Uber boosts guidance after 'record' quarter

Third-quarter revenues came in ahead of expectations at Uber Technologies on Tuesday, after a surge in demand post-pandemic.

Uber reported revenues of $8.3bn in the three months to 30 September, ahead of forecasts of around $8.1bn and a 72% jump on the same period a year previously.

Gross bookings jumped 26% to $29.1bn, or by 32% on a constant currency basis. Within that, mobility bookings spiked 38% at $13.7bn while delivery gross bookings were ahead 7%, also to $13.7bn. Freight bookings totalled $1.8bn.

Adjusted earnings before interest, tax, depreciation and amortisation rose to a quarterly record of $516m, from just $8m in 2021.

Dara Khosrowshahi, chief executive, said Uber had benefited from "cities reopening, travel booming and, more broadly, a continued shift of consumer spending from retail to services".

He continued: "I’m encouraged by how well Uber’s core business is performing, even as the macroeconomic environment remains uncertain."

Nelson Chai, chief financial officer, added: "Strong demand for our offerings, better market place efficiency and our asset-light platform helped to deliver adjusted EBITDA well above our guidance, even as foreign exchange and inflationary headwinds impact all global businesses."

Uber boosted its guidance for the fourth quarter, with gross bookings expected now to grow between 23% and 27% year-on-year, and adjusted EBITDA forecast to come in between $600m and $630m. The market had previously pencilled in fourth-quarter EBITDA of around $569m.

As at noon GMT, Uber shares had put on nearly 10% in pre-market trading.