Uber (UBER) Q3 2024 results

Above reported third-quarter results on Thursday that beat Wall Street's revenue expectations but missed analysts' forecasts for gross bookings.

The company's shares fell more than 9% in premarket trading on Thursday.

This is how the company did it:

• Earnings per share: $1.20 versus LSEG's expected 41 cents.
• Revenue: $11.19 billion versus LSEG's expected $10.98 billion

Uber's third-quarter revenue rose 20% from $9.3 billion a year earlier. According to StreetAccount, the company reported gross bookings of $40.97 billion for the period, below analysts' expectations of $41.25 billion.

The company reported net income of $2.6 billion, or $1.20 per share, compared with $221 million, or 10 cents per share, in the year-ago quarter. Uber said its net income included a $1.7 billion pretax benefit from unrealized gains related to the revaluation of its stock investments.

Uber reported adjusted EBITDA of $1.69 billion, up 55% year-over-year and slightly ahead of the $1.64 billion expected by analysts polled by StreetAccount.

“We are fortunate to have strong performance in our core business, allowing us to make organic investments in new products and capabilities that will deliver long-term returns for our platform,” said Dara Khosrowshahi, CEO of Uber, on Thursday in prepared remarks.

For the fourth quarter, Uber expects gross bookings to be between $42.75 billion and $44.25 billion, compared to StreetAccount estimates of $43.68 billion. Uber expects adjusted EBITDA of $1.78 billion to $1.88 billion, compared with analysts' expectations of $1.83 billion.

During the reporting period, 2.9 billion rides were completed on the platform, 17% more than the previous year. Uber's monthly active platform customers reached 161 million in the third quarter, up 13% from 142 million last year.

It follows reports that Uber has discussed a bid for a travel booking company ExpediaKhosrowshahi told CNBC's “Squawk Box” on Thursday that Uber's M&A focus is on “smaller deals that hit much closer to home.”

“We're not looking to do big deals, transformational deals, one way or another at this point,” he said.

This is how Uber's largest business areas developed:

Mobility (gross bookings): $21 billion, up 17% year-on-year

Delivery (gross bookings): $18.7 billion, up 16% year over year

Uber's mobility segment reported revenue of $6.41 billion, up 26% year over year. StreetAccount analysts had expected $6.31 billion. The company's delivery segment reported revenue of $3.47 billion, up 18% year over year. Analysts expected $3.43 billion, according to StreetAccount.

The company's freight business reported revenue of $1.31 billion in the quarter, up 2% year-over-year.