Uber Technologies Inc. (NYSE: UBER) reported third-quarter financial results after markets closed Monday. The ride-sharing firm posted a net loss of $0.68 per share and $3.81 billion in revenue, compared with consensus estimates that were calling for a net loss of $0.81 per share and $3.69 billion in revenue. The same period of last year reportedly had a net loss of $2.21 per share and $2.94 billion in revenue.
During the latest quarter, gross bookings increased 29% year over year to $16.5 billion, up 32% in constant currency. Monthly Active Platform Consumers increased by 26% to 103 million, up from 82 million.
Also, the total number of trips increased 31% year over year to 1.77 billion, compared with the same period last year when Uber reported 1.35 billion trips.
Adjusted net revenue (ANR) growth accelerated to 33% year over year, or 35% on a constant currency basis as both Rides and Eats ANR take-rates improved quarter over quarter to 22.8% and 10.7%, respectively.
The company said that it is improving its full-year adjusted EBITDA guidance by $250 million, now expecting a loss in the range of $2.8 billion to $2.9 billion. Consensus estimates are calling for a net loss of $0.75 per share and $4.03 billion in revenue for the coming quarter.
CEO Dara Khosrowshahi commented:
Our results this quarter decisively demonstrate the growing profitability of our Rides segment. Rides Adjusted EBITDA is up 52% year-over-year and now more than covers our corporate overhead. Revenue growth and take rates in our Eats business also accelerated nicely. We’re pleased to see the impact that continued category leadership, greater financial discipline, and an industry-wide shift towards healthier growth are already having on our financial performance.
Shares of Uber closed Monday at $31.08, in a post-IPO range of $28.31 to $47.08. The consensus price target is $48.73. Following the announcement, the stock is down 5% at $29.46 in the after-hours session.
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