Uber Reports Growth In Trips And Users, Yet Misses Earnings Forecasts In Q3 Financial Reveal

Uber Technologies, Inc UBER reported third-quarter FY23 revenue growth of 11% year-on-year to $9.29 billion, missing the consensus of $9.52 billion. Uber's GAAP EPS of $0.10 missed the consensus of $0.12. 

Revenue from Mobility grew to $5.07 billion, up 33% year-over-year, Delivery was $2.94 billion, up 6%, and Freight at $1.29 billion, which fell 27% year-over-year.

Gross Bookings grew 21% year-over-year to $35.3 billion, with Mobility Gross Bookings of $17.9 billion, up 31% year-over-year, Delivery Gross Bookings of $16.1 billion, up 18%, and Freight Gross Bookings of $1.3 billion, which fell 27% year-over-year. 

Trips grew 25% year-over-year to 2.4 billion, or 27 million per day. Uber's Monthly Active Platform Consumers reached 142 million, up 15% year-over-year.

Related: Uber Likely To Report Q3 Profit; Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

Margins: Uber clocked an Adjusted EBITDA of $1.09 billion, driven by Mobility. Adjusted EBITDA margin as a percentage of Gross Bookings was 3.1%, up from 1.8% in the third-quarer of FY22. 

Uber held $5.2 billion in cash and equivalents and generated $905 million in free cash flow.

Outlook: Uber expects fourth-quarter gross bookings of $36.5 billion - $37.5 billion and an adjusted EBITDA of $1.18 billion - $1.24 billion. 

The fourth-quarter consensus for revenue and EPS are $9.44 billion and $0.15.

Price Action: UBER shares traded lower by 0.79% at $47.76 premarket on the last check Tuesday.

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