Uber’s Q3 Results Miss Wall Street Forecasts

Uber announced earnings per share (EPS) of $0.10 U.S. versus $0.12 U.S. that was expected among analysts.

Revenue in Q3 came in at $9.29 billion U.S. compared to $9.52 billion U.S. that was anticipated.

Despite missing forecasts, Uber’s revenue was up 11% from a year ago, and the company reported a profit in Q3 compared with a net loss of $1.2 billion U.S. in the same quarter of 2022.

The company also reported growth in its gross bookings, trips, and monthly active users. Gross bookings for Q3 came in at $35.3 billion U.S., up 21% year-over-year.

The number of monthly active users reached 142 million in the quarter, up 15% from a year ago. The company recorded 2.44 billion trips worldwide during the period, up 25% from last year.

Looking ahead, Uber said it expects to report gross bookings between $36.5 billion U.S. and $37.5 billion U.S. for the current fourth quarter of the year.

Uber’s stock has increased 74% over the last 12 months to trade at $48.14 U.S. per share.