Uber Technologies reported its third-quarter 2024 financial results on 31 October, showing a 20% year-over-year revenue increase to US$11.2bn, above analyst expectations of US$10.98bn. The company achieved a record operating profit of US$1.06bn, marking a significant step in its path to sustained profitability.
Gross bookings grew by 16% to US$41bn, slightly below the anticipated US$41.3bn. The mobility segment contributed US$6.41bn in revenue, a 26% increase, while the delivery segment added US$3.47bn, up 18%. Uber also reported a 13% rise in monthly active platform consumers to 161 million, with total trips increasing by 17% to 2.9 billion.
Despite these positive figures, Uber’s stock is currently down around 9.3% following the earnings announcement. Market reaction was tempered by slower-than-expected bookings growth and Uber’s cautious outlook. For the fourth quarter, Uber forecasts gross bookings in the range of US$42.75bn to US$44.25bn, with the midpoint of this guidance slightly below analysts’ estimates of US$43.7bn.
CEO Dara Khosrowshahi expressed confidence in Uber’s direction, stating, “We delivered yet another record quarter of profitable growth at a global scale, reflecting the strength of our platform.” He also noted Uber’s progress in autonomous vehicle initiatives and partnerships with companies like Waymo.