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Ride or dine

Uber reports better-than-expected revenue and a fresh $20 billion share buyback

Still, shares were down in premarket trading.

8/6/25 6:46AM

Ride-hailing giant Uber posted upbeat second-quarter results Wednesday morning and unveiled a beefy new stock buyback plan.

The company posted earnings per share of $0.49, shy of Wall Street estimates of $0.78. Uber’s revenue climbed to $12.65 billion, versus the $12.47 billion expected.

Uber also announced an additional $20 billion stock buyback.

Still, shares of the company were down 1.3% in premarket trading.

Gross bookings, or what customers spent on rides, delivery orders, and freight, grew to $46.76 billion, up 17% year over year and better than analysts’ expectations of $46.42 billion. Uber had previously forecast a range of $45.75 billion to $47.25 billion.

For its third quarter, Uber guided for gross bookings of between $48.25 billion and $49.75 billion, ahead Wall Street’s estimate of $47.5 billion.

Uber’s monthly active customer total (customers who took at least one Uber ride or ordered one delivery) grew 15% from last year to 180 million, ahead of expectations from analysts polled by FactSet.

Uber has been investing heavily to build out the robotaxi service it plans to launch somewhere in the US next year. The company said it wants to deploy 20,000 Lucid vehicles in markets across the world over the next six years.

Its active base of drivers and couriers grew 20% from last year to 8.8 million. Those workers earned $20.8 billion in the quarter. In June, CEO Dara Khosrowshahi detailed how Uber drivers could earn extra income by training the AI that may one day replace them. Khosrowshahi this year said he expects drivers to be displaced by autonomous vehicles within 15 to 20 years.

Nia Warfield, Luke Kawa

49m

Another record high for stocks as tech heavyweights put market on their shoulders

All of the gains on Monday are attributable to Nvidia and Apple.

Bull charging across sand creating dust cloud

Max Knoblauch4h

Chinese EV maker Nio sinks as a surge of orders for its new SUV create a 6-month backlog

Shares of Nio are falling Monday on the bittersweet news that its latest SUV (the ES8, priced to compete with Tesla’s Model Y) is too popular.

According to Chinese media reports, up to 50,000 ES8 orders may have been placed in the vehicle’s first 36 hours, surpassing Nio’s 40,000-vehicle production cap for this year.

Customers now ordering the ES8 won’t receive their vehicle for 24 to 26 weeks, or six months.

Nio CEO William Li said that the ES8’s production capacity will reach 15,000 units by December.

Nio Says ES8 Orders Placed Today Face 6-Month Wait

Customers now ordering the ES8 won’t receive their vehicle for 24 to 26 weeks, or six months.

Nio CEO William Li said that the ES8’s production capacity will reach 15,000 units by December.

Jon Keegan, Nate Becker

Nvidia jumps on plans to invest up to $100 billion in OpenAI as part of data center expansion

Shares of Nvidia vaulted on the news, as CEO Jensen Huang says the new project would involve 4 million to 5 million GPUs.

J. Edward Moreno

Moderna rises after RFK Jr. vaccine panel’s less-draconian-than-expected Covid recommendation

While ACIP’s vote means less people may be able to access Moderna’s vaccine than before, it’s less severe than the outright ban some were expecting.

Matt Phillips6h

US toys with making the world’s worst investment

Argentinian government bonds are up big today on reports that the US is considering some sort of a bailout for the chronically messy Latin American economy currently led by Trump-allied right-wing populist Javier Millei.

The country’s foreign minister knocked down previous reports that Argentina was negotiating a $30 billion loan with the US.

But Treasury Secretary Scott Bessent just came out saying that “all options” are being considered to stabilize the country’s currency, which plunged as Millei’s attempt to radically remake the economy with deep spending and tax cuts has shown signs of sputtering amid a series of government corruption scandals. Bessent even went so far as to say Argentina is a “systemically important” US ally, using a term of art that’s often bandied about when bailouts are in the offing.

For the record, lending Argentina US taxpayer money seems a bad idea.

The country has defaulted on foreign loans nine times, giving it one of the world’s worst credit histories. In fact, it’s defaulted three times since 2000, including in 2019, after the last attempt to “reform” the country lured in foreign lenders once again.

Bessent Says ‘All Options’ on Table to Steady Milei’s Argentina