Uber autonomous vehicle outlook in focus for Q2 earnings

Uber Technologies Inc ( NYSE:UBER XETRA:UT8 ) is expected to report second quarter results that meet or modestly exceed Wall Street expectations, with analysts also anticipating investor attention to center on the company's autonomous vehicle strategy and outlook.

Bank of America reiterated its Buy rating ahead of the results, forecasting gross bookings of $57.3 billion and adjusted EBITDA of $2.77 billion, compared with Wall Street consensus estimates of $57.2 billion and $2.73 billion, respectively.

The bank expects Q2 revenue of about $14.2 billion, in line with consensus, and said its aggregated credit and debit card data point to potential upside in both the US mobility and delivery businesses.

Bank of America estimates gross bookings grew 21% year over year on a constant-currency basis during the quarter, consistent with first-quarter growth.

The firm noted its card data showed US online transit spending rose 9% year over year in the second quarter, while online restaurant sales also increased 9%.

Looking ahead, Bank of America expects Uber to guide for third-quarter gross bookings of $58.5 billion to $60 billion and adjusted earnings per share of $0.83 to $0.87, ranges that would bracket current Street expectations.

The bank said stronger core operating trends are likely to be partly offset by foreign exchange headwinds.

Beyond the quarterly figures, Bank of America believes commentary on autonomous vehicle partnerships will be the key focus of the earnings call.