Uber Technologies Inc (UBER, Financial) released its earnings report for the third quarter of 2023 on November 7, 2023. The company reported a net income of $221 million, a significant improvement from the net loss of $1.2 billion in the same quarter of the previous year. The company's Gross Bookings grew 21% year-over-year to $35.3 billion, with Mobility Gross Bookings of $17.9 billion and Delivery Gross Bookings of $16.1 billion.
Financial Highlights
Uber's revenue for the quarter stood at $9.3 billion, marking an 11% year-over-year growth. The combined Mobility and Delivery revenue grew 21% year-over-year to $8.0 billion. The company's income from operations was $394 million, up $889 million year-over-year and $68 million quarter-over-quarter. The company's adjusted EBITDA was $1.1 billion, up $576 million year-over-year, with an adjusted EBITDA margin at an all-time high of 3.1% of Gross Bookings, up from 1.8% in Q3 2022.
Operational Highlights
The company reported that trips during the quarter grew 25% year-over-year to 2.4 billion, or approximately 27 million trips per day on average. Monthly Active Platform Consumers (MAPCs) grew 15% year-over-year to 142 million. The company's unrestricted cash, cash equivalents, and short-term investments stood at $5.2 billion at the end of the third quarter.
Commentary
Uber's CEO, Dara Khosrowshahi, commented on the results,
Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25%. Uber’s core business is stronger than ever as we enter the busiest period of the year."CFO Nelson Chai also added,
Strong topline trends and record profitability demonstrate the durability of our growth and the significant earnings power underlying our platform. We continue to make disciplined investments in growth opportunities to support long-term value creation for all stakeholders."
Outlook
For the fourth quarter of 2023, Uber anticipates Gross Bookings of $36.5 billion to $37.5 billion and Adjusted EBITDA of $1.18 billion to $1.24 billion.
Explore the complete 8-K earnings release (here) from Uber Technologies Inc for further details.
