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With cities reopening and travel booming, consumers are shifting
their budgets to services, Chief Executive Dara Khosrowshahi
said, compared to the two years of COVID-led lockdowns when they
had limited spending to basic needs.
"We've seen these trends continue into the fourth quarter, with
October tracking to be our best month ever for both mobility and
total company gross bookings," he said as revenue in its
rideshare segment rose 73% in the third quarter.
Uber shares surged 9% before the opening bell, lifting peers
Lyft Inc and DoorDash Inc.
The ridehailing company, which had faced driver shortages during
its recovery from pandemic losses, said active drivers are back
to September 2019 levels as decades-high inflation push many to
look for sources of additional income.
Uber, however, is also aiming to scale back hiring and reduce
expenses to expand profitability amid macroeconomic
uncertainties, with Khosrowshahi stressing the importance of
"not taking anything for granted".
The company forecast fourth-quarter adjusted EBITDA, a
profitability metric keenly watched by investors, between $600
million and $630 million. Analysts were expecting $569.39
million, according to Refinitiv data.
Gross bookings, or the total dollar value from its services, is
expected to grow between 23% and 27%, compared with a 26% rise
in the quarter ended Sept. 30.
Revenue rose 72% to $8.34 billion in the third quarter, beating
the analysts' average estimate of $8.12 billion.
Adjusted EBITDA, a measure that excludes one-time costs such as
stock-based compensation, came in at $516 million, above the
estimate of $461.5 million.
The food delivery business grew 24% compared to 37% in the prior
quarter, indicating that consumers are holding back on ordering
in food as cost of living rises.
Net loss attributable to the company was $1.21 billion, or 61
cents per share, compared to a loss of $2.42 billion, or $1.28
per share, a year earlier.
(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)
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