Uber had revenue of $9.3 billion in the third quarter, up 11% from a year earlier.
On the evening of November 7, Beijing time, Uber (NYSE: UBER) today released its third-quarter 2023 earnings report for the year ended September 30. Uber's third-quarter revenue was $9.3 billion, up 11% from a year earlier, according to the earnings report. Net profit attributable to Uber was $221 million, compared with a net loss of $1.206 billion for the same period in 2022.
In the third quarter, Uber's revenue and profit were lower than analysts expected, but other aspects performed relatively well, and total orders exceeded the company's guidance.
Uber CEO Dara Khosrowshahi said in a statement: "Uber performed very strongly in the third quarter, with accelerated growth in total orders, trips and monthly active platform consumers. These results show that we are continuing to drive significant profit growth and are poised for the journey ahead. "
Third Quarter Results:
Gross Bookings was $35.3 billion, up 21% from a year earlier. Excluding the impact of exchange rate changes, it increased by 20% year-on-year.
Among them, the total order volume of online ride-hailing service was US $17.9 billion, up 31% year-on-year. Delivery service orders totaled $16.1 billion, up 18 percent year-over-year. Cargo service orders totaled $1.28 billion, compared with $1.75 billion a year earlier.
Revenue was $9.3 billion, up 11% year-over-year. Excluding the impact of exchange rate changes, it increased by 10% year-on-year. That compares with analysts 'average estimate of $9.52 billion.
Operating profit was $394 million, compared with a year-ago operating loss of $495 million.
Net profit attributable to Uber was $221 million, compared with a net loss of $1.206 billion for the same period in 2022.
Diluted earnings per share were $0.10, below analysts 'expectations of $0.12, compared with a diluted loss per share of $0.61 a year earlier.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $1.1 billion, up $576 million from a year earlier.
Cash flow from operations was $966 million compared to $432 million in the same period last year.
Free cash flow was $905 million compared to $358 million a year earlier.
Uber had unrestricted cash, cash equivalents and short-term investments of $5.2 billion at the end of the third quarter.
Uber had 142 million monthly active consumers in the third quarter, up 15% from a year earlier. The number of trips was 2.44 billion, up 25% year-on-year.
Performance Outlook:
Uber expects total orders to reach $36.5 billion to $37.5 billion in the fourth quarter of 2023.
Adjusted EBITDA will range from $1.18 billion to $1.24 billion.
