Uber reports third-quarter results that miss analysts’ expectations

CEO of Uber, Dara Khosrowshahi, speaks onstage throughout GE The Lean Mindset: The Pursuit Of Progress Event at Chelsea Industrial on September 06, 2023 in New York City.

Ilya S. Savenok | Getty Images Entertainment | Getty Images

Uber reported third-quarter results Tuesday that missed analysts’ expectations on high and backside strains however confirmed energy in different areas, like gross bookings, which exceeded the corporate’s guidance from the second quarter.

Here’s how the corporate did:

  • Earnings per share: 10 cents vs. 12 cents anticipated by LSEG, previously generally known as Refinitiv.
  • Revenue: $9.29 billion vs. $9.52 billion anticipated by LSEG.

Uber’s income for the quarter was up 11% from the identical quarter final 12 months. The firm reported web revenue of $221 million, or 10 cents per share, in contrast with a web lack of $1.2 billion, or 61 cents per share, in the identical quarter last year. That features a $96 million headwind from revaluations of Uber’s fairness investments.

In a ready assertion, CEO Dara Khosrowshahi mentioned Uber’s third quarter was “very sturdy” and he noticed accelerations within the firm’s gross bookings, journeys and month-to-month lively platform customers. He added that the platform is seeing the continued advantages of customers shifting spending from retail to providers.

“These results show that Uber continues to drive worthwhile progress at scale—and why we consider we’re effectively positioned for the journey forward, in good or unhealthy macro environments,” he mentioned.

Uber reported adjusted EBITDA of $1.09 billion, up $576 million year-over-year and above the $1.02 billion anticipated by analysts polled by StreetAccount. Gross bookings for the quarter got here in at $35.3 billion, up 21% 12 months over 12 months and above the company’s guidance last quarter.

For the fourth quarter of 2023, Uber mentioned it expects to report gross bookings between $36.5 billion and $37.5 billion, in comparison with StreetAccount estimates of $36.5 billion, and adjusted EBITDA of $1.18 billion to $1.24 billion.

Here’s how Uber’s largest enterprise segments carried out:

Mobility (gross bookings): $17.90 billion, up 31% year-over-year

Delivery (gross bookings): $16.09 billion, up 18% year-over-year

Uber’s mobility phase reported $5.07 billion in income, in contrast with supply’s $2.93 billion. Its freight enterprise booked $1.28 billion in gross sales for the quarter, a 27% decline 12 months over 12 months. The determine can be in keeping with the $1.28 billion Uber reported last quarter when Khosrowshahi instructed CNBC freight has remained a difficult spot for the corporate.

The variety of Uber’s month-to-month lively platform customers reached 142 million within the second quarter, up 15% 12 months over 12 months. There had been 2.44 billion journeys accomplished on the platform in the course of the interval, up 25% 12 months over 12 months.

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