Uber Adjusts Guidance Higher, On Track to Post First Profitable Quarter

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Uber  (UBER) - Get Uber Technologies, Inc. Report is riding its way to posting its first adjusted profit.

On Tuesday, on its SEC filing, the ride-hailing app says it expects to report between $22.8 billion and $23.2 billion in gross booking in its Q3 earnings.

“They say that crisis breeds opportunity and that’s certainly been true of Uber during the last 18 months,” said Uber CEO Dara Khosrowshahi. “Thanks to the team’s tireless work we’ve not only grown our global leadership across both Mobility and Delivery; we’ve done so more profitably than ever before. As a result, Uber is reaching an important milestone. We also know we have much left to prove and need to execute flawlessly. We will rise to the occasion.”

“With positive Adjusted EBITDA in July and August, we believe Uber is now tracking towards Adjusted EBITDA breakeven in Q3, well ahead of our prior guidance,” said the company's CFO, Nelson Chai. “We expect to deliver sequential Adjusted EBITDA improvement in Q4, even as we continue to invest in our growth initiatives.”

The company is expected to report its Q3 earnings on November 4.

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