Uber Poised for In-Line Quarterly Gross Bookings, With Focus on AV Strategy, BofA Says

03:23 PM EDT, 10/28/2026 (MT Newswires) -- Uber Technologies' (UBER) third-quarter gross bookings are likely to meet Wall Street's expectations, with investors focused on the company's autonomous vehicle strategy and supply roadmap amid growing competition, BofA Securities said Wednesday. The brokerage expects the ride-hailing giant to post gross bookings of about $59.78 billion when it reports September quarter results Nov. 4. The Street is looking for $59.77 billion, BofA said. The brokerage projects non-GAAP earnings at $0.91 a share versus the Street's $0.87 projection. The company's shares were down 1% in Wednesday late-afternoon trade and have fallen 20% so far this year. Uber's recent underperformance relative to the S&P 500 likely reflects AV concerns and high uncertainty on potential gas price impact to supply and volumes, as well as Walmart's (WMT) expansion into restaurant delivery, among other factors, BofA analyst Justin Post said in a note to clients. Potential AV competition in the US, including from Alphabet's (GOOG, GOOGL) Waymo unit and Tesla's (TSLA) Cybercab vehicle ramps, also weighed on Uber's share performance in the third quarter, Post said. "US supply roadmap will be the most important topic of the (third-quarter) call." The brokerage reiterated its buy rating on the Uber stock, with a $101 price objective. For the ongoing quarter, BofA lowered its gross bookings outlook for the company to $64.55 billion from $65.13 billion and its non-GAAP EPS expectations to $0.99 from $1.01. "Buybacks and cost actions could support (fourth-quarter) EPS, while elevated gas prices could be a modest margin risk," Post said. "We expect healthy 27%, (adjusted) EPS growth in 2027." Last month, Uber said it was cutting its workforce by about 10% as part of restructuring efforts aimed at removing management layers and reducing "complexity" across the business. Earlier this month, the company agreed to acquire US-based catering platform ezCater in a $2.3 billion cash deal, as the ride-hailing giant looks to expand its food delivery business to more corporate customers. DoorDash's (DASH) third-quarter results are slated to be released Nov. 4, while Lyft (LYFT) will report Nov. 5. Price: 65.24, Change: -0.55, Percent Change: -0.83