Uber (UBER) will report quarterly results on Thursday after the close. Investors will be paying close attention to further signs of recovery in the ride-sharing business and any commentary on worker shortages. The company, like others, has had to incentivize drivers to get behind the wheel amid a tight labor market.
These are the estimates Wall Street analysts are expecting, per Bloomberg consensus estimates.
Adjusted loss per share: 26 cents
Revenue: $4.4 billion
Gross bookings: $23.29 billion
By segment, Wall Street analysts are expecting Uber rides to generate $2.1 billion in revenue, while its delivery unit, including Uber Eats, is projected to bring in $1.9 billion.
In September, the company raised its outlook saying its bottom line could come in anywhere between an adjusted loss of $25 million to a profit of $25 million.
Driver shortages earlier this year forced ride-sharing companies like Uber to raise fares and offer more incentives for workers to get behind the wheel amid a labor squeeze.
“In Q2 we invested in recovery by investing in drivers and we made strong progress, with monthly active drivers and couriers in the US increasing by nearly 420,000 from February to July,” Uber CEO Dara Khosrowshahi said in a statement this past summer.
Uber shares were up on Wednesday following competitor Lyft’s (LYFT) better-than-expected quarter, with an adjusted profit of of $67.3 million.
Recently the company announced that Hertz Global (HTZZ) will make up to 50,000 Tesla (TSLA) electric vehicles available to Uber drivers in select markets who want to rent the cars by 2023. Hertz has already been working with Uber offering car rentals the past five years. The Tesla program will roll out nationally in the coming months.
Uber is expected to record a loss of more than $3 billion due to its stake in Didi Global (DIDI). The Chinese ride-hailing company’s stock tanked last quarter amid regulatory crackdowns in China. Bloomberg calculations show the value of Uber’s stake in Didi sat at around $4 billion at the end of the third quarter, down from $7.3 billion.
Uber has also invested around $400 million in Aurora (AUR), an autonomous driving hardware and software company which went public on the Nasdaq (^IXIC) on Thursday via a merger with a blank check company.