Uber reported Q3 EPS of $1.20, beating estimates but missed revenue by $70M at $13.47B. Gross bookings grew 21% to $49.74B, with adjusted EBITDA up 33% to $2.26B. Q4 guidance projects gross bookings of $52.25B to $53.75B and adjusted EBITDA growth of 31% to 36% year over year.

Despite Uber’s earnings beat, the stock fell 9% in premarket trading. Trips and bookings drove momentum, with gross bookings reaching $49.74 billion, trips up 22% YoY, and monthly active platform consumers growing 17% YoY.

Mobility revenue hit $7.68 billion, up 20%, while Delivery revenue jumped to $4.48 billion, up 29%. Adjusted EBITDA expanded 33% YoY to $2.26 billion, with free cash flow at $2.23 billion.

The $70 million revenue miss is notable, indicating potential mix headwinds or pricing pressure. Margin expansion is evident, with operating income at $1.11 billion and net income at $6.63 billion.

For Q4, Uber expects gross bookings of $52.25B to $53.75B and adjusted EBITDA of $2.41B to $2.51B, with a 1 percentage point currency tailwind expected. Management remains confident despite the revenue miss.

Investors should seek clarity on the revenue miss reasons and competitive dynamics. Sustainable delivery growth and margin expansion will be key for Uber’s future success.

Read more at Yahoo Finance: Uber Shares Fall 9% Despite Reporting Strong Q3 Earnings