Uber Technologies could post its first profit on an adjusted basis in the current quarter, its chief financial officer said today.
The news sent the lift hailing company's shares up nearly 7% in premarket trading.
"With positive adjusted EBITDA in July and August, we believe Uber is now tracking towards adjusted EBITDA breakeven in Q3, well ahead of our prior guidance," the company's CFO Nelson Chai said.
The company said last month riders returned to its platform in greater numbers in July, and that it expects the trend to continue in the coming months, together with strong food delivery orders.
Uber now expects third-quarter adjusted earnings before interest, taxes, depreciation and amortisation - a metric that excludes one-time costs such as stock-based compensation - between a loss of $25m and a profit of $25m, compared to the prior forecast of a loss of $100m.
For the fourth quarter, Uber expects to post adjusted EBITDA between $0 and $100m, it said.
Uber also today raised its forecast for third-quarter gross bookings and now expects it between $22.8 billion and $23.2 billion from $22 billion to $24 billion earlier.
