Uber CEO Dara Khosrowshahi speaks at a product launch event in San Francisco on September 26, 2019.
Philip Pacheco | AFP via Getty Images
Uber It announced third-quarter results on Thursday that beat Wall Street expectations for revenue but fell short of analysts' expectations for gross bookings.
The company's shares fell more than 5% before the market opened on Thursday.
Here's how the company did:
Earnings per share: $1.20. That may not compare to the 41 cents LSEG expected. Revenue: $11.19 billion vs. $10.98 billion expected from LSEG
Uber's revenue grew 20% in the third quarter from $9.3 billion a year earlier. The company reported total bookings of $40.97 billion for the period, lower than the $41.25 billion that analysts had expected, according to StreetAccount.
The company reported 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 pre-tax benefit of $1.7 billion from unrealized gains related to the revaluation of its stock investments.
Uber reported adjusted EBITDA of $1.69 billion, up 55% year over year and slightly higher than the $1.64 billion expected by analysts surveyed by StreetAccount.
“We are in a fortunate position to have strong performance in our core businesses, allowing us to make organic investments in new products and capabilities that will pay dividends for our platform over the long term,” Uber CEO Dara Khosrowshahi said Thursday in prepared remarks. .
For the fourth quarter, Uber said it expects total bookings to be between $42.75 billion and $44.25 billion, compared to StreetAccount's estimate of $43.68 billion. Uber expects adjusted EBITDA to range from $1.78 billion to $1.88 billion, compared to the $1.83 billion that analysts had expected.
2.9 billion trips were completed on the platform during this period, an increase of 17% year-on-year. The number of monthly active Uber users reached 161 million in the third quarter, up 13% year over year from 142 million.
Here's how Uber's largest business segments performed:
Mobility (gross bookings): $21 billion, up 17% year over year
Deliveries (gross bookings): $18.7 billion, up 16% year-over-year
Uber's mobility segment generated revenue of $6.41 billion, up 26% from the previous year. StreetAccount analysts had expected $6.31 billion. The company's delivery segment generated revenue of $3.47 billion, up 18% from the previous year. Analysts were expecting $3.43 billion, according to StreetAccount.
The company's shipping business posted revenue of $1.31 billion during the quarter, an increase of 2% year over year.
