“Even as the macroeconomic environment remains uncertain, Uber’s core business is stronger than ever,” said CEO Dara Khosrowshahi.
Uber Technologies (UBER) – Get Uber Technologies Inc. Report shares surged higher Tuesday after the riding hailing group posted stronger-than-expected third quarter revenues and forecast firmer near-term profits a growth in its rides business offset a modest slowdown in food deliveries.
Uber said revenues for the three months ending in September rose 72% from last year to $8.34 billion, topping Street forecasts of an $8.12 billion tally, as gross bookings rose 26%, Uber said, with rides up 73% and food deliveries up 24%.
Uber’s adjusted earnings for the quarter were $516 million, just ahead of the Street consensus of around $462 million, while its net loss narrowed 50% from last year to $1.21 billion.
Looking into the final months of the year, Uber said it sees adjusted earnings of between between $600 million and $630 million, well ahead of the Refinitv consensus of $569.4 million, with gross bookings rising between 23% and 27%.
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“Our global scale and unique platform advantages are working together to drive more profitable growth, with Gross Bookings growth of 32% and record Adjusted EBITDA of $516 million,” said CEO Dara Khosrowshahi. “Even as the macroeconomic environment remains uncertain, Uber’s core business is stronger than ever.”
Uber shares were marked 10.9% higher in pre-market trading to indicate an opening bell price of $29.47 each.
