Uber jobs reported a significant increase in third-quarter revenue on Thursday, courtesy to riders and drivers returning from pandemic lockdowns, but its bottom-line loss was more than Wall Street predicted.
The ride-hailing business based in San Francisco said its third-quarter loss increased to $2.42 billion, or $1.28 per share, from $1.1 billion, or 62 cents per share, the previous year.
The most recent quarter contained stock-based compensation expenditures as well as a significant unrealized loss from its stake in Didi. The Chinese ride-hailing startup went public on the New York Stock Exchange in late June and was subjected to a cybersecurity audit by China’s internet agency a few days later. The pretax impact of Didi’s fall was estimated by Uber to be $3.2 billion, partially offset by unrealized gains in Zomato and other investments.
Revenue increased 72 percent year on year to $4.85 billion in the third quarter, while gross bookings increased 57 percent to $23.1 billion. Mobility gross bookings over the Halloween weekend reached 2019 levels, according to the business.
FactSet polled analyst jobs, who forecasted a loss of 33 cents per share on $4.42 billion in revenue. Uber reported that its adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, totaled $8 million in the third quarter, turning positive for the first time in the company’s existence. Its restaurant delivery division is also nearing breakeven.
Uber Technologies Inc. estimates gross bookings of $25 billion to $26 billion and adjusted EBITDA of $25 million to $75 million in the fourth quarter. In the after-hours trade, Uber Technologies Inc.’s stock increased roughly 1%. The stock is down approximately 11% year to date.
Source: US News