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.
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.