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Uber’s Q3 Revenue Surges as Mobility Booms; Comcast’s Olympic Gains Fuel Growth

By:
James Hyerczyk
Published: Oct 31, 2024, 13:14 GMT+00:00

Key Points:

  • Uber beats Q3 revenue expectations, misses on bookings forecast.
  • Peloton achieves breakeven EPS, raises full-year guidance.
  • Peacock’s Olympic-driven revenue jumps 82% amid subscriber gains.
  • Merck ups full-year revenue guidance.
  • Bristol Myers Squibb’s Eliquis sales soar
Uber
In this article:

Uber Beats Q3 Revenue Expectations but Falls Short on Bookings

Daily Uber Technologies, Inc.

Uber reported a strong Q3 performance, surpassing revenue expectations while showing growth across its core segments. The company’s revenue reached $11.19 billion, above analyst projections of $10.98 billion, though gross bookings missed slightly at $40.97 billion, just under the expected $41.25 billion. Adjusted earnings per share (EPS) came in at $1.20, which included a significant $1.7 billion pre-tax benefit from equity revaluations. Uber shares dropped over 5% in premarket trading due to the bookings shortfall but remained supported by the company’s robust core performance.

Mobility and Delivery Segments Drive Growth

Uber’s mobility segment generated $6.41 billion in revenue, up 26% from the same period last year and above the $6.31 billion anticipated by analysts. Gross bookings for mobility totaled $21 billion, a 17% year-over-year increase. Uber’s delivery segment also performed well, contributing $3.47 billion in revenue, up 18% from Q3 2022 and beating estimates of $3.43 billion. Gross bookings for delivery reached $18.7 billion, marking a 16% year-over-year increase. The mobility and delivery businesses collectively completed 2.9 billion trips during the quarter, up 17% from the previous year, while active monthly platform consumers grew 13% to 161 million.

Future Guidance Signals Confidence

Looking ahead, Uber projected Q4 gross bookings between $42.75 billion and $44.25 billion, surpassing StreetAccount estimates of $43.68 billion. Adjusted EBITDA is anticipated to fall within $1.78 billion to $1.88 billion, slightly above the $1.83 billion forecasted by analysts. CEO Dara Khosrowshahi highlighted Uber’s ability to invest in long-term growth areas like new products and services, leveraging strong performance across its core segments to support further expansion.


Other Key Earnings Highlights

  • Comcast: Comcast exceeded Q3 earnings estimates with an adjusted EPS of $1.12 and revenue of $32.07 billion, boosted by NBCUniversal’s coverage of the Paris Olympics. The Games helped drive media revenue up 37% to $8.23 billion and contributed to a 29% growth in Peacock subscribers. Despite these gains, Comcast’s broadband segment reported an 87,000 net customer loss, largely attributed to the expiration of a government subsidy.
  • Peloton: Achieved breakeven EPS compared to an expected loss, aided by a 30% reduction in operating expenses. Peloton raised its full-year EBITDA guidance to $240-$290 million, though holiday sales projections fell below expectations as the company shifted focus from app subscriptions to product development.
  • Merck: Reported $16.66 billion in revenue, driven by Keytruda’s 17% growth to $7.43 billion, while Gardasil sales dropped 11% due to lower demand in China. Merck adjusted full-year guidance to reflect recent drug launches aimed at offsetting future revenue losses as major drug patents approach expiration.
  • Bristol Myers Squibb: Surpassed earnings and revenue expectations with an adjusted EPS of $1.80 and revenue of $11.89 billion. Strong sales from Eliquis, which rose 11% to $3 billion, and new drugs in its Growth Portfolio led the company to raise its full-year guidance.

About the Author

James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.

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