Uber Reports Q2 Revenue Beat, Announces $20B Buyback

Uber Technologies reported strong second quarter results with revenue rising 18% year over year to $12.65 billion and adjusted EBITDA increasing 35% to $2.12 billion, beating estimates. The company earned 63 cents per share, up 34% from the prior year, and gross bookings grew 17% to $46.8 billion. Uber also announced a substantial $20 billion stock buyback authorization, signaling confidence in its business and growth prospects. For the third quarter, Uber projects adjusted EBITDA between $2.19 billion and $2.29 billion, with gross bookings expected to grow 17% to 21%. Despite the positive financial performance and buyback plans, Uber shares declined in pre-market trading. CEO Dara Khosrowshahi highlighted that the platform strategy is yielding record audience and profitability, and the company plans to expand autonomous vehicle partnerships and introduce women-only driver options in select cities.