Uber reports quarterly results: Shares fall in after-hours

Uber $Uber Technologies (UBER.US)$ (UBER) posted its first-ever adjusted profit, but its Q4 outlook weighed on shares immediately following the ride-sharing company's third quarter results.

Uber reported third quarter revenue of $4.85 billion versus Wall Street estimates of $4.4 billion. Gross bookings reaching an all-time high of $23.1 billion, up 57% year over year.

The company reported its first adjusted EBITDA profit of $8 million for the quarter.

The company's fourth quarter EBITDA outlook though came in below expectations. Uber expects an adjusted EBITDA of $25 million - $75 million versus Wall Street estimates of $98 million.

“Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience,” said Dara Khosrowshahi, CEO of Uber.

The company recently announced that Hertz Global $Hertz Global Holdings, Inc. (HTZZ.US)$ (HTZZ) will make up to 50,000 Tesla $Tesla (TSLA.US)$ (TSLA) electric vehicles available to Uber drivers in select markets who want to rent the cars by 2023. Hertz has already been working with Uber offering car rentals the past five years. The Tesla program will roll out nationally in the coming months.

Article excerpted from Yahoo.