Uber Technologies Inc. reported second-quarter earnings that came in slightly above Wall Street projections, driven by a surge in passenger numbers and growth in its delivery business. However, the company's shares still slipped in early Wednesday trading.

Uber posted adjusted earnings per share of 81 cents, a 35% increase from the same period last year, edging past the analyst consensus estimate of 80 cents compiled by FactSet. Revenue rose 12% to $14.2 billion, falling just short of analyst expectations. The total value of orders increased 18% year-over-year to $3.9 billion. Gross bookings, which track the value of all mobility and delivery orders, surged 24% to $58 billion.

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"Uber's platform advantages are scaling further: consumer numbers and user engagement are both at record highs, with profitable growth across all segments," said Uber CEO Dara Khosrowshahi. "In fact, we added more first-time users over the past 12 months than in any equivalent period in the last five years."

Khosrowshahi added that the company will continue investing in what it believes will become "the world's largest autonomous vehicle platform."

Outlook and stock performance

Uber forecasts third-quarter gross bookings in a range of $58.25 billion to $60.25 billion, representing year-over-year growth of 18% to 22% on a constant currency basis. The company expects earnings per share of 84 to 88 cents for the quarter. Analysts surveyed by FactSet had projected third-quarter gross bookings of $59.3 billion and earnings per share of 87 cents.

Uber shares initially rose in pre-market trading but later reversed course, falling 3% to $69.79. The stock has declined 11.9% year-to-date, as some investors express concerns about potential competition from other autonomous ride-hailing platforms. Nevertheless, the average analyst price target for Uber shares stood at $104.70 as of Wednesday before the earnings release, according to FactSet data.