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Uber Technologies Inc (NYSE:UBER) is trading higher today after the company announced its third-quarter financial results. The stock initially traded lower on the report, but has since recovered and is currently trading near one-month highs.
What Happened: Uber reported a quarterly adjusted earnings loss of 21 cents per share, which beat the estimate for a loss of 33 cents per share. The company reported quarterly revenue of $4.84 billion, which beat the estimate of $4.42 billion.
See Also: 6 Lyft Analysts Break Down Q3 Earnings: 'We Think Uber Should Benefit'
Why It Matters: "Things honestly are great. As the world is opening up, so is our business," Uber CEO Dara Khosrowshahi said Friday on CNBC's "Squawk Box."
In the second quarter of this year, Khosrowshahi said Uber noticed that demand for transportation, mobility and food was growing faster than the company could supply it.
Uber focused on making potential drivers aware of the earnings potential and flexibility that driving for Uber offers, he said.
According to Khosrowshahi, the company was able to add more than 640,000 drivers and couriers to its platform this year.
Uber drivers and couriers made $8.6 billion in the third quarter, he noted.
"Now that you've got drivers and couriers earning really good money, the service is really singing."
What's Next: Not only is the Uber CEO pleased with the company's financial results, he is optimistic about what's to come.
"We're really pleased, not only with where the company is now ... but also the road ahead. The supply situation is getting much, much better," Khosrowshahi said.
Demand continues to increase as the company continues to improve its service quality, Khosrowshahi said.
"In Q4, we expect profitability to increase and right now all signs are positive for us," he emphasized.
UBER Price Action: Uber has traded as high as $64.05 and as low as $38.08 over a 52-week period.
The stock was up 4.09% at $47.12 at time of publication Friday morning.
Photo: Courtesy of Uber.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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