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Uber Technologies (UBER - Free Report) reported solid third-quarter 2024 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Quarterly earnings per share (EPS) of $1.20 outpaced the Zacks Consensus Estimate of 41 cents and improved more than 100% on a year-over-year basis.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Total revenues of $11.2 billion beat the Zacks Consensus Estimate of $10.9 billion. The top line jumped 20% year over year on a reported basis and 22% on a constant currency basis.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
In the reported quarter, the majority (57.2%) of the company’s revenues came from Mobility. Revenues from this segment jumped 26% year over year on a reported basis and 29% on a constant currency basis to $6.41 billion, owing to an increase in Mobility gross bookings due to an increase in trip volumes. The actual segmental sales figure was above our expectation of $6.27 billion.
Revenues from the Delivery segment increased 18% year over year on a reported basis and 19% on a constant currency basis to $3.47 billion, owing to an increase in delivery gross bookings due to an increase in trip volumes and a rise in advertising revenues. The actual segmental sales figure was above our expectation of $3.35 billion.
Freight revenues were $1.31 billion, up 2% year over year on a reported basis, as well as on a constant currency basis due to an increase in revenue per load, partially offset by continued pressure from category-wide headwinds. The actual segmental sales figure was above our expectation of $1.24 billion.
Other Q3 Details
Adjusted EBITDA in the third quarter surged 55% to $1.69 billion. The reported figure lies above the guided range of $1.58-$1.68 billion.
Gross bookings from Mobility improved 17% year over year on a reported basis and 24% on a constant currency basis to $21 billion. Gross bookings from Delivery augmented 16% year over year on a reported basis and 17% on a constant currency basis to $18.6 billion. Gross bookings from Freight came in at $1.31 million in the third quarter, up 2% year over year on a reported basis, as well as on a constant currency basis.
Total gross bookings ascended 16% year over year on a reported basis and 20% on a constant currency basis to $40.9 billion. The reported figure was within the guided range of $40.25 billion to $41.75 billion.
Balance-Sheet Data
Uber exited the third quarter with cash and cash equivalents of $6.15 billion compared with $4.49 billion at the end of the prior quarter. Long-term debt, net of the current portion at the end of the reported quarter, was $10.98 billion compared with $9.45 billion in the previous quarter.
Operating cash flow came in at $2.15 billion in the reported quarter. The free cash flow was $2.10 billion.
UBER's Q4 Guidance
For the fourth quarter of 2024, Uber expects gross bookings of$42.75-$44.25 billion, indicating year-over-year growth of 16-20% on a constant currency basis.
The adjusted EBITDA is estimated to be in the range of $1.78 billion to $1.88 billion, suggesting year-over-year growth of 39% to 47%.
UBER’s Zacks Rank
Currently, UBER carries a Zacks Rank #3 (Hold).
Upcoming Q3 Releases of Other Computer and Technology Companies
SHOP shares have lost 0.5% year to date. The Zacks Consensus Estimate for the company’s third-quarter earnings has remained unchanged at 27 cents per share, over the past 60 days. SHOP has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 31.17%.
Lyft (LYFT - Free Report) is scheduled to release third-quarter 2024 results on Nov. 6. It carries a Zacks Rank #2 (Buy) at present.
LYFT shares have lost 12.7% year to date. The Zacks Consensus Estimate for the company’s third-quarter earnings has been revised upward by 11.1% to 20 cents per share, over the past 60 days. Lyft has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 78.78%.
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UBER Q3 Earnings & Revenues Surpass Estimates, Rise Y/Y
Uber Technologies (UBER - Free Report) reported solid third-quarter 2024 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Quarterly earnings per share (EPS) of $1.20 outpaced the Zacks Consensus Estimate of 41 cents and improved more than 100% on a year-over-year basis.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Total revenues of $11.2 billion beat the Zacks Consensus Estimate of $10.9 billion. The top line jumped 20% year over year on a reported basis and 22% on a constant currency basis.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote
UBER’s Segmental Details
In the reported quarter, the majority (57.2%) of the company’s revenues came from Mobility. Revenues from this segment jumped 26% year over year on a reported basis and 29% on a constant currency basis to $6.41 billion, owing to an increase in Mobility gross bookings due to an increase in trip volumes. The actual segmental sales figure was above our expectation of $6.27 billion.
Revenues from the Delivery segment increased 18% year over year on a reported basis and 19% on a constant currency basis to $3.47 billion, owing to an increase in delivery gross bookings due to an increase in trip volumes and a rise in advertising revenues. The actual segmental sales figure was above our expectation of $3.35 billion.
Freight revenues were $1.31 billion, up 2% year over year on a reported basis, as well as on a constant currency basis due to an increase in revenue per load, partially offset by continued pressure from category-wide headwinds. The actual segmental sales figure was above our expectation of $1.24 billion.
Other Q3 Details
Adjusted EBITDA in the third quarter surged 55% to $1.69 billion. The reported figure lies above the guided range of $1.58-$1.68 billion.
Gross bookings from Mobility improved 17% year over year on a reported basis and 24% on a constant currency basis to $21 billion. Gross bookings from Delivery augmented 16% year over year on a reported basis and 17% on a constant currency basis to $18.6 billion. Gross bookings from Freight came in at $1.31 million in the third quarter, up 2% year over year on a reported basis, as well as on a constant currency basis.
Total gross bookings ascended 16% year over year on a reported basis and 20% on a constant currency basis to $40.9 billion. The reported figure was within the guided range of $40.25 billion to $41.75 billion.
Balance-Sheet Data
Uber exited the third quarter with cash and cash equivalents of $6.15 billion compared with $4.49 billion at the end of the prior quarter. Long-term debt, net of the current portion at the end of the reported quarter, was $10.98 billion compared with $9.45 billion in the previous quarter.
Operating cash flow came in at $2.15 billion in the reported quarter. The free cash flow was $2.10 billion.
UBER's Q4 Guidance
For the fourth quarter of 2024, Uber expects gross bookings of$42.75-$44.25 billion, indicating year-over-year growth of 16-20% on a constant currency basis.
The adjusted EBITDA is estimated to be in the range of $1.78 billion to $1.88 billion, suggesting year-over-year growth of 39% to 47%.
UBER’s Zacks Rank
Currently, UBER carries a Zacks Rank #3 (Hold).
Upcoming Q3 Releases of Other Computer and Technology Companies
Shopify Inc. (SHOP - Free Report) is slated to release third-quarter 2024 results on Nov. 12. It sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
SHOP shares have lost 0.5% year to date. The Zacks Consensus Estimate for the company’s third-quarter earnings has remained unchanged at 27 cents per share, over the past 60 days. SHOP has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 31.17%.
Lyft (LYFT - Free Report) is scheduled to release third-quarter 2024 results on Nov. 6. It carries a Zacks Rank #2 (Buy) at present.
LYFT shares have lost 12.7% year to date. The Zacks Consensus Estimate for the company’s third-quarter earnings has been revised upward by 11.1% to 20 cents per share, over the past 60 days. Lyft has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 78.78%.