Uber aims to deploy robotaxis in 28 cities in the long term and has committed to over $10 billion of capital over the coming years to scale autonomous vehicles.
- Uber on Wednesday reported gross bookings of $58 billion, up 24% from a year earlier and above the high end of its own guidance.
- Adjusted earnings reached $0.81 per share, up 35%, though marginally below an estimated $0.83.
- Autonomous trips remain under 0.5% of Uber’s total volume but are growing.
Shares of Uber Technologies (UBER) fell sharply on Wednesday, dropping as much as 6–7% despite solid second-quarter results as investors focused on the ride-hailing firm’s disappointing near-term outlook and continued high investment in scaling vehicle autonomy.
The stock is now on track for its worst day since November 2025, if losses hold.
Strong Quarter Results
Uber on Wednesday reported gross bookings of $58 billion, up 24% from a year earlier and above the high end of its own guidance. This marked the fourth straight quarter of more than 20% growth. Trips rose 18% to 3.9 billion, driven by more active users and higher usage. Revenue grew 12% to $14.2 billion, but below a Wall Street estimate of $14.26 billion.
Adjusted earnings reached $0.81 per share, up 35%, though marginally below an estimated $0.83, while adjusted core profit climbed 33% to $2.8 billion as the company’s mobility and delivery segments both contributed solid growth.
Investors, however, focused on the company’s third-quarter forecast. Uber now expects gross bookings of $58.25–$60.25 billion and adjusted earnings of $0.84–$0.88 per share, below a Wall Street estimate of $0.91.
Autonomous Ambitions Expand
On the earnings call, CEO Dara Khosrowshahi highlighted the ongoing work in autonomous vehicles: “We also continue to invest behind one of the largest opportunities in Uber’s history, autonomous vehicles… We’re executing with discipline today while building the capabilities we believe will define Uber’s next decade of growth.”
After ending its own robotaxi development years earlier, Uber has shifted to a pure platform strategy focused on commercializing autonomous vehicles built by others. On its latest earnings call, CEO Dara Khosrowshahi said the company’s goal is “to become the world’s leading commercialization platform for autonomous vehicles,” emphasizing partnerships over in-house hardware.
Uber is already live with robotaxis in seven cities and aims for 15 by year-end, working with a growing roster of partners including Zoox, Nuro-Lucid, Wayve, Baidu, Rivian and others. The approach lets Uber leverage its massive rider network and data while partners handle the vehicles. The company aims to deploy robotaxis in 28 cities in the long term and has committed to over $10 billion of capital over the coming years to scale AVs.
Khosrowshahi said the conversation around robotaxis has shifted from whether the technology works to “how broadly, reliably and economically it can scale.”
Partner vehicles already generate “very significant utilization,” often mid- to high-20s or low-30s trips per day. Autonomous trips remain under 0.5% of Uber’s total volume but are growing. Khosrowshahi stressed Uber is “not dependent on one partner” and is working with a wide range of players while sharing scale data to accelerate development.
How Did Uber Retail Traders React?
On Stocktwits, retail sentiment around UBER stock stayed within the ‘bullish’ territory over the past 24 hours, while message volume increased from ‘normal’ to ‘high’ levels.
A Stocktwits user said they were buying more UBER shares during Wednesday’s selloff, calling it a “fire sale on a great company because of overblown AV fears.”
Another retail trader highlighted that the company’s gross bookings accelerated in the quarter and dismissed the selloff, saying, “Market is a toddler throwing an illogical tantrum.”
A third user applauded the company’s earnings report.
UBER stock has fallen 18% year-to-date.
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