Uber Turns To Profit In Q3, But Misses Estimates; Sees Sequentially Higher Q4 Results

(RTTNews) - Ride-hailing and delivery platform Uber Technologies, Inc. (UBER) reported Tuesday a profit in its third quarter, compared to last year's hefty loss, with strong growth in revenues and gross bookings. Looking ahead for the fourth quarter, the company projects sequentially higher adjusted EBITDA and gross bookings.

In its third quarter, net income attributable to Uber was $221 million, compared to last year's loss of $1.21 billion. Earnings per share were $0.10, compared to loss of $0.61 per share a year ago.

Analysts on average expected the company to report earnings of $0.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA, a key earnings metric, surged to $1.09 billion from last year's $516 million.

Revenue grew 11 percent to $9.29 billion from last year's $8.34 billion. The Street was looking for revenues of $8.99 billion for the quarter.

The revenue growth was 10 percent on a constant currency basis. Combined Mobility and Delivery revenue grew 21 percent.

Gross Bookings grew 21 percent to $35.3 billion from $29.12 billion a year ago. The growth was 20 percent on a constant currency basis.

Trips during the quarter grew 25 percent to 2.4 billion, or approximately 27 million trips per day on average.

Monthly Active Platform Consumers or MAPCs increased 15 percent.

Looking ahead the fourth quarter, the company projects adjusted EBITDA of $1.18 billion to $1.24 billion and gross bookings of $36.5 billion to $37.5 billion.

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