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.
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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 …<\/p>\n","protected":false},"author":13,"featured_media":69452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[7113,7826,516,6929],"class_list":["post-92199","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-earnings","tag-q3","tag-sp-500","tag-uber"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/92199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=92199"}],"version-history":[{"count":4,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/92199\/revisions"}],"predecessor-version":[{"id":92207,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/92199\/revisions\/92207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/69452"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=92199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=92199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=92199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}