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Uber noted that its gross bookings reached an all-time high of $23.1 billion, up 57% YoY.
Uber Technologies Inc (NYSE: UBER) stock was trading at around $47.22, up approximately 4.6%, during Friday’s pre-market. The company reported its financial results for the quarter that ended on September 30, 2021. Notably, the ride-hailing giant Uber saw its revenue spike by 72% year over year basis to $4.8 billion in Q3 2021.
“Revenue benefited from a $123 million accrual release for the resolution of historical claims in the UK relating to the classification of drivers,” the company noted.
Notably, Uber indicated that its gross bookings reached an all-time high of $23.1 billion, up 57% YoY. The company’s net loss for the third quarter came in at $2.4 billion with a $2.0 billion net headwind from the revaluation of Uber’s equity investments.
For the three months that ended on September 30, Uber saw its adjusted EBITDA come in at over $8 million. Notably, trips during the third quarter grew by 39% YoY to 1.64 billion, representing an average of 18 million trips per day.
“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. “This is especially important as Mobility reignites. Mobility Gross Bookings are up 18 percent over just the last two months and this Halloween weekend surpassed 2019 levels.”
Uber Stock and the Company’s Performance in Q3
Uber stock has been negatively impacted by the coronavirus pandemic as more people opted to stay indoors or work remotely. According to market analytics provided by MarketWatch, the company’s stock market has dropped 11.24% and 5.23% in the past ten months and one month respectively through Thursday.
The company has however benefited from its diversified investment portfolio including food delivery services. Notably, Uber Eats announced partnerships with Hulu in the United States and Aeroplan in Canada. The partnerships will offer complimentary Eats pass to eligible Hulu subscribers and Aeroplan credit cardholders.
“While we recognize it’s just a step, reaching total-company Adjusted EBITDA profitability is an important milestone for Uber,” said Nelson Chai, CFO. “Not only did our Mobility business recover to pre-COVID margins this quarter, our core restaurant delivery business was profitable on an Adjusted EBITDA basis for the first time as well, bringing the full Delivery segment close to breakeven.”
Forward, the company anticipates a Gross Bookings of $25 billion to $26 billion and an Adjusted EBITDA of $25 million to $75 million.
Notably, Uber and Hertz announced a new partnership to make up to 50,000 fully electric Tesla Model 3 vehicles available for drivers to rent by 2023.