Uber’s third-quarter earnings beat analysts’ expectations.
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Uber Technologies
reported third-quarter revenue below Wall Street expectations on Tuesday, but earnings above the consensus call.
Uber
(ticker: UBER) reported third-quarter earnings of 10 cents a share on revenue of $9.29 billion. Analysts surveyed by FactSet were expecting the ride-share company to post earnings of 7 cents a share on revenue of $9.54 billion.
In the same period last year,
Uber
posted a loss of 61 cents a share on revenue of $8.34 billion.
The company also reported third-quarter gross bookings of $35.3 billion, above Wall Street estimates of $34.6 billion and an increase of 21% from last year’s $29.1 billion.
“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth,” Chief Executive Dara Khosrowshahi said in a press release.
The company’s ride-hailing, or mobility segment, saw revenue jump 33% from the prior year to $5.1 billion as trip volumes increased. The delivery segment, or Uber Eats, revenue gained 6% year over year. Freight revenue, however, declined 27% from the prior year to $1.3 billion.
For the fourth quarter, Uber expects to report bookings between $36.5 billion to $37.5 billion, which is in line with analysts’ estimates of $36.52 billion.The company also expects to post fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization between $1.18 billion and $1.24 billion, above Wall Street expectations of $1.15 billion.
Shares of Uber were down 0.3% in premarket trading Tuesday at $47.98. Coming into the session, the stock has jumped 95% this year.
Write to Angela Palumbo at [email protected]
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