Uber Q3 Results Climb, Sees Growth In Q4 Gross Bookings; But Stock Drops

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(RTTNews) - Uber Technologies, Inc. reported Thursday higher profit in its third quarter, benefited by significant unrealized gains and higher revenues. The rideshare and delivery network company also issued fourth -quarter outlook, expecting higher adjusted EBITDA and gross bookings.

Meanwhile, Uber shares were losing around 9 percent in the early morning trading on the NYSE.

As per reports, Uber's gross bookings grew slower than expected for the third quarter. The growth has slowed in recent quarters, amid uncertain economy and elevated inflation levels.

Prashanth Mahendra-Rajah, CFO, said, "We hit another important milestone this quarter, delivering over $1 billion in GAAP operating income for the first time in our company's history, and are on track to deliver 20 percent Gross Bookings growth on a constant currency basis for the full year. We remain committed to returning capital to shareholders through repurchases, while strategically investing in organic growth vectors that will position us to capture the significant opportunities ahead."

For the fourth quarter, the company expects adjusted EBITDA of $1.78 billion to $1.88 billion, which represents growth of 39 percent to 47 percent from last year.

Gross Bookings for the quarter are projected to be $42.75 billion to $44.25 billion, representing 16 percent to 20 percent year-over-year increase on a constant currency basis.

Uber further said it is on track to deliver 20 percent Gross Bookings growth on a constant currency basis for fiscal 2024.

In its third quarter, earnings increased from last year and beat the Street estimates. The company's earnings came in at $2.612 billion, or $1.20 per share, compared with $221 million or $0.10 per share last year.

The latest result included a $1.7 billion pre-tax benefit due to net unrealized gains related to the revaluation of Uber's equity investments.

Analysts on average had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA of $1.69 billion went up 55 percent year-over-year. Adjusted EBITDA margin as a percentage of Gross Bookings was 4.1 percent, higher than 3.1 percent last year.

The company's revenue for the quarter rose 20.4 percent to $11.188 billion from $9.292 billion last year. The Street was looking for revenues of $10.98 billion.

Combined Mobility and Delivery revenue grew 23 percent from last year to $9.9 billion.

In the quarter, gross bookings grew 16 percent year-over-year to $41.0 billion. Mobility Gross Bookings of $21.0 billion increased 17 percent, and Delivery Gross Bookings of $18.7 billion grew 16 percent.

Trips during the quarter climbed 17 percent from the prior year to 2.9 billion, or around 31 million trips per day on average.

On the NYSE, Uber shares were trading at $72.35, down 8.91 percent.

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