Uber announced the results of its third quarter, which pushed its shares to rise by about 1% during extended trading, after falling in early trading.
Uber lost $1.28 per share, to achieve a worse performance than Wall Street analysts expected, which was a loss of about 33 cents per share only, with a total net loss of $2.4 billion, compared to a loss of 1.09 billion during the same quarter last year, mostly due to the decline in the value of its investment properties, especially its stake in Didi, whose share witnessed sharp negative fluctuations during the quarter, to read more [Didi Shares Jump 10% Amid News of Government Control].
Uber added that its stakes in Zomato, Aurora and Joby helped offset some of that loss. As for revenue, the company raised $4.8 billion, beating expectations of $4.4 billion.
Uber posted its first profitable quarter on an EBITDA basis, meeting its year-end targets. Read more [Uber raises expectations for this quarter], as its adjusted profit came to $8 million after reporting a loss of about 507 million during the second quarter.
Total bookings for Uber’s ride-hailing services grew 67% year-over-year to $9.9 billion, while ride-hailing bookings grew 50% to $12.8 billion, as the delivery business continues to outpace the ride-hailing business of Uber.
The company expects total bookings for the fourth quarter to range between $25-26 billion, and an adjusted EBITDA of $25-75 million, given Uber’s largest US competitor, Lyft also published its financial results this week, beating Wall Street analysts’ guidance on most levels and adding that its drivers will return, but it failed to live up to expectations for active passenger numbers. Read More [Lyft Shares Are Flying After Third Quarter Results].