Uber beats expectations, announces massive $20 billion acquisition

Uber, the American ride-hailing company, reported strong second-quarter results that exceeded analysts’ expectations, with revenue up 18% year-over-year, highlighting a massive $20 billion share buyback program.

The company reported revenue of $12.65 billion, beating analysts’ estimates of $12.46 billion.

Uber said in a statement that gross bookings will range from $48.25 billion to $49.75 billion for the three months ending in September.

CEO Dara Khosrowshahi highlighted a growing consumer base, with significant increases in rides and gross bookings, both up 18%.

Despite the positive earnings report, Uber’s stock fell 0.21% in premarket trading, reaching $89.20. This slight decline comes after a previous close of $89.39. The stock remains within its 52-week range of $59.33 to $97.72, indicating a stable position amid broader market trends.