October 31, 2024 - $Uber Technologies (UBER.US)$ shares dropped 7.01% to $73.86 in pre-market trading on Thursday. The company announced its third quarter 2024 financial results.

Q3 Highlights

• Revenue grew 20% YoY to $11.2 billion, or 22% on a constant currency basis. Combined Mobility and Delivery revenue grew 23% YoY to $9.9 billion, or 25% on a constant currency basis.

• Gross Bookings grew 16% year-over-year (“YoY”) to $41.0 billion, or 20% on a constant currency basis, with Mobility Gross Bookings of $21.0 billion (+17% YoY or +24% YoY constant currency) and Delivery Gross Bookings of $18.7 billion (+16% YoY or +17% YoY constant currency). Trips during the quarter grew 17% YoY to 2.9 billion, or approximately 31 million trips per day on average.

• Income from operations was $1.1 billion, up $667 million YoY and $265 million quarter-over-quarter (“QoQ”).

• Net income attributable to Uber Technologies, Inc. was $2.6 billion, which includes a $1.7 billion benefit (pre-tax) due to net unrealized gains related to the revaluation of Uber’s equity investments.

• Share repurchases were $375 million of our common stock under the February 2024 authorization.

Outlook for Q4 2024

• Gross Bookings of $42.75 billion to $44.25 billion, which represents 16% to 20% YoY growth on a constant currency basis.

• Trips YoY growth to be similar compared to Q3 2024.

• Our outlook assumes a roughly 2 percentage point currency headwind to total reported YoY growth, including a roughly 5 percentage point currency headwind to Mobility’s reported YoY growth.

• Adjusted EBITDA of $1.78 billion to $1.88 billion, which represents 39% to 47% YoY growth.