Uber Q3 revenue tops expectations, but gross bookings fall short

Uber announced its third-quarter results on Thursday, exceeding Wall Street's expectations for revenue but missing analysts' projections for gross bookings.

Shares of the company were down more than 5% pre-market on Thursday, News.Az reports, citing CNBC.

Uber’s revenue grew 20% in its third quarter from $9.3 billion a year prior. The company reported $40.97 billion in gross bookings for the period, which is below the $41.25 billion expected by analysts.

The company reported a net income of $2.6 billion, or $1.20 per share, up from $221 million, or 10 cents per share, in the same quarter last year. Uber said its net income includes a $1.7 billion pre-tax benefit from unrealized gains related to the reevaluation of its equity investments.

Uber reported adjusted EBITDA of $1.69 billion, up 55% year over year and slightly above the $1.64 billion expected by analysts polled by StreetAccount.

“We are in the fortunate position of having strong performance in our core business, which allows us to make organic investments in new products and capabilities that will pay off for our platform over the long term,” Uber CEO Dara Khosrowshahi said Thursday in prepared remarks.

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 anticipates adjusted EBITDA of $1.78 billion to $1.88 billion, compared with the $1.83 billion expected by analysts.

There were 2.9 billion trips completed on the platform during the period, up 17% year over year. The number of Uber’s monthly active platform consumers reached 161 million in its third quarter, up 13% year over year from 142 million.

News.Az