Uber Sees Higher Adj. EBITDA, Gross Bookings In Q4 After Higher Q3 Results; Stock Down

(RTTNews) - Uber Technologies, Inc. (UBER), while reporting higher third-quarter results, on Thursday issued fourth -quarter outlook, expecting higher adjusted EBITDA and gross bookings.

In pre-market activity on the NYSE, Uber shares were losing around 6.4 percent to trade at $74.38.

Outlook

For the fourth quarter, the company expects adjusted EBITDA of $1.78 billion to $1.88 billion, which represents growth of 39 percent to 47 percent from last year.

Gross Bookings for the quarter are projected to be $42.75 billion to $44.25 billion, representing 16 percent to 20 percent year-over-year increase on a constant currency basis.

Uber further said it is on track to deliver 20 percent Gross Bookings growth on a constant currency basis for fiscal 2024.

Q3 Results

In its third quarter, earnings increased from last year and beat the Street estimates. The company's earnings came in at $2.612 billion, or $1.20 per share, compared with $221 million or $0.10 per share last year.

The latest result included a $1.7 billion pre-tax benefit due to net unrealized gains related to the revaluation of Uber's equity investments.

Analysts on average had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 20.4 percent to $11.188 billion from $9.292 billion last year. The Street was looking for revenues of $10.98 billion.

Gross Bookings grew 16 percent year-over-year to $41.0 billion, or 20 percent on a constant currency basis.

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