UBER - Uber Stock Rises as Its Client Base Expands and Its Revenue Exceeds Expectations
After the ride-hailing and delivery service announced revenue for the most recent quarter, which increased by more than 70% from the prior year and beyond Wall Street’s expectations, Uber stock ( NYSE:UBER ) increased by around 15% in early trading on Tuesday. The improvement coincided with trips and customer growth that was double-digit.
The business reported Q3 revenue of $8.34 billion, a 72% increase over the same period last year. The total also exceeded analyst predictions by $220 million. According to UBER , gross bookings increased 26% from the previous year. The bookings total increased by 32% when currency exchange effects were taken into account.
The company recorded a net loss of $1.2 billion, which was half what it was the previous year and included a number of non-operational expenses. In addition, the company’s GAAP loss of $0.61 per share fell short of analysts’ estimates by $0.43 per share.
Uber stock forecast, earnings
Still, $512 million of what the company called a “net headwind” was added to the bottom line. This was mostly because UBER had net unrealized losses on its stock investments after reevaluating them. A $482 million charge for stock-based compensation was also included in the negative net income for the quarter. The corporation demonstrated a notable improvement from 2021 to 2022 in terms of EBITDA. Compared to just $8 million during the same period last year, UBER’s adjusted EBITDA for the third quarter was $516 million.
An increase in monthly active platform consumers helped UBER’s performance. The number was 124 million during the third quarter, up 2% from the prior quarter and 14% from...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube