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Earnings season continues to chug along. We’ve received a number of reports so far, with companies finally unveiling what’s transpired behind the scenes.
We’ve just received Q3 results from Uber Technologies (UBER - Free Report) , and the reaction was positive, with shares climbing more than 10% in the pre-market session.
Uber Technologies provides a platform that allows users to access transportation and food-ordering services. The company’s operating segments include Core Platform and Other Bets.
The earnings release provided much-needed relief for Uber shares, which are down more than 20% year-to-date, widely lagging the S&P 500.
Image Source: Zacks Investment Research
Let’s take a deeper dive into the quarterly print.
Uber Q3
Uber reported a quarterly loss of -$0.61 per share, missing the Zacks Consensus EPS Estimate of -$0.17 by more than 250%.
Quarterly revenue came in at approximately $8.3 billion, exceeding the Zacks Consensus Sales Estimate of $8.1 billion by 3.3% and reflecting a strong 73% Y/Y uptick.
Gross Bookings grew 26% year-over-year to $29.1 billion, and trips during the quarter totaled 1.95 billion, reflecting a 19% year-over-year change and translating to approximately 21 million daily trips on average.
Further, adjusted EBITDA was $516 million, up an impressive $508 million Y/Y. Nelson Chai, CFO, stated, "Strong demand for our offerings, better marketplace efficiency, and our asset-light platform helped to deliver Adjusted EBITDA well above our guidance, even as foreign exchange and inflationary headwinds impact all global businesses.”
The company also provided guidance for Q4; Uber expects Gross Bookings to grow 23% - 27% Y/Y on a constant currency basis and adjusted EBITDA in the range of $600 - $630 million.
Bottom Line
The market liked what it saw in Uber’s quarterly results, with shares soaring in the pre-market session.
Although earnings came in under expectations, the company’s revenue growth and growing demand for its services are hard to ignore.
Uber’s earnings are forecasted to take a sizable hit in its current fiscal year (FY22), but estimates for FY23 indicate a sizable recovery.
The company’s top-line is in solid standing, with revenue forecasted to grow 82% in FY22 and a further 20% in FY23.
Image Source: Zacks Investment Research
Uber Technologies (UBER - Free Report) currently carries a Zacks Rank #3 (Hold) with an overall VGM Score of a B.
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What's Going On With Uber Shares?
Earnings season continues to chug along. We’ve received a number of reports so far, with companies finally unveiling what’s transpired behind the scenes.
We’ve just received Q3 results from Uber Technologies (UBER - Free Report) , and the reaction was positive, with shares climbing more than 10% in the pre-market session.
Uber Technologies provides a platform that allows users to access transportation and food-ordering services. The company’s operating segments include Core Platform and Other Bets.
The earnings release provided much-needed relief for Uber shares, which are down more than 20% year-to-date, widely lagging the S&P 500.
Image Source: Zacks Investment Research
Let’s take a deeper dive into the quarterly print.
Uber Q3
Uber reported a quarterly loss of -$0.61 per share, missing the Zacks Consensus EPS Estimate of -$0.17 by more than 250%.
Quarterly revenue came in at approximately $8.3 billion, exceeding the Zacks Consensus Sales Estimate of $8.1 billion by 3.3% and reflecting a strong 73% Y/Y uptick.
Gross Bookings grew 26% year-over-year to $29.1 billion, and trips during the quarter totaled 1.95 billion, reflecting a 19% year-over-year change and translating to approximately 21 million daily trips on average.
Further, adjusted EBITDA was $516 million, up an impressive $508 million Y/Y. Nelson Chai, CFO, stated, "Strong demand for our offerings, better marketplace efficiency, and our asset-light platform helped to deliver Adjusted EBITDA well above our guidance, even as foreign exchange and inflationary headwinds impact all global businesses.”
The company also provided guidance for Q4; Uber expects Gross Bookings to grow 23% - 27% Y/Y on a constant currency basis and adjusted EBITDA in the range of $600 - $630 million.
Bottom Line
The market liked what it saw in Uber’s quarterly results, with shares soaring in the pre-market session.
Although earnings came in under expectations, the company’s revenue growth and growing demand for its services are hard to ignore.
Uber’s earnings are forecasted to take a sizable hit in its current fiscal year (FY22), but estimates for FY23 indicate a sizable recovery.
The company’s top-line is in solid standing, with revenue forecasted to grow 82% in FY22 and a further 20% in FY23.
Image Source: Zacks Investment Research
Uber Technologies (UBER - Free Report) currently carries a Zacks Rank #3 (Hold) with an overall VGM Score of a B.