Uber earnings have arrived

Uber Technologies Inc. (UBER) reported their third-quarter earnings after the closing bell on Thursday.

The company reported revenue of $4.8 billion (up by 72% year-over-year) vs. $4.4 billion expected by the analysts on Wall Street. Loss per share was above analyst predictions at $1.33 per share vs. $0.33 loss per share expected.

Gross bookings reached an all-time high of $23.1 billion, up 57% year-over-year.

Uber reported a net loss of $2.4 billion in the third-quarter mainly due to a decline in the value of its investments.

CEO, Dara Khosrowshahi commented on the latest results: ”Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience.”

”This is especially important as Mobility reignites. Mobility Gross Bookings are up 18 percent over just the last two months and this Halloween weekend surpassed 2019 levels.”

”While we recognize it’s just a step, reaching total-company Adjusted EBITDA profitability is an important milestone for Uber,” said Nelson Chai, CFO.

”Not only did our Mobility business recover to pre-COVID margins this quarter, our core restaurant delivery business was profitable on an Adjusted EBITDA basis for the first time as well, bringing the full Delivery segment close to breakeven.”

Uber chart (1Y)

Share price of Uber trading 1.75% higher in the after-hour trading after ending the trading day on Thursday at $45.24 per share. The stock is up by 10.44% in the past year.

Uber is the 183^rd largest company in the world with a total market cap of $ $87.72 billion.

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Sources: Uber, Refinitiv, TradingView, CompaniesMarketCap