UBER Q3 Earnings Analysis
Uber shares reached a 52-week high after the company reported their third quarter earnings. According to an article by Wall Street Journal, Uber is the largest company in terms of market cap to not be included in the S&P 500, and this recent earnings makes them eligible for inclusion. This is a massive achievement for any company and it can explain the rise in the stock despite the earnings miss. The company missed on revenue expectations, which came in at $9.29B versus $9.54B expected. Earnings per share on the other hand did beat expectations, coming into at 10 cents a share versus the seven cents expected. Year over year bookings and revenue have grown for the company, with their ride-hailing services leading the growth. Uber’s forward guidance into next quarter is between $36.50-37.50B, in-line with analyst expectations.
The next target for Uber’s stock is 52.75. If it can breakout above that level then 59.00-60.00 would be the target above.