceded the electronic brokerage’s biggest acquisition.

That would be the purchase of Transplace, announced July 22, acquired for approximately $2.25 billion. While the acquisition was mentioned in the company’s (NYSE: UBER) prepared earnings statement, little was added to what already has been disclosed.

But the rest of the disclosures about Uber Freight in the earnings...

https://www.freightwaves.com/news/uber-freight-posts-continued-revenue-gain-higher-ebitda-than-2q-20

Uber rolling out same-day, on-demand grocery delivery in 400 cities

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Just when you thought Uber Technologies Inc. (NYSE: UBER) had perhaps put too many eggs in its basket, it’s putting eggs in consumers’ baskets – straight from the grocery store.

The company on Monday announced its largest grocery expansion since launching in July 2020, with the company’s same-day and on-demand scheduled grocery delivery now being offered in over 400 U.S. cities and towns. The move, Uber’s first major grocery expansion in the U.S., will more than double the availability of its...

https://www.freightwaves.com/news/uber-rolling-out-same-day-on-demand-grocery-delivery-in-400-cities

Public autonomy: Aurora Innovation reportedly next in line for SPAC

Though the frothy excitement of special purpose acquisition companies (SPACs) is going flat in the face of federal scrutiny, autonomous-vehicle software maker Aurora Innovation is reportedly close to a merger with a blank-check company started by one of its investors.

Aurora, led by autonomous driving pioneer Chris Urmson, could agree to a business combination with Reinvent Technology Partners Y (NASDAQ: RTPYU), the third SPAC launched by LinkedIn co-founder and Aurora investor Reid Hoiffman,...

https://www.freightwaves.com/news/public-autonomy-aurora-innovation-reportedly-next-in-line-for-spac

Supreme Court won’t hear Uber Black driver classification case

A case involving the classification of Uber Black drivers as employees rather than contractors is not going to be reviewed by the Supreme Court, kicking it back to the trial court in the 3rd Circuit.

The high court denied review Monday in the case of Razak v. Uber Technologies, a case that originally was filed in the Eastern District of Pennsylvania. In the case, a group of drivers in the Uber Black service, which supplies higher-quality “black cars” to Uber customers, had sued the parent...

https://www.freightwaves.com/news/supreme-court-wont-hear-uber-black-driver-classification-case

Delivery segment at Uber on track for breakeven EBITDA by year-end: CEO

The delivery business of Uber Technologies (NYSE: UBER) is on track to be profitable on an EBITDA basis by the end of the year, according to company officials speaking on the Uber earnings conference call.

Uber’s Delivery segment is coming off a quarter during which it had record gross bookings. On top of that, the company also reported it had record gross bookings for April and for the most recent week. 

The Delivery business reported gross bookings of $12.5 billion for the quarter. That was 24%...

https://s29755.pcdn.co/news/delivery-segment-at-uber-on-track-for-breakeven-ebitda-by-year-end-ceo

Uber Freight’s Market Access solution helps shippers manage supply chain risks

In February, Uber Technologies Inc. (NYSE:UBER) released its fourth-quarter earnings, showcasing its subsidiary, Uber Freight, which experienced momentous 43% growth in gross bookings, rising from $219 million in the fourth quarter last year to $313 million in the fourth quarter this year.

In a prepared statement presented with the earnings report, Uber explained the improvement of bookings was related to the release of the Uber Freight Enterprise offering in September that attracted the growing...

https://s29755.pcdn.co/news/uber-freights-market-access-solution-helps-shippers-manage-supply-chain-risks

Uber package delivery unit expands in US

Uber Connect, the package-delivery unit of the ride-hailing giant Uber Technologies Inc.(NYSE:UBER), said Wednesday it is expanding its operations to 2,400 U.S. markets effective immediately.

The announcement, which was published in a blog post on Uber’s website, will dramatically broaden the unit’s same-day delivery network from when the service was launched in April. A mid-June blog post said the unit was operating in “more than 25 cities” in Australia, Mexico, Canada and the U.S.

New locations...

https://www.freightwaves.com/news/uber-package-delivery-unit-expands-in-us

Uber Freight seeking investors

Parked Uber Freight rig

Uber Technologies (NYSE: UBER) is reported to be in talks to take on additional investors in its digital brokerage unit, Uber Freight. Bloomberg published an article attributed to “people with knowledge of the matter” who said the San Francisco-based company is seeking to raise $500 million in incremental funding.

The report said this would place the unit’s valuation around $4 billion. Assuming an annual run rate of the nearly $200 million in revenue the division generated in the first quarter,...

https://s29755.pcdn.co/news/uber-freight-seeking-investors

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