Uber Technologies shares surged 5.52% during intraday trading on Friday, rebounding sharply after a two-session decline that had knocked the stock down over 5% following a mixed second-quarter earnings report.

The rally was fueled by an oversold bounce as investors reassessed the company's quarterly results. While Uber's Q2 revenue of $14.19 billion slightly missed consensus estimates, total gross bookings of $58.02 billion and adjusted EBITDA of $2.82 billion both exceeded forecasts. CEO Dara Khosrowshahi attributed the revenue shortfall to a change in accounting treatment in the UK, describing it as a non-fundamental issue, and emphasized that consumer spending and the labor market remain healthy with no signs of trade-down behavior.

Analyst sentiment remained broadly constructive, with the consensus target price around $104.66, suggesting significant upside potential from current levels, even as Wells Fargo trimmed its target to $89.