Uber Delivery Revenue Up 125% In Q3, Surpassing Mobility Quarterly Total

Uber Technologies UBER shares hit new 52-week highs this week after Proposition 22 passed in California. Two days after the 2020 election results, the company reported quarterly earnings. 

Financials: Uber's revenue declined 18% year-over-year to $3.1 billion in the third quarter. The revenue total came in shy of Street consensus of $3.2 billion. The reported loss of 62 cents per share for the third quarter narrowly beat estimates of a loss of 65 cents.

The company’s mobility division saw revenue fall 53% year-over-year. Delivery revenue increased 125% year-over-year.

Adjust EBITDA for the delivery segment was a loss of $183 million, which was a $49 million improvement from the second quarter.

Mobility adjusted EBITDA improved $195 million from the second quarter with a third-quarter total of $245 million.

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Delivery Growth the Key: Delivery segment revenue grew 125% to $1.45 billion, which surpassed the mobility quarterly total of $1.37 billion.

Delivery gross bookings increased 134% year-over-year in the third quarter to $8.55 billion.

Triple-digit growth was seen for delivery gross bookings in the United States, Canada, EMEA, APAC and LatAm regions.

The United Kingdom and Canada both saw delivery bookings growth of more than 200%. Japan and Spain both had delivery bookings growth of more than 300%.

New York City outpaced the overall U.S. market with gross bookings year-over-year growth of 150% in the third quarter.

The company saw restaurant selection increase 70% year-over-year and small business restaurants added grow 60% year-over-year in the quarter.

Grocery delivery options were expanded in the United States, Brazil and Chile.

UBER Price Action: Shares of Uber were up 2% Thursday to $41.97.