Uber reported third-quarter revenue of $14.77 billion, slightly ahead of analysts’ $14.69 billion estimate. Revenue rose 10% from $13.47 billion a year earlier, although earnings per share of 25 cents were below the 96 cents expected, according to estimates compiled by LSEG.
Net income was $512 million, down 92% from a year earlier, when Uber recorded a $4.9 billion benefit from a tax valuation release. Total bookings reached $59.82 billion, broadly matching the $59.83 billion estimate, according to StreetAccount.
The company’s mobility business, which includes its ride-hailing service, generated $7.52 billion in revenue, a 2% decline from a year earlier and below the $7.71 billion estimate. Delivery revenue rose 23% to $5.49 billion but fell short of the $5.51 billion consensus.
Freight growth helped lift overall revenue. Sales in the division jumped 34% to $1.76 billion, exceeding StreetAccount’s $1.49 billion estimate. CEO Dara Khosrowshahi said mobility performed slightly below expectations in international markets, where higher fuel prices and tighter driver availability weighed on supply growth. He said Uber is making targeted investments to bolster driver supply.
Uber expects to have around 700 automated vehicles on its platform by the end of this year and more than 2,000 by the end of 2027, split evenly between the U.S. and international markets. The company also plans to add Amazon’s Zoox and Motional robotaxis to its platform in Las Vegas this quarter.
Uber is expanding delivery through acquisitions of Delivery Hero in Germany and ezCater in the U.S. Khosrowshahi said the company’s expanded U.S. partnership with Costco is performing ahead of expectations, and Uber said Costco is now one of its top merchants by gross bookings.
For the fourth quarter, Uber forecast overall bookings of $64.5 billion at the midpoint, compared with StreetAccount’s average estimate of $64.26 billion.
Sources: CNBC Markets.