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Uber Beats Revenue Estimates but Misses on Mobility and Delivery in Third Quarter
Uber tops third-quarter revenue estimates but misses expectations in its mobility and delivery businesses.
Key points
- Uber's third-quarter revenue rose 10% to $14.77 billion, beating the $14.69 billion analyst estimate.
- Earnings per share were 25 cents against 96 cents expected, and net income of $512 million fell 92% year on year.
- Uber's freight unit grew 34% to $1.76 billion, and the company forecasts fourth-quarter bookings of $64.5 billion at the midpoint.
Why it matters. Investors may weigh the mobility shortfall and weaker overseas supply against growth in freight and delivery and the company's fourth-quarter bookings forecast of $64.5 billion.
Uber reported third-quarter revenue of $14.77 billion, up 10% and above the $14.69 billion analyst estimate compiled by LSEG. Net income fell 92% to $512 million, and mobility revenue dipped 2% to $7.52 billion, short of the $7.71 billion average estimate. CEO Dara Khosrowshahi blamed high fuel prices and tighter driver availability for weaker overseas supply growth.
Latest updates
Uber Beats Revenue Estimates but Misses on Mobility and Delivery in Third Quarter
Uber reported third-quarter revenue of $14.77 billion, above the $14.69 billion analysts expected, according to LSEG data. Revenue rose 10% from $13.47 billion a year earlier. Earnings per share came in at 25 cents, well below the 96 cents analysts expected. The company's mobility unit faced higher fuel costs overseas and tighter driver supply. Its delivery unit also fell short of expectations, leaving both key businesses behind forecasts.
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