Uber missed Q3 earnings and revenue expectations
Uber Technologies Inc (NYSE:UBER) stock is roughly 1% lower before the open, after the company missed earnings and revenue expectations for the third quarter.
These losses should be kept in check, however, as the rideshare giant reported strength in areas like gross booking, which rose to $35.3 billion last quarter — well above the firm’s guidance of $29 billion to $30 billion. What’s more, Uber expects adjusted core profit between $1.18 billion and $1.24 billion, a range that’s well above Wall Street’s estimates.
Ahead of the event, options traders were more bearish than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), UBER sports a 50-day put/call volume ratio of 0.67 that ranks higher than 83% of annual readings. Echoing this, the stock’s Schaeffer’s put/call open interest ratio (SOIR) of 0.80 ranks in the 80th percentile of reading from the past 12 months.
On the charts, Uber stock recently made a move towards its two-year highs just below the $50 level. This jump came after the equity snapped a three-week losing streak, moving above short-term pressure at its 40-day moving average. Year to date, UBER is up 24.2%.