Uber Sees Significant Growth in Mobility and Delivery Demand, Exceeding Third-Quarter Expectations
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Uber’s quarterly results have exceeded consensus.
Uber’s third-quarter Gross Bookings reached $37.6 billion, a 22% increase from the previous year, which aligns with the guidance of $36.5 billion to $37.5 billion in the last quarter. Adjusted EBITDA was $1.28 billion, a 93% increase from the previous year, exceeding the guidance of $1.18 billion to $1.24 billion. The third-quarter revenue increased by 15% compared to the last year to $9.93 billion, operating profit turned into a black figure at $650 million, and net profit recorded a 140% increase at $1.43 billion.
Most importantly, the steady recovery of demand in the mobility sector led to a 15% increase in the key indicator, MAPCs (Monthly Active Platform Consumers), to 150 million, and Trips (number of rides) achieved a 24% growth to a total of 2.6 billion compared to the previous year.
Deliver deliveries increased by 19% compared to the previous year, totaling $17 billion. Net sales improved, rising by 6% to $3.12 billion.
Samsung Securities analyst Lee Chang Hee stated that the adjusted EBITDA margin had reached 2.8%. This was due to increased advertising revenue and the leverage effect from high transaction volumes, surpassing the 1.7% reported for the fourth quarter of 2022 and the 2.6% reported for the third quarter of 2023.
The freight sector saw a 17% decrease in net sales to $1.28 billion compared to the previous year, which is analyzed as a delay in sales growth due to a slowdown in the freight market.
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