Uber qualifies for S&P 500 despite missing Q3 results

Uber has officially reported positive earnings to qualify the ride-sharing company to join the S&P 500. The company’s Q3 results missed analysts’ expectations, with revenue up 11% year over year to $9.29 billion.

CEO Dara Khosrowshahi said Uber’s third quarter was “very strong” and saw accelerations in gross bookings, trips, and monthly active platform consumers. Uber’s 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.

Uber’s adjusted EBITDA of $1.09 billion, up $576 million year over year and above the $1.02 billion expected by analysts polled by StreetAccount, was up $576 million year over year.

Gross bookings for the quarter came in at $35.3 billion, up 21% year over year and above the company’s guidance last quarter. For the fourth quarter of 2023, Uber said it expects to report gross bookings between $36.5 billion and $37.5 billion, compared with StreetAccount estimates of $36.5 billion, and adjusted EBITDA of $1.18 billion to $1.24 billion.

Uber’s mobility segment reported $5.07 billion in revenue, compared with delivery’s $2.93 billion. Its freight business booked $1.28 billion in sales for the quarter, a 27% decline year over year.

The number of Uber’s monthly active platform consumers reached 142 million in the second quarter, up 15% year over year, and there were 2.44 billion trips completed on the platform during the period, up 25% year over year.