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Uber Shares Fall On Q3 Sales Miss; CEO Says Rides Profits Growing

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Uber Shares Fall On Q3 Sales Miss; CEO Says Rides Profits Growing

Uber Technologies Inc (NYSE: UBER)'s third-quarter sales of $3.533 billion missed the Street's $3.69-billion estimate Monday, while its quarterly loss of 68 cents per share was narrower than the 81-cent-per-share consensus estimate. 

The ride-hailing company posted revenue of $3.8 billion, representing 30% year-over-year gowth. The quarterly results had investors pulling back in after-hours trading Monday. 

Uber's third-quarter adjusted EBITDA loss amounted to $585 million, a $71-million quarter-over-quarter improvement. 

"Our results this quarter decisively demonstrate the growing profitability of our Rides segment," CEO Dara Khosrowshahi said in a statement.

"Rides Adjusted EBITDA is up 52% year-over-year and now more than covers our corporate overhead. Revenue growth and take rates in our Eats business also accelerated nicely. We're pleased to see the impact that continued category leadership, greater financial discipline, and an industry-wide shift towards healthier growth are already having on our financial performance."

Uber went public in May at $45 per share. The company's lockup period expires Wednesday. 

The stock was falling by 6.69% to $29 at the time of publication.

Related Links:

Lyft Scores Upgrade, Analyst Praise After Strong Q3

Cramer: Uber Lockup Expiration Could Be Much Uglier Than Beyond Meat

Photo courtesy of Uber. 

 

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