Uber Announces Third Quarter Earnings Report

Uber's Third Quarter Report

Uber Technologies Inc. (UBER) is preparing to announce its third-quarter earnings this Tuesday. This comes as part of the company's efforts to maintain its strong performance this year. According to the Bloomberg consensus, Uber's third-quarter revenue is expected to reach $13.26 billion, representing an 18% increase compared to the previous year.

Uber's adjusted earnings per share (EPS) is projected to be $0.91, adjusted net income $1.96 billion, and earnings before interest, tax, depreciation, and amortization (EBITDA) is estimated to be $2.27 billion. In the last quarter, Uber's key metric of monthly active platform consumer count (MAPCs) reached 180 million individuals, showing a 15% increase year-over-year.

Gross bookings also performed above expectations, increasing by 17% to $46.76 billion. These results set the stage for Uber to forecast its third-quarter gross bookings between $48.25 and $49.75 billion and to expect its adjusted EBITDA in the range of $2.19 to $2.29 billion. The company also announced a significant $20 billion stock buyback program last quarter.

Uber's shares have seen a healthy increase of 62% since the beginning of the year. The third-quarter results also shape the company's vision for the future, which includes a driverless future.

Last week, Nvidia Corporation (NVDA) and Uber announced their goals to establish the world's largest semi-autonomous vehicle (Level 4) network. This partnership aims to produce 100,000 vehicles starting in 2027 and will utilize Nvidia's Drive AGX Hyperion 10 platform and Drive AV software.

Nvidia stated that this system and collection of sensors are designed to provide Level 4 autonomy, and plans to leverage robotaxi services called upon via the Uber platform through a prior collaboration with Lucid Motors (LCID).

Looking ahead, next year Joby Aviation (JOBY) will allow Uber users to book Blade helicopter and seaplane flights directly through the Uber app, immediately following its acquisition of Blade's passenger operations. Blade currently offers short helicopter flights and seaplane services on various routes in the New York City metropolitan area and Southern Europe. The collaboration between Uber and Joby is not new; the two companies formed a partnership in 2019 regarding electric vertical takeoff and landing (EVTOL) technology. In 2021, Joby acquired Uber's Elevate unit, which was focused on developing innovative products in air transportation.