logo
  

Uber Technologies Q3 Loss Widens, But Revenues Surge 72%

uber july10 04nov21 lt

Shares of Uber Technologies Inc. (UBER) slipped over 3% in extended session on Thursday after the ride-hail service reported a hefty loss for the third quarter that nearly doubled from a year ago, reflecting a drop in the value of its investment holdings, particularly in Didi.

Uber also reported a 72% surge in revenues, which helped the company report its first-ever adjusted EBITDA profit.

San Francisco, California-based Uber reported third-quarter loss of $2.42 billion or $1.28 per share, compared to $1.09 billion or $0.62 per share last year.

On average, 29 analysts polled by Thomson Reuters estimated loss of $0.33 per share for the quarter.

The company said its net loss included a pre-tax $2.0 billion net headwind from revaluation of its equity investments, primarily due to an unrealized loss of $3.2 billion related to the revaluation of Uber's Didi equity investment.

Uber also reported its first adjusted EBITDA profitable quarter as a public company. The company reported adjusted EBITDA of $8 million, compared to a EBITDA loss of $625 million last year.

Revenues for the quarter surged 72% to $4.85 billion from $2.81 billion last year. Analysts had a consensus revenue estimate of $4.42 billion.

Gross Bookings grew 57% year-over-year to $23.1 billion, with mobility gross bookings up 67% to $9.9 billion and Delivery Gross Bookings up 50% to $12.8 billion. Trips during the quarter grew 39% to 1.64 billion, or nearly 18 million trips per day on average.

Commenting on the results, CFO Nelson Chai said, "While we recognize it's just a step, reaching total-company Adjusted EBITDA profitability is an important milestone for Uber. Not only did our Mobility business recover to pre-COVID margins this quarter, our core restaurant delivery business was profitable on an Adjusted EBITDA basis for the first time as well, bringing the full Delivery segment close to breakeven."

Looking forward to the fourth quarter, Uber expects gross bookings of $25 billion to $26 billion and adjusted EBITDA of $25 million to $75 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT