Uber results have arrived
8 November 2023Uber Technologies Inc. (NYSE: UBER) released its latest earnings results before the market open in the US on Tuesday. Let’s see how it performed in Q3.
Company overview
- Founded: March 2009
- Headquarters: San Francisco, California, United States
- Number of employees: 32,800 (2022)
- Industry: Transportation, food delivery
- Key people: Ronald Sugar (Chairman), Dara Khosrowshahi (CEO)
The results
The company reported revenue of $9.292 billion for the quarter (up by 11% year-over-year), missing analyst estimate of $9.539 billion.
Earnings per share (EPS) reported above estimates at $0.10 per share vs. $0.071 per share expected.
Uber completed 2.4 billion trips during the quarter, up by 25% during the same period last year.
Monthly active platform consumers reached 142 million in Q3, up by 15% year-over-year.
CEO and CFO commentary
“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25%,” Uber CEO, Dara Khosrowshahi said in a statement.
“Uber’s core business is stronger than ever as we enter the busiest period of the year,” Khosrowshahi added.
“Strong topline trends and record profitability demonstrate the durability of our growth and the significant earnings power underlying our platform,” Nelson Chai, CFO of the company said about the latest results.
“We continue to make disciplined investments in growth opportunities to support long-term value creation for all stakeholders,” Chai concluded.
The stock was up by around 1% on Tuesday, trading at the highest level since 11th September at $48.94 a share.
Stock performance
- 1 month: +5.49%
- 3 months: +8.92%
- Year-to-date: +98.91%
- 1 year: +79.26%
Uber price targets
- Keybanc: $50
- Seaport Global: $51
- Needham: $60
- RBC Capital: $58
- Wells Fargo: $59
- Loop Capital: $58
- JP Morgan: $56
- Truist Securities: $60
- Morgan Stanley: $60
Uber is the 131st largest company in the world with a market cap of $100.92 billion, according to CompaniesMarketCap.
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Sources: Uber Technologies Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Wikipedia
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