Q3 2024 Uber Technologies Inc Earnings Call Transcript
Key Points
- Uber Technologies Inc (UBER) reported a record quarter of profitable growth with gross bookings up 20% year-on-year in constant currency.
- The company achieved an all-time high GAAP operating profit of over $1 billion.
- Uber's advertising business grew nearly 80% year-on-year, showcasing strong performance in this segment.
- The number of Uber One members increased by 70% year-on-year, reaching over 25 million.
- Uber's autonomous strategy is progressing well, with 14 AV partners recognizing the value Uber brings to their deployment plans.
- Uber Technologies Inc (UBER) is facing substantial increases in commercial insurance costs, particularly in high-cost states like New Jersey and California.
- The company noted a typical elasticity in consumer behavior, with transaction growth slowing as prices increase due to higher insurance costs.
- Mobility bookings decelerated by 3 percentage points to 24%, attributed to tougher comparisons and less year-on-year pricing impact.
- Insurance costs are expected to continue rising, albeit at a moderated rate, impacting overall cost structure.
- The expansion of autonomous vehicle partnerships is still in early stages, with limited deployment in cities like Phoenix, making it too soon to assess incremental volume impact.
Hello, and welcome to the Uber third quarter 2024 earnings conference call. (Operator Instructions). I would now like to turn the call over to Deepa Subramanian, Vice President, Investor Relations. You may begin.
Thank you, operator. Thank you for joining us today, and welcome to Uber's third quarter 2024 earnings presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.
During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.
Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements,
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