Uber CEO Dara Khosrowshahi speaks on stage during GE’s The Lean Mindset: The Pursuit Of Progress event at Chelsea Industrial on September 6, 2023 in New York.
Ilya S. Savenok | Getty Images Entertainment | Getty Images
Uber published in the third quarter results On Tuesday, it fell short of analysts’ expectations for earnings and results, but showed strength in other areas, like gross bookings, which beat the company’s second-quarter forecast.
Here’s how the company did it:
- Earnings per share: 10 cents compared to 12 cents expected by LSEG, formerly known as Refinitiv.
- Income: $9.29 billion versus $9.52 billion expected by LSEG.
Uber’s revenue for the quarter increased 11% compared to the same quarter last year. The company reported net income of $221 million, or 10 cents per share, compared with a net loss of $1.2 billion, or 61 cents per share, in the same quarter. Last year. This includes a $96 million headwind from revaluations of Uber’s stock investments.
Shares of Uber rose less than 1% premarket Tuesday.
In a prepared statement, CEO Dara Khosrowshahi said Uber’s third quarter was “very strong” and that he saw an acceleration in the platform’s gross bookings, trips and monthly active consumers. He added that the platform is seeing continued benefits as consumers shift their spending from retail to services.
“These results demonstrate that Uber continues to deliver profitable growth at scale and why we believe we are well positioned for the journey ahead, in good or bad macroeconomic environments,” he said.
Uber reported adjusted EBITDA of $1.09 billion, up $576 million year-over-year and above the $1.02 billion expected by analysts polled by StreetAccount. Gross bookings for the quarter were $35.3 billion, up 21% year-over-year and above the company’s guidance for last quarter.
For the fourth quarter of 2023, Uber said it expects to report gross bookings of between $36.5 billion and $37.5 billion, compared to StreetAccount estimates of $36.5 billion, and adjusted EBITDA of $1 .18 to $1.24 billion.
Here is the performance of Uber’s main business segments:
Mobility (gross reservations): $17.90 billion, up 31% year-on-year
Delivery (gross bookings): $16.09 billion, up 18% year-on-year
Uber’s mobility segment generated $5.07 billion in revenue, compared to $2.93 billion for delivery. Its cargo business reported $1.28 billion in revenue for the quarter, a 27% year-over-year decline. That figure is also in line with the $1.28 billion reported by Uber last quarter when Khosrowshahi told CNBC that freight remained a challenge for the company.
The number of monthly active consumers on the Uber platform reached 142 million in the second quarter, an increase of 15% year-on-year. There were 2.44 billion trips made on the platform during the period, up 25% year-on-year.