Uber reported its second consecutive profitable quarter Tuesday morning, boosted by a 21% increase in gross bookings year over year and revenue growth of 11% to $9.3 billion in the third quarter.
“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25%,” CEO Dara Khosrowshahi said. “Uber’s core business is stronger than ever as we enter the busiest period of the year.”
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Uber reported net income of $221 million for the quarter that ended in September. That figure includes a $96 million headwind related to revaluations of Uber’s equity investments. Over the same quarter last year, the company lost $1.2 billion.
“Strong top-line trends and record profitability demonstrate the durability of our growth and the significant earnings power underlying our platform,” chief financial officer Nelson Chai said. “We continue to make disciplined investments in growth opportunities to support long-term value creation for all stakeholders.”
Adjusted EBITDA came in at $1.1 billion, up $576 million compared to the same quarter of 2022. Sales and marketing costs were $941 million for the quarter, down from $1.15 billion year over year.
The 25% increase in trips for the quarter boosted Uber’s totals to 2.4 billion. Gross bookings for mobility increased 31% year over year, while deliveries were up 18% from last year. Bookings for Uber’s freight business were down 27% compared to Q3 2022.
This year’s second quarter marked Uber’s first-ever quarterly net profit, with earnings of $9.2 billion driving a net profit of $394 million.
“For most of our history, ‘profitable’ wasn’t the first thing that came up when you asked someone about Uber,” Khosrowshahi said at the time. “In fact, many observers proclaimed over the years that we would never make any money. … But we knew they were wrong about Uber, as did many of our investors who backed us over the years.”
*This is a developing story. Check back later for more details.
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