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Uber beats revenue hopes
Uber beat revenue expectations in the third quarter, reporting $14.77 billion, up 10% year over year, versus estimates of $14.69 billion. However, it missed earnings-per-share estimates, reporting 25 cents compared with 96 cents. Mobility revenue fell 2% to $7.52 billion, while Delivery revenue rose 23% to $5.49 billion; both came in below expectations. A 34% increase in Freight revenue, to $1.76 billion, helped push total revenue above estimates. Net income fell 92% to $512 million, compared with a year-earlier period in which the company benefited from releasing $4.9 billion in tax reserves. Uber forecast gross bookings of about $64.5 billion for the fourth quarter.
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