Uber (NYSE:UBER) stock is riding higher on Tuesday following recent comments made by the ride-hailing company’s CEO, Dara Khosrowshahi.
Khosrowshahi appeared on CNBC’s Squawk Box this morning to discuss the future of Uber in the second half of the year. According to him, the company is doing well thanks to its efforts in hiring more drivers throughout the pandemic.
Khosrowshahi notes that while ride pricing is high and wait times are long, he expects this to change in the second half of the year. This should increase rider volume as more customers have been making use of the service.
According to Khosrowshahi, this sets Uber up for better performance than previously expected. That includes expectations for adjusted EBITDA between a loss of $25 million and a profit of $25 million. That’s much better than its previous guidance for adjusted EBITDA to be better than a loss of $100 million.
Uber is also expecting gross bookings between $22.8 billion and $23.2 billion for its current quarter. That’s a narrower outlook than the previous guidance for gross bookings of $22 billion to $24 billion.
News of the ride-sharing service raising its outlook has investors taking extra interest in the company. As a result, more than 42 million shares of the stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 22.4 million shares.
UBER stock was up 8.4% as of Tuesday morning but is down 15.7% since the start of the year.
We’ve got more stock market news for traders to check out below!
It’s still early in trading but that doesn’t mean there’s no news to discuss. A few examples of stock stories today include what to expect from Lucid Motors (NASDAQ:LCID) next week, Helbiz (NASDAQ:HLBZ) soaring on a new partnership, as well as this morning’s pre-market stock movers. You can find all of that info at the following links.
More Tuesday Stock Market News
- Dear LCID Stock Fans, Mark Your Calendars for Sept. 27
- HLBZ Stock Skyrockets 180% Thanks to This Big Partnership News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.