Uber (NYSE:UBER) reported a third-quarter loss Tuesday but beat analysts’ estimates for revenue and gave strong fourth-quarter guidance.
During the quarter, the ride-sharing company lost per share: 61 cent per share, compared to a 22-cent loss expected by analysts,
Revenues amounted to $8.34 billion, compared to $8.12 billion expected by analysts.
Uber reported a net loss of $1.2 billion for the third quarter, $512 million of which was attributed to revaluations of Uber’s equity investments, according to a company release. Revenue was up 72% year-over-year.
In a prepared statement, CEO Dara Khosrowshahi said Uber delivered a “strong quarter” and benefitted from booming travel, easing lockdowns and shifts in consumer spending. He said October is tracking to be the company’s “best month ever for both Mobility and total company Gross bookings.” However, he cautioned that after the last few years, the company has learned not to take anything for granted.
The company reported a record adjusted EBITDA of $516 million, beating guidance of $440 million to $470 million and ahead of analyst estimates of $457.7 million according to StreetAccount. Gross bookings for the quarter came in at $29.1 billion, up 26% year over year.
For the fourth quarter of 2022, Uber said it expects gross bookings to grow between 23% and 27% year over year on a constant currency basis, and an adjusted EBITDA of $600 million to $630 million. Analysts surveyed by Refinitiv expected $568 million in adjusted EBITDA for the fourth quarter.
UBER shares put their feet on the gas, and gained $4.04, or 15.2%, to $30.61
