Uber Shares Down 20% YTD Ahead of Nov. 4 Q3 Earnings Despite Strong Q2 Growth

Uber Technologies (UBER) stock has fallen 20% year-to-date even as the company reported double-digit growth in bookings, revenue and earnings, with third-quarter results scheduled for Nov. 4. Wall Street remains bullish, with 33 of 45 covering analysts rating the stock "Strong Buy" and an average price target of $102.33, implying roughly 57% upside. In its August Q2 report, gross bookings rose 22% year-over-year on a constant-currency basis to $58 billion, the fourth straight quarter above 20% growth. Monthly active platform consumers climbed 16% to 208 million, revenue rose 12% to $14.2 billion, and adjusted EPS increased 35% to $0.81. Mobility operating income grew 28%, delivery operating income rose 38%, while Freight posted a $24 million operating loss. Free cash flow exceeded $10 billion over the trailing 12 months, and Uber had repurchased about $3.5 billion of shares by mid-2026, with management planning to resume buybacks. Uber has committed roughly $10 billion to multiyear autonomous vehicle investments through partnerships including Wayve, Zoox, Baidu, Lucid, Nuro, Rivian and Nvidia, targeting 15 AV-partner cities by the end of 2026. For Q3, management guides gross bookings growth of 18% to 22% and adjusted EPS of $0.84 to $0.88, up 28% to 35%.