Uber Beats on Revenue, CEO Tells CNBC the Company Is 'Investing Significantly' to Add Drivers
Revenue rose 10% as freight growth offset weaker ride-hailing and delivery results, while net income fell 92% from a year earlier.
- On Wednesday, Uber reported third-quarter revenue of $14.77 billion, topping analyst estimates of $14.69 billion, though the company missed expectations in its two key businesses: mobility and delivery.
- Gross bookings grew 20% in the third quarter, marking the company's fifth consecutive quarter above that threshold and driving total bookings to $59.8 billion.
- Food delivery revenue increased 23% to $5.49 billion, trailing the $5.51 billion estimate, while the mobility unit saw a 2% decline to $7.52 billion, missing StreetAccount's $7.71 billion forecast.
- Uber CEO Dara Khosrowshahi said "elevated fuel prices and tighter driver availability weighed on supply growth in several international markets," adding the company is making "targeted investments to strengthen driver supply."
- By year-end, Uber expects around 700 automated vehicles on its platform, adding Amazon's Zoox and Motional robotaxis in Las Vegas, while forecasting fourth-quarter bookings of $64.5 billion.
11 Articles
11 Articles
Uber Technologies' revenue growth slowed even further in the last quarter, in the face of the weakening of its main business, application transportation. Exclusive material for subscribers. To have full access, access the material link and register.
Uber announced a jump in revenue and a sharp drop in profits for the third quarter on Wednesday, while there was a decline in its two main areas of activity.
Blockonomi
BITRSSUber Technologies (UBER) Stock: Rebounds in Pre-Market as Earnings Show 20% Gross Bookings Growth and 35% EPS Increase
TLDR Uber reports 20% Gross Bookings growth as non-GAAP operating income rises 38%. UBER earnings show a 35% increase in adjusted EPS to $0.88 during the quarter. Uber posts $2.3 billion in non-GAAP operating income, marking 38% annual growth. Uber shares recover in pre-market trading as earnings highlight stronger performance. Uber records $1.4 billion in [...]
Coverage Details
Bias Distribution
- 40% of the sources lean Left, 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
