Uber Q3 results miss analysts’ expectations: UBER stock price stumbles

November 07, 2023 05:26 AM PST | By Invezz

Uber Q3 results miss analysts’ expectations: UBER stock price stumbles — Image source: Invezz

Uber’s Q3 performance

In the third quarter, Uber reported a net income of $221 million, translating into earnings of 10 cents per share. While this marks a significant improvement from a net loss of $1.2 billion in the same period the previous year, it fell short of analysts’ predictions.

Analysts had projected earnings of 13 cents per share.

Uber’s revenue for the quarter was $9.29 billion, showing an 11% increase compared to the same period in the previous year. However, it missed Street forecasts, as analysts had expected revenue to reach $9.47 billion.

UBER stock price reaction

Following the release of these Q3 results, Uber’s stock price saw a notable impact. The stock had a previous close at $47.75 and experienced a day range between $47.43 and $48.30.

While it had a 52-week range spanning from $23.90 to $49.49, the stock price remained below its yearly high. With a market capitalization of approximately $98.38 billion, Uber’s stock price performance continues to draw significant attention in the market.

Uber optimistic about future performance

Despite the Q3 results missing expectations, Uber remains optimistic about its future performance. The company reported strong growth in gross bookings, which exceeded its guidance from the second quarter.

Gross bookings for the quarter totalled $35.3 billion, reflecting a 21% increase year over year. CEO Dara Khosrowshahi expressed confidence in Uber’s ability to drive profitable growth, emphasizing that the platform is benefiting from consumers shifting their spending from retail to services.

The post Uber Q3 results miss analysts’ expectations: UBER stock price stumbles appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.