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Uber beats on revenue even as mobility and delivery units miss estimates
Uber beats revenue forecasts in the third quarter, but its mobility and delivery units miss analyst estimates.
Key points
- Uber's third-quarter earnings per share were 25 cents, against 96 cents expected by analysts.
- Net income fell 92% to $512 million from a year earlier, when a $4.9 billion tax valuation release boosted results.
- Freight revenue jumped 34% to $1.76 billion, topping the StreetAccount consensus of $1.49 billion.
Why it matters. Uber expects fourth-quarter bookings of $64.5 billion at the mid-point of its forecast, in line with the $64.26 billion StreetAccount estimate, after two key businesses missed.
Uber reported third-quarter revenue of $14.77 billion, up 10% and above the $14.69 billion analysts expected, according to LSEG data. Its core mobility unit's revenue fell 2% to $7.52 billion, short of the $7.71 billion average estimate, while food delivery rose 23% to $5.49 billion. CEO Dara Khosrowshahi blamed elevated fuel prices and tighter driver availability for weak overseas supply.
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Uber beats on revenue even as mobility and delivery units miss estimates
Uber reported better-than-expected revenue but its mobility unit faced higher fuel costs overseas and tighter driver supply. watch now Uber reported revenue for the third quarter that topped analysts' estimates, but the company missed expectations in its two key businesses. Here's how the company did versus analysts' estimates compiled by LSEG: Earnings per share: 25 cents vs. 96 cents expected Revenue: $14.77 billion vs. $14.69 billion expected Revenue increased 10% from $13.47 billion a year earlier. The company reported net income of $512 million, down 92% from a year earlier, when the company had a $4.9 billion benefit from a tax valuation release. Uber's core mobility unit, which is its ride-hailing service, saw a 2% decline in revenue to $7.52 billion, missing the average estimate of $7.71 billion, according to StreetAccount. Revenue in the food delivery business increased 23% to $5.49 billion, trailing the $5.51 billion average estimate. Total bookings of $59.82 billion were about in line with the $59.83 billion average analyst estimate, according to StreetAccount. Uber's revenue beat was due to growth in its freight division. Sales jumped 34% to $1.76 billion, topping the StreetAccount consensus of $1.49 billion, Read more CNBC tech news Elon Musk's record election bet backfired. The backlash may reach beyond one billionaire Apple warns of risks related to AI agents beh.