Uber’s third-quarter loss widened on investment losses, revenue up 72%
Uber reports big rebound in third-quarter revenue thanks to riders and drivers returning from pandemic lockdowns, but its final loss was bigger than Wall Street expected
SAN FRANCISCO — Uber on Thursday posted a big rebound in third-quarter revenue thanks to riders and drivers returning from the pandemic shutdowns, but its final loss was broader than Wall Street expected.
The San Francisco-based company said its third-quarter loss increased to $2.42 billion, or $1.28 a share, from $1.1 billion, or 62 cents a share, in the previous quarter.
The last quarter included stock-based compensation costs as well as a huge unrealized loss related to her investment in Didi. The Chinese ride-sharing company went public on the New York Stock Exchange in late June, and days later faced a cybersecurity review from China’s Internet watchdog. Uber He put the pre-tax impact of Didi’s decline at $3.2 billion, offset in part by unrealized gains in Zomato and other investments.
Revenue for the quarter ended September 30 grew 72% year over year to $4.85 billion with total bookings up 57% to $23.1 billion. The company indicated that the total bookings for transportation have ended Halloween The weekend – after the quarter ended – surpassed 2019 levels.
On average, analysts polled by FactSet expected a loss of 33 cents per share on revenue of $4.42 billion.
Uber said its adjusted earnings before interest, taxes, depreciation and amortization — or EBITDA — reached $8 million during the quarter, turning positive for the first time in the company’s history. The restaurant delivery sector is also close to the breakeven point.
For the fourth quarter, Uber Technologies Inc forecasts gross bookings from $25 billion to $26 billion and an EBITDA adjustment from $25 million to $75 million.
Shares in Uber Technologies Inc. rose about 1% in after-hours trading. Inventory is down about 11% in the year to date.
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