Shares of Uber Technologies (NYSE: UBER) jumped 11.5% on Tuesday after the ridesharing giant boosted its financial forecast.
Uber now expects to generate earnings before interest, taxes, depreciation, and amortization (EBITDA) of negative $25 million in the third quarter. That's up from a prior estimate of "better than a loss of $100 million."
Importantly, Uber said in a financial filing that its profit margins are improving in both its ride-hailing mobility segment and Uber Eats delivery business. Delivery has seen particularly strong growth during the pandemic, with many people choosing to eat at home rather than inside restaurants due to COVID-19.
Source Fool.com