Uber’s Q3 2022 revenue

Uber report a third quarter loss Tuesday but beat analysts’ estimates for revenue and showed a spike in bookings. Shares were up about 7% in pre-market trading.

Here’s how the company did it:

• Loss per share: 61 cents
• Turnover: According to Refinitiv, $8.34 billion compared with the $8.12 billion expected by analysts.

Uber reported a net loss of $1.2 billion in the third quarter, $512 million of which was attributed to a revaluation of Uber’s equity investments, according to a company release.

In a prepared statement, CEO Dara Khosrowshahi said Uber delivered a “strong quarter” and benefited from booming travel, easing lockdowns and changing consumer spending. He said October was tracked as “the company’s best month ever for both Mobility and Total Corporation bookings.” However, he cautioned that after the last few years, the company has learned not to take anything for granted.

Khosrowshahi said: “Continued cost constraints, staff discipline and a balanced approach to capital allocation are all backed by our industry-leading technical and operational capabilities. , we are well positioned to expand profitability in the coming quarters.”

The company reported a record adjusted EBITDA of $516 million, beating guidance from $440 million to $470 million and ahead of analyst estimates of $457.7 million by StreetAccount. Total bookings for the quarter reached $29.1 billion, up 26% year-on-year.

For Q4 2022, Uber said it expects total bookings to grow 23% to 27% year over year on a constant currency basis and adjusted EBITDA from $600 million to $600 million. 630 million dollars.

Here’s how Uber’s largest businesses performed during the quarter:

Mobility (total bookings): $13.7 billion, below analyst estimates of $13.83 billion according to StreetAccount.

Delivery (total bookings): $13.7 billion, below analyst estimates of $14.01 billion according to StreetAccount.

Uber relies heavily on growth in its food delivery business during the pandemic, but its mobile business has outstripped Eats revenue. in its first and second quarters as the riders started making more rides. That trend continued in the third quarter, when Uber’s mobile division reported $3.8 billion in revenue while delivery hit $2.8 billion.

Uber’s freight business generated $1.75 billion in revenue.

The number of monthly active platform consumers grew to 124 million in Q3, up 14% year over year. 1.95 billion trips were completed on the platform during this period, up 19% from the same period last year.

Shares of Uber are down more than 36% this year. Stocks drop more than 10% in October after Biden Labor Department make a proposal that could pave the way for regulators and courts to reclassify contract workers as employees. The proposed rule can increase costs for companies like Uber, LyftInstagram and DoorDash which relies on contract workers to pick up shifts on their own time.

Companies have argued that flexible schedules are attractive to workers, but some labor experts and activists disagree, arguing that companies use a contractor model to reduce costs at their own expense and denying important worker protections.

Uber has also faced high gas prices and inflation, but CEO Dara Khosrowshahi tells CNBC’s “TechCheck” in September that its supply could actually benefit from the inflationary environment.

As costs rise and people are paying more for essentials like groceries, he said they are also signing up for Uber drivers.

“If anything, 72 percent of drivers in the US say one of the considerations when they sign up to drive an Uber is actually inflation,” he said.

Uber will hold a quarterly conference call with investors on Tuesday at 8 a.m. ET.

Lauren Feiner of –CNBC contributed to this report.