Uber exceeded revenue expectations but fell short on gross bookings in Q3 2024 earnings.

From CNBC: 2024-10-31 08:53:39

Uber reported third-quarter results that exceeded revenue expectations but fell short on gross bookings, causing shares to drop over 9% pre-market. The company’s revenue grew 20% to $11.19 billion, with $40.97 billion in gross bookings. Uber reported a net income of $2.6 billion, or $1.20 per share, and adjusted EBITDA of $1.69 billion.

CEO Dara Khosrowshahi stated that strong core performance allows for investments in new products. Uber expects fourth-quarter gross bookings between $42.75 billion and $44.25 billion, with adjusted EBITDA forecasted at $1.78 billion to $1.88 billion. The platform completed 2.9 billion trips and had 161 million monthly active consumers in Q3.

Following reports of Uber considering a bid for Expedia, Khosrowshahi emphasized a focus on smaller, closer-to-home deals. Uber’s largest segments, Mobility and Delivery, reported gross bookings of $21 billion and $18.7 billion respectively. The mobility segment had $6.41 billion in revenue, while the delivery segment had $3.47 billion. Freight business revenue was $1.31 billion.



Read more at CNBC:: Uber (UBER) Q3 2024 earnings