Uber reported third-quarter results on Thursday that beat Wall Street expectations for revenue but missed analysts’ estimates for overall bookings.
The company’s shares were down more than 9 percent in premarket trading on Thursday.
How the company did it:
- Earnings per share: LSEG expected $1.20 vs. 41 cents.
- Income: $11.19 billion vs $10.98 billion expected by LSEG.
Uber’s revenue rose 20% in its third quarter from $9.3 billion a year ago. Company Reported According to StreetAccount, gross bookings for the period were $40.97 billion, short of the $41.25 billion expected by analysts.
The company reported net income of $221 million, or 10 cents per share, up from $2.6 billion, or $1.20 per share, in the same quarter last year. Uber said its net income included a pre-tax gain of $1.7 billion from unrealized gains related to the revaluation of its equity investments.
Uber posted adjusted EBITDA of $1.69 billion, up 55% year-over-year and slightly above the $1.64 billion expected by StreetAccount analysts.
Uber CEO Dara Khosrowshahi said in prepared remarks Thursday, “We are in the fortunate position of strong performance in our core business, which allows us to invest organically in new products and capabilities that It will pay off for our platform in the long run.” .
For its fourth quarter, Uber said it expects gross bookings between $42.75 billion and $44.25 billion, compared with StreetAccount estimates of $43.68 billion. Uber expected adjusted EBITDA of $1.78 billion to $1.88 billion, compared with the $1.83 billion expected by analysts.
2.9 billion trips were completed on the platform during the period, up 17% year-over-year. Uber’s monthly active platform users reached 161 million in its third quarter, up 13 percent year-over-year from 142 million.
How Uber’s biggest business segments performed:
Movement (gross booking): $21 billion, up 17% year over year
Delivery (gross booking): $18.7 billion, up 16% year over year
Uber’s mobility segment reported $6.41 billion in revenue, up 26% from a year ago. Analysts at StreetAccount were expecting $6.31 billion. The company’s delivery segment reported $3.47 billion in revenue, up 18 percent from the prior year. Analysts had expected $3.43 billion, according to StreetAccount.
The company’s freight business reported revenue of $1.31 billion for the quarter, an increase of 2% year over year.