{"id":32706,"date":"2023-11-07T12:18:51","date_gmt":"2023-11-07T12:18:51","guid":{"rendered":"https:\/\/microloannexus.com\/news\/uber-reports-third-quarter-results-that-miss-analysts-expectations\/"},"modified":"2023-11-07T12:18:53","modified_gmt":"2023-11-07T12:18:53","slug":"uber-reports-third-quarter-results-that-miss-analysts-expectations","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=32706","title":{"rendered":"Uber reports third-quarter results that miss analysts&#8217; expectations"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Uber<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> reported\u00a0third-quarter results\u00a0Tuesday that missed analysts&#8217; expectations on top and bottom lines but showed strength in other areas, like gross bookings, which exceeded the company&#8217;s guidance from the second quarter.<\/p>\n<p>Here&#8217;s how the company did:<\/p>\n<ul>\n<li><strong>Earnings per share:<\/strong>\u00a010 cents vs. 12 cents expected by LSEG, formerly known as Refinitiv.<\/li>\n<li><strong>Revenue:<\/strong>\u00a0$9.29 billion vs. $9.52 billion expected by LSEG.<\/li>\n<\/ul>\n<p>Uber&#8217;s revenue for the quarter was up 11% from the same quarter last year. The company reported net income of $221 million, or 10 cents per share, compared with a\u00a0net loss of $1.2 billion, or 61 cents per share, in the same quarter last year. That includes a $96 million headwind from revaluations of Uber&#8217;s equity investments.<\/p>\n<p>Shares of Uber were up around 2% in premarket trading Tuesday.<\/p>\n<p>In a\u00a0prepared statement,\u00a0CEO Dara Khosrowshahi said Uber&#8217;s third quarter was &#8220;very strong&#8221; and he saw accelerations in the company&#8217;s gross bookings, trips and monthly active platform consumers. He added that the platform is seeing the continued benefits of consumers shifting spending from retail to services.<\/p>\n<p>&#8220;These results demonstrate that Uber continues to drive profitable growth at scale\u2014and why we believe we&#8217;re well positioned for the journey ahead, in good or bad macro environments,&#8221; he said.<\/p>\n<p>Uber reported adjusted EBITDA of $1.09 billion, up $576 million year-over-year and above the $1.02 billion expected by analysts polled by StreetAccount. Gross bookings for the quarter came in at $35.3 billion, up 21% year over year and above the company&#8217;s guidance last quarter.<\/p>\n<p>For the fourth quarter of 2023, Uber said it expects to report gross bookings between $36.5 billion and $37.5 billion, compared to StreetAccount estimates of $36.5 billion, and adjusted EBITDA of $1.18 billion to $1.24 billion.<\/p>\n<p>Here&#8217;s how Uber&#8217;s largest business segments performed:<\/p>\n<p><strong>Mobility (gross bookings):<\/strong>\u00a0$17.90 billion, up 31% year-over-year<\/p>\n<p><strong>Delivery (gross bookings):<\/strong>\u00a0$16.09 billion, up 18% year-over-year<\/p>\n<p>Uber&#8217;s mobility segment reported $5.07 billion in revenue, compared with delivery&#8217;s $2.93 billion.\u00a0Its freight business booked $1.28 billion in sales for the quarter, a 27% decline year over year. The figure is also in line with the $1.28 billion Uber reported last quarter when Khosrowshahi told CNBC freight has remained a challenging spot for the company.<\/p>\n<p>The number of Uber&#8217;s monthly active platform consumers reached 142 million in the second quarter, up 15% year over year. There were 2.44 billion trips completed on the platform during the period, up 25% year over year.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/07\/uber-earnings-report-q3-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uber reported\u00a0third-quarter results\u00a0Tuesday that missed analysts&#8217; expectations on top and bottom lines but showed strength in other areas, like gross bookings, which exceeded the company&#8217;s guidance from the second quarter. Here&#8217;s how the company did: Earnings per share:\u00a010 cents vs. 12 cents expected by LSEG, formerly known as Refinitiv. Revenue:\u00a0$9.29 billion vs. $9.52 billion expected<\/p>\n","protected":false},"author":1,"featured_media":32707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-32706","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Uber reports third-quarter results that miss analysts&#039; expectations | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Uber reported\u00a0third-quarter results\u00a0Tuesday that missed analysts&#039; expectations on top and bottom lines but showed strength in other areas, like gross\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=32706\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uber reports third-quarter results that miss analysts&#039; 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