Uber Technologies CEO Dara Khosrowshahi speaks during the third day of the FII PRIORITY Summit at Faena Hotel on February 21, 2025 in Miami Beach, Florida.
Joe Radle | Getty Images
Uber Shares fell 8% before the bell even though the ride-hailing company beat Wall Street’s third-quarter revenue expectations.
Earnings per share: $3.11. It was not immediately clear whether this would match the 68 cents expected by LSEG analysts. Revenue: $13.47 billion vs. LSEG’s estimate of $13.28 billion.
“This is the strongest growth since the end of 2023 and the largest ridership increase in Uber’s history, excluding the post-COVID-19 rebound,” CEO Dara Khosrowshahi said in prepared remarks.
Revenue increased 20% from $11.2 billion in the same period last year. Gross bookings rose 21% to $49.74 billion, beating Street accounts’ estimates of $48.95 billion.
Net income nearly tripled to $6.6 million ($3.11 per share) from $2.6 billion ($1.20 per share) a year earlier. Adjusted EBITDA increased 33% to approximately $2.26 billion, roughly in line with street expectations.
Uber said its net income included a $4.9 billion gain from the tax valuation announcement and a $1.5 billion pre-tax net gain from the revaluation of equity investments.
Uber expected total bookings for the fourth quarter to be between $52.25 billion and $53.75 billion, compared to StreetAccount’s estimate of $52.1 billion. The company expects adjusted EBITDA to be in the range of $2.41 billion to $2.51 billion, compared to the Street forecast of $2.47 billion.
Khosrowshahi said the company’s focus on innovation and affordability drove strong travel and total bookings for the period.
Uber’s monthly active platform consumers increased 17% to 189 million. The company said it recorded 3.5 billion trips in the quarter, an increase of 22% year over year.
“We’re seeing blue skies at the moment,” Khosrowshahi said on CNBC’s “Squawk Box” on Tuesday. “Obviously, we’re being careful on the economic, global economic side, but at this point, the business remains at full strength.”
Khosrowshahi said the company is leveraging artificial intelligence to build more solutions for drivers and couriers and working with large language modelers such as OpenAI. He said he expects Uber’s continued growth to come from internal innovation and occasional acquisitions.
The results of the company’s major business segments are as follows:
Mobility (gross bookings): $25.11 billion, up 20% year over year Delivery (gross bookings): $23.32 billion, up 25% year over year
Mobility segment revenue rose to $7.68 billion, slightly above Street accounts’ expectations of $7.63 billion. Uber’s delivery business reported revenue of $4.48 billion, beating Street estimates of $4.31 billion.
