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Uber Technologies | 10-Q: Q3 2024 Earnings Report

SEC ·  Nov 1 04:11

Summary by Moomoo AI

Uber Technologies reported a robust financial performance for the third quarter of 2024, with significant year-over-year growth. The company's revenue surged by 20% to $11.2 billion, driven by a 16% increase in Gross Bookings, which reached $41.0 billion. This growth was primarily due to higher Mobility and Delivery Trip volumes. Operating profit soared by 169% to $1.061 billion, while net income attributable to Uber Technologies spiked, reaching $2.612 billion. Adjusted EBITDA also saw a substantial rise of 55% to $1.690 billion. The company's Monthly Active Platform Consumers (MAPCs) grew by 13% to 161 million, and Trips increased by 17% to 2,868 million. Uber's financial health was further underscored by a 95% increase in net cash provided by operating activities for the nine-month period ending September 30, 2024, totaling $5.387 billion, and a...Show More
Uber Technologies reported a robust financial performance for the third quarter of 2024, with significant year-over-year growth. The company's revenue surged by 20% to $11.2 billion, driven by a 16% increase in Gross Bookings, which reached $41.0 billion. This growth was primarily due to higher Mobility and Delivery Trip volumes. Operating profit soared by 169% to $1.061 billion, while net income attributable to Uber Technologies spiked, reaching $2.612 billion. Adjusted EBITDA also saw a substantial rise of 55% to $1.690 billion. The company's Monthly Active Platform Consumers (MAPCs) grew by 13% to 161 million, and Trips increased by 17% to 2,868 million. Uber's financial health was further underscored by a 95% increase in net cash provided by operating activities for the nine-month period ending September 30, 2024, totaling $5.387 billion, and a doubling of free cash flow to $5.189 billion. In terms of business development, Uber continues to connect consumers with ride services, merchants, delivery service providers, and public transportation networks. The company is also expanding its freight business and investing in new technologies to solve everyday problems. Looking ahead, Uber has outlined strategic initiatives, including debt redemption activities and a share repurchase program, to strengthen its financial position and drive future growth.

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