Investing.com -- Uber Technologies, Inc. (NYSE: UBER) reported better-than-expected third-quarter earnings and revenue on Tuesday, but shares fell 6.3% as investors appeared unimpressed with the results.
The ride-hailing and food delivery giant posted adjusted earnings per share of $1.20, significantly beating analyst estimates of $0.37. Revenue came in at $11.19 billion, surpassing the consensus forecast of $10.99 billion and representing a 20% year-over-year increase.
Uber (NYSE:UBER)'s gross bookings, a key metric measuring the total dollar value of rides and deliveries, grew 16% YoY to $41.0 billion. Mobility gross bookings rose 17% to $21.0 billion, while Delivery gross bookings increased 16% to $18.7 billion.
The company reported income from operations of $1.1 billion, marking the first time it has surpassed $1 billion in quarterly operating income. Adjusted EBITDA jumped 55% YoY to $1.7 billion.
"We delivered yet another record quarter of profitable growth at a global scale, reflecting the strength of our platform, which now has over 25 million Uber One members," said CEO Dara Khosrowshahi.
For the fourth quarter, Uber expects gross bookings between $42.75 billion and $44.25 billion, representing 16% to 20% YoY growth on a constant currency basis. The company also forecasts adjusted EBITDA of $1.78 billion to $1.88 billion.
Despite the strong results and outlook, Uber's stock declined in early trading, suggesting investors may have been looking for even more robust growth or guidance.
This content was originally published on Investing.com
