Uber’s Driverless Fleet Could Top 2,000 In 2027

Uber Technologies Inc. (NYSE:UBER) drew broadly constructive analyst reactions after its third-quarter results, with Delivery strength, improving engagement and autonomous-vehicle expansion supporting the outlook even as tighter driver supply weighed on Mobility growth.

JPMorgan Highlights Delivery Strength And Mobility Pressure

JPMorgan analyst Doug Anmuth, who had Uber Not Rated, said third-quarter Gross Bookings of $59.8 billion landed near the high end of guidance, while adjusted EBITDA of $2.96 billion slightly exceeded the top of the company’s range.

Anmuth said Mobility Gross Bookings growth slowed to 17% on a constant-currency basis as Middle East disruption, elevated fuel costs, tighter labor conditions and driver competition constrained supply in markets including India, Brazil and Canada.

He said Delivery remained stronger, with Gross Bookings rising 23% constant currency and organic growth accelerating. Higher order frequency, stronger Uber One penetration, merchant spending and advertising supported the business, while Grocery & Retail grew 40% year over year.

Anmuth also highlighted Uber’s premium products, including Uber for Business, where Gross Bookings increased 50%, while Wait & Save surpassed an $8 billion annualized run rate.

For the fourth quarter, Uber guided Gross Bookings to $63.25 billion-$65.25 billion, broadly matching JPMorgan’s $64.5 billion estimate at the midpoint. Its adjusted EPS outlook of $0.95-$0.99 also aligned with Anmuth’s $0.97 estimate.

BNP Paribas Focuses On AV Expansion And Partnerships

BNP Paribas analyst Nick Jones maintained a positive view with a $106 price forecast, saying Uber’s results and fourth-quarter guidance were broadly in line with expectations.

Jones highlighted third-quarter Gross Bookings of $59.82 billion, revenue of $14.77 billion, adjusted EBITDA of $2.96 billion and non-GAAP EPS of $0.88, all close to or slightly above consensus.

He said investors should focus next on Uber’s autonomous-vehicle strategy, partnership progress and 2027 spending plans. Uber expects roughly 700 fully driverless vehicles on its platform by year-end 2026 and more than 2,000 in 2027.

Jones also flagged Mobility and Delivery trends, the competitive implications of DoorDash, Inc.’s (NASDAQ:DASH) planned acquisition of Maplebear Inc. (NASDAQ:CART), which does business as Instacart, and progress on Uber’s planned Delivery Hero acquisition as important areas to watch.

UBER Price Action: Uber Technologies shares were up 8.38% at $72.18 at the time of publication on Wednesday, according to Benzinga Pro data.

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