Uber Technologies, Inc. (UBER:NYSE) is an American multinational transportation company that provides transportation services, namely courier, taxi, food delivery, and freight transportation. The company is headquartered in San Francisco, California and the Chief Executive Officer (CEO) is Dara Khosrowshahi. The company operates in 70 countries, 10,500 cities worldwide. Uber Technologies, Inc. is the world’s largest ridesharing company with more than 150 million active users each month. The company has 6 million active drivers and couriers and facilitates an average of 28 million trips per day. The company employs its 30,400 tribal workers. Since its inception in 2010, the company has made over 47 billion trips.
The company released its second-quarter 2024 financial results. Uber Technologies, Inc.’s (UBER:NYSE) total revenue grew 21% year-over-year to $40 billion. The estimate from Bloomberg analysts was USD 39.7 billion. Operating profit for the second quarter increased 17% year-over-year to $10.7 billion. Net income increased 144% year-over-year to $796 million. Net income attributable to Uber Technologies, Inc. was $1.0 billion, which includes a $333 million (pre-tax) benefit due to net unrealized gains related to the revaluation of Uber’s equity investments. Uber Technologies Inc. reported better-than-expected orders in the second quarter, underscoring continued strong demand for taxi and delivery services.
Graph Source : www.tipranks.com
Uber Technologies, Inc (UBER:NYSE) has been fined a record $324 million by the Dutch Privacy Authority for failing to comply with European protection standards for inadequate protection of driver data. The fine is the highest penalty ever imposed by the Dutch regulator. The Dutch data protection authority said Uber collects information on drivers from Europe, such as taxi licenses, location data and in some cases criminal and medical data, and stores it on servers in the US. Despite this, Uber Technologies, Inc (UBER:NYSE)’s stock is still very attractive to buy among private investors and multinational banking corporations thanks to its successful second-quarter earnings results, where it has been given an average target price of $87.93 per share by 32 Wall Street analysts for the short- to medium-term investment horizon.