Uber Technologies Inc . (NYSE:UBER) has reported a promising Q3 performance, with an 11% YoY increase in revenue to $9.29 billion, and a net income of $221 million. This marks a significant turnaround from the previous year's net loss of $1.2 billion. The company also saw growth in gross bookings, trips, and monthly active platform users, highlighting a consumer shift from retail to services.
Despite the positive performance, Uber's Q3 revenue did fall short of London Stock Exchange Group's (LON:LSEG) prediction due to a $96 million headwind from equity revaluations. The earnings per share were also slightly below expectations at 10 cents, compared to the anticipated 12 cents.
In premarket trading following the Q3 report, Uber shares experienced some fluctuations due to the revenue shortfall. The company reported earnings of $9.3 billion, which was less than FactSet's anticipated $9.5 billion.
However, Uber outperformed expectations in other areas such as gross bookings, which reached $35.3 billion, exceeding the consensus estimate of $34.6 billion. The company's adjusted EBITDA of $1.09 billion also surpassed StreetAccount's estimate.
CEO Dara Khosrowshahi attributed Uber's "profitable growth at scale" to the consumer shift from retail to services and expressed optimism about the company's future.
Looking ahead to Q4, Uber has forecasted gross bookings between $36.5 billion and $37.5 billion and an adjusted EBITDA from $1.18 billion to $1.24 billion.
Among Uber's segments, Mobility and Delivery saw YoY growth in gross bookings of 31% and 18%, reporting revenues of $5.07 billion and $2.93 billion respectively. However, the freight segment faced challenges with a 27% YoY decline in sales at $1.28 billion.
The platform reported 142 million monthly active consumers, marking a 15% YoY increase, and completed 2.44 billion trips during the quarter.
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