Uber shares fall despite strong Q3 earnings
Uber (UBER) posted robust third-quarter results on Tuesday before the market opened, yet investors appeared underwhelmed, sending the stock down 5% in pre-market trading, News.Az reports, citing foreign media.
The ride-hailing giant reported Q3 revenue of $13.47 billion, surpassing the Bloomberg consensus estimate of $13.26 billion and representing a 21% increase year-over-year.
Earnings per share (EPS) came in at $1.20, well above the $0.70 estimate, while adjusted EBITDA rose 33% to $2.3 billion versus the expected $2.27 billion. Net income surged to $6.6 billion, although $4.9 billion of that gain stemmed from a tax valuation benefit rather than operational performance.
Uber’s monthly active platform consumers (MAPCs) reached 189 million, exceeding the 184.1 million forecast and marking a 17% year-over-year growth. Gross bookings jumped 21% to $48.7 billion, slightly above expectations.
Looking ahead, Uber projected Q4 gross bookings between $52.25 billion and $53.75 billion and adjusted EBITDA of $2.41 billion to $2.51 billion, in line with analysts’ forecasts.
Despite the strong results, shares fell in pre-market trading, after a 65% year-to-date gain prior to this earnings release. Uber’s performance comes amid a series of strategic deals in the autonomous vehicle sector, signaling the company’s ongoing expansion beyond ride-hailing.
Similar news
