The ride-hailing company reported that its third-quarter revenue rose 72 per cent year over year to US$8.3 billion. It posted adjusted earnings before interest, taxes, depreciation and amortization of US$516 million, a US$508-million increase from the same period in 2021. Both metrics topped analysts’ expectations. Uber shares climbed nearly 12 per cent to US$29.75 on the New York Stock Exchange Tuesday afternoon. (The Logic, The Wall Street Journal)
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The ride-hailing company reported that its third-quarter revenue rose 72 per cent year over year to US$8.3 billion. It posted adjusted earnings before interest, taxes, depreciation and amortization of US$516 million, a US$508-million increase from the same period in 2021. Both metrics topped analysts’ expectations. Uber shares climbed nearly 12 per cent to US$29.75 on the New York Stock Exchange Tuesday afternoon. (The Logic, The Wall Street Journal)
Talking point: Despite strong growth in its latest quarter, the company said it expects a slowdown in the fourth quarter with bookings between US$30 billion and US$31 billion, short of analysts’ expectations. Recession fears could lead to lower demand for food deliveries and rideshares in the next quarter, Uber’s two main business segments, the company warned. Fares have remained high due to surging fuel prices and a pandemic-induced driver shortage over the past year. But the tough macroeconomic environment has started to bring in more drivers, with active driver numbers back to pre-pandemic levels, the company said
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