Uber Technologies Inc. said Thursday that third-quarter revenue grew in both of its major businesses across all regions as COVID-19 restrictions eased, but losses also more than doubled.
Uber
UBER,
shares fell more than 2% after hours, after declining 1% in the regular session to close at $45.24.
The company said its gross bookings climbed 57% year over year to $23.1 billion, shy of analysts’ expectation of $23.3 billion. Trips also grew, up 39% year over year to 1.64 billion, short of analysts’ expectation of 1.69 billion. Driver supply, which has been affected by the coronavirus pandemic, rose 60% year over year.
“This is especially important as Mobility reignites,” Chief Executive Dara Khosrowshahi said in a news release. “Mobility Gross Bookings are up 18 percent over just the last two months and this Halloween weekend surpassed 2019 levels.”
Uber’s total revenue rose to $4.85 billion from $2.81 billion in the year-ago quarter, with its ride-hailing, delivery and freight businesses all bringing in more revenue. Analysts surveyed by FactSet had forecast revenue of $4.42 billion.
The company reported a third-quarter net loss of $2.42 billion, or $1.28 a share, compared with $1.09 billion, or 62 cents a share, in the year-ago period. It attributed $2 billion of that loss to a charge because of a loss from its investment in Chinese ride-hailing company Didi Global Inc.
DIDI,
which was actually greater but offset by gains in other investments. Uber claimed a quarterly profit three months ago, mostly on the strength of early gains for its Didi stake.
Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) was $8 million, compared with an adjusted Ebitda loss of $625 million in the year-ago period.
Analysts had forecast an adjusted loss of $665 million, or 33 cents a share, and adjusted Ebitda loss of $38 million.
For the fourth quarter, Uber expects adjusted Ebitda of $25 million to $75 million, compared with analysts’ expectation of adjusted Ebitda of $104 million.
Uber stock has fallen more than 11% year to date, but is up almost 8% in the past year. By comparison, the S&P 500 Index
SPX,
has risen more than 24% so far this year, and is up 33% over the past 52 weeks.
This post was originally published on Market Watch
