Uber Tops Q3 Revenue Estimates With $14.77 Billion as Freight Jumps 34%
Updated
Updated · CNBC · Nov 4
Uber Tops Q3 Revenue Estimates With $14.77 Billion as Freight Jumps 34%
3 articles · Updated · CNBC · Nov 4
Summary
$14.77 billion in third-quarter revenue beat estimates by about $80 million, even as Uber posted EPS of 25 cents versus 96 cents expected and net income fell 92% to $512 million.
A 34% surge in freight sales to $1.76 billion drove the beat, offsetting weaker core units as mobility revenue slipped 2% to $7.52 billion and delivery rose 23% to $5.49 billion, both missing forecasts.
International ride-hailing underperformed because elevated fuel prices and tighter driver availability constrained supply growth, prompting targeted investments to add drivers, CEO Dara Khosrowshahi said.
Uber kept its growth push intact with bookings of $59.82 billion roughly in line with estimates, a fourth-quarter bookings outlook of $64.5 billion at the midpoint, and plans for 700 automated vehicles on its platform by year-end.
With core ride-hailing stalling, is Uber's surprise transformation into a global freight giant the only thing saving its bottom line?
How can Uber successfully incentivize human drivers today while aggressively funding a robotaxi fleet designed to replace them by 2027?
Are consumers unknowingly funding Uber's massive logistics and autonomous ambitions through the vast amounts of personal data harvested for AI pricing?