Uber reported third-quarter revenue of $14.77 billion, surpassing the $14.69 billion forecast, but its earnings per share of 25 cents fell significantly short of the expected 96 cents. Revenue increased by 10% compared to the previous year, but net income plummeted 92% to $512 million due to a prior year's tax benefit.
The mobility segment, which includes ride-hailing, experienced a 2% revenue decline to $7.52 billion, missing the $7.71 billion estimate, while the food delivery business saw a 23% increase to $5.49 billion, slightly below the $5.51 billion expectation. The freight division was a bright spot, with a 34% revenue increase to $1.76 billion, exceeding the $1.49 billion consensus.
CEO Dara Khosrowshahi noted that elevated fuel prices and driver shortages impacted the mobility segment, prompting targeted investments to enhance driver supply. Looking ahead, Uber plans to deploy over 2,000 automated vehicles by the end of 2027 and is expanding its delivery business through acquisitions, including Delivery Hero and ezCater.
For the fourth quarter, Uber anticipates total bookings of $64.5 billion, aligning with analyst estimates