Uber reported third-quarter results on Thursday that beat Wall Street’s expectations for revenue but missed on analysts’ projections for gross bookings.
Earnings per share proved to be $1.20 vs. 41 cents expected by LSEG, while revenue was $11.19 billion vs. $10.98 billion expected by LSEG
Uber’s revenue grew 20% in its third quarter from $9.3 billion a year prior. The company reported $40.97 billion in gross bookings for the period, which is below the $41.25 billion expected by analysts, according to StreetAccount.
The company reported a net income of $2.6 billion, or $1.20 per share, up from $221 million, or 10 cents per share, in the same quarter last year. Uber said its net income includes a $1.7 billion pre-tax benefit from unrealized gains related to the reevaluation of its equity investments.
Uber reported adjusted EBITDA of $1.69 billion, up 55% year over year and slightly above the $1.64 billion expected by analysts.
“We are in the fortunate position of having strong performance in our core business, which allows us to make organic investments in new products and capabilities that will pay off for our platform over the long term,” Uber CEO Dara Khosrowshahi said Thursday in prepared remarks.
UBER shares flopped $7.42, or 9.3%, to $72.04.
