Uber Releases Third Quarter Earnings Report

Uber's Third Quarter Report

Uber Technologies Inc. (UBER) is set to announce its third-quarter earnings this Tuesday. This is 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 be $13.26 billion, which represents an 18% increase compared to last year.

Uber's adjusted earnings per share (EPS) is projected to be $0.91, adjusted net income $1.96 billion, and earnings before interest, taxes, depreciation, and amortization (EBITDA) is anticipated to be $2.27 billion. In the previous quarter, Uber's key metric of monthly active platform consumer count (MAPCs) reached 180 million, reflecting a 15% increase from the prior year.

Gross bookings also performed above earlier projections, increasing by 17% to $46.76 billion. These results have led the company to set its third-quarter gross booking forecast between $48.25 billion and $49.75 billion and expect adjusted EBITDA in the range of $2.19 to $2.29 billion. Additionally, the company announced a large $20 billion stock buyback program last quarter.

Uber's shares have recorded a healthy 62% increase 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 from 2027, utilizing Nvidia's Drive AGX Hyperion 10 platform and Drive AV software.

Nvidia stated that this system and sensor collection is designed to provide Level 4 autonomy and plans to utilize the robotaxi services called through the Uber platform, previously established through a collaboration with Lucid Motors (LCID).

Looking further ahead, next year Joby Aviation (JOBY) will allow Uber users to directly reserve Blade helicopter and seaplane flights 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 established a partnership in 2019 regarding electric vertical take-off and landing (EVTOL) technology. In 2021, Joby acquired Uber's Elevate unit, which was developing an innovative product in aerial transportation.