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.
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.
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.
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.