SAN FRANCISCO, -- Uber reported a huge rebound in third quarter revenue on Thursday thanks to drivers and riders returning from pandemic lockdowns. However, its bottom-line loss was larger than Wall Street had expected.
The ride-hailing company based in San Francisco said that its third quarter loss increased to $2.42 Billion, or $1.28 per Share, from $1.1 Billion, or 62 Cents per Share, in the previous year.
This quarter also included stock-based compensation and a large unrealized loss due to Didi's investment. In June , the Chinese ride-sharing firm went public on New York Stock Exchange. However, days later, it was subject to a cybersecurity review by China's internet watchdog. Uber estimated Didi's pretax effect at $3.2 billion. Zomato and other investments had partially offset this.
The quarter ended September 30 saw revenue grow 72% year-over-year to $4.85 Billion, while gross bookings rose 57% and reached $23.1 Billion. The company reported that the gross bookings for mobility over Halloween weekend, which occurred after the quarter ended, exceeded 2019 levels.
FactSet analysts polled by them forecasted a loss of 33c per share for revenue of $4.42 trillion.
Uber reported that its adjusted earnings before interest taxes, depreciation, amortization, and taxes (or EBITDA) totaled $8m during the quarter. This is the first positive quarter in Uber's history. The company's restaurant delivery business is also close to breaking even.
Uber Technologies Inc. anticipates gross bookings between $25 billion and $26 billion, as well as adjusted EBITDA between $25 million and $75 million for the fourth quarter.
After-hours trading saw Uber Technologies Inc. shares rise by about 1% The stock has fallen around 11% over the past year.
