Uber released third-quarter numbers on Tuesday that, although not meeting analysts’ expectations in terms of revenue and profitability, demonstrated success in other areas, such as gross bookings, which above the company’s second-quarter projection.
The company performed as follows:
Profits per share: 10 cents as opposed to LSEG’s (previously Refinitiv) projected 12 cents.
Cash: $9.29 billion as opposed to LSEG’s projected $9.52 billion.
Compared to the same quarter previous year, Uber’s revenue increased by 11% for the quarter. In an interview with CNBC’s “Squawk Box” on Tuesday, CEO Dara Khosrowshahi stated that if certain incentive spends for Uber Eats had not been reclassified as marketing expenses this quarter, revenue growth would have been 8% higher.
In comparison to a net loss of $1.2 billion, or 61 cents per share, in the same quarter previous year, the firm reported net income of $221 million, or 10 cents per share. Revaluations of Uber’s stock investments present a $96 million challenge.
In premarket trade on Tuesday, Uber’s shares decreased by less than 1%.
Uber’s gross bookings, trips, and monthly active platform users all showed accelerations in the third quarter, according to Khosrowshahi, who made the announcement in a written statement. He went on to say that the platform is still benefiting from customers moving their spending from retail to services.
“We think we’re well-positioned for the road ahead, in good or poor macro environments—and these results illustrate that Uber continues to generate profitable growth at scale,” the executive stated.
Source (CNBC)
