Is Uber’s Q3 Good Enough for Investors?
Uber reported its third-quarter financial results after the closing bell on Thursday.
Uber Technologies Inc. (NYSE: UBER | UBER Price Prediction) reported third-quarter financial results after markets closed Thursday. The ride-sharing firm posted a net loss of $0.62 per share and $3.13 billion in revenue compared with consensus estimates that were calling for a net loss of $0.65 per share and $3.2 billion in revenue. In the same period last year, Uber reported a net loss of $0.68 per share and $3.81 billion in revenue.
Revenue declined 18% year over year, or 17% on a constant currency basis. Mobility revenue declined 53% and delivery revenue grew 125% in that same time.
Adjusted net revenue (ANR) growth decreased 20% year over year. Mobility ANR declined 52% and Delivery ANR grew 190% in that time.
During the latest quarter, gross bookings decreased 10% year over year to $14.7 billion, down 8% in constant currency. Mobility gross bookings were down 50% and delivery gross bookings grew 135% year over year, respectively, on a constant currency basis.
Monthly active platform Consumers decreased by 24% to 78 million, down from 103 million.
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Also, the total number of trips decreased 35% year over year to 1.15 billion, compared with the same period last year when Uber reported 1.77 billion trips.
In terms of its segments, Uber reported:
- Mobility revenue decreased 53% year over year to $1.37 billion.
- Delivery revenue increased 125% to $1.45 billion.
- Freight revenue increased 32% to $288 million.
- ATG and Other Tech Programs revenue increased 47% to $25 million.
On the books, Uber’s cash, cash equivalents and short-term investments totaled $7.3 billion at the end of the quarter, versus $11.31 billion at the end of the previous fiscal year.
Shares of Uber closed Thursday at $41.85, in a 52-week range of $13.71 to $42.15. The consensus price target is $41.94. Following the announcement, the stock is initially down about 3.5% at $30.50 in the after-hours session.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
