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SAN FRANCISCO - Uber Technologies, Inc. (NYSE: UBER), a $188 billion market cap leader in ground transportation showing impressive momentum with a nearly 10% gain last week, has partnered with Turo, the world’s largest peer-to-peer car sharing marketplace, to offer Turo vehicles for rent on the Uber app across the United States, except in Oregon, New York, and Washington. According to InvestingPro data, Uber maintains a strong financial health score and has achieved 17.6% revenue growth over the last twelve months. This collaboration introduces a new way for Uber Rent users to access a diverse fleet of cars, including over 1,600 different makes and models, directly within the Uber platform. With the stock trading near its 52-week high of $92.17, InvestingPro analysis reveals over 10 additional key insights about Uber’s market position and growth potential, available to subscribers.
The integration, which is now live, allows Uber customers to seamlessly book a wide range of Turo’s unique vehicles. This move is part of both companies’ efforts to modernize vehicle access and reduce reliance on traditional car ownership. According to Turo Vice President Andro Vrdoljak, the partnership aligns with a shared vision to improve car access for everyone. Users can select from tens of thousands of Turo cars on Uber Rent, finding vehicles that range from rugged SUVs to electric vehicles (EVs).
To facilitate a smooth experience, users who book a Turo vehicle through Uber Rent are prompted to download the Turo app to manage trip details such as pickup and communication with the host. This ensures a streamlined process that adheres to Turo’s safety standards and host network.
Niraj Patel, Uber’s Global Head of Consumer Vehicles, expressed enthusiasm about incorporating Turo’s carsharing options into the Uber app, highlighting the commitment to providing reliable and convenient transportation options for both local and out-of-town travel.
In addition to the new rental options, starting this summer, Uber One members can earn 10% credits on Uber Rent bookings, which now includes Turo rentals.
This strategic move by Uber and Turo is aimed at enhancing the flexibility and personalization of car rental options for travelers within the United States, leveraging the strengths of both platforms to offer a broader range of vehicles to customers. For detailed analysis of Uber’s financial performance and growth trajectory, access the comprehensive Pro Research Report available exclusively on InvestingPro, covering what matters most about this prominent industry player. The information for this article is based on a press release statement.
In other recent news, Uber Technologies Inc. has been the focus of several analyst endorsements following its annual GO-GET product event. Cantor Fitzgerald reiterated its Overweight rating with a price target of $96, praising Uber’s continued product innovation, which includes new features like Price Lock and Savings Slider. Citi also maintained a Buy rating with a $102 price target, highlighting Uber’s new Mobility products and the potential for increased membership adoption with the introduction of Uber One Member Days. Goldman Sachs expressed confidence in Uber’s strategic direction, upholding a Conviction Buy rating and a $110 price target, noting the company’s efforts to enhance affordability and usability through features like Commute Alerts and autonomous ride-sharing. Evercore ISI kept its Outperform rating with a $115 price target, acknowledging Uber’s new offerings as significant enhancements, particularly in response to competitive pressures. Additionally, Uber announced a partnership with iFood in Brazil, aiming to integrate ride-hailing and delivery services within each company’s app, enhancing user experience and convenience. This collaboration is expected to roll out in select Brazilian cities in the second half of 2025. These developments underscore Uber’s strategic initiatives to expand its service offerings and improve customer engagement.
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