Uber beat third-quarter revenue forecast — CNBC

Uber generated $14.77 billion in revenue in the third quarter, exceeding analysts' average forecast of $14.69 billion. At the same time, the results of the company's two main businesses — ride-hailing and food delivery — came in below market expectations, CNBC reports.

Financial results

Uber's revenue rose 10% from $13.47 billion in the same period a year earlier. Net income amounted to $512 million, down 92% year over year. A year earlier, the company had a $4.9 billion tax benefit from the release of a valuation allowance on tax assets.

Earnings per share were 25 cents, compared with analysts' expectations of 96 cents. Gross bookings reached $59.82 billion, nearly in line with StreetAccount's consensus forecast of $59.83 billion.

Pressure on rides abroad

Revenue in the mobility division, which includes the ride-hailing service, declined 2% to $7.52 billion. Analysts had expected $7.71 billion. Revenue from the food delivery segment rose 23% to $5.49 billion, but also fell short of the average estimate of $5.51 billion.

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Uber CEO Dara Khosrowshahi said international results in the mobility segment were somewhat weaker than expected due to high fuel prices and more limited driver availability in several markets. According to him, the company is making targeted investments to increase the supply of drivers.

Freight and autonomous vehicles

Uber's freight division helped the company beat its revenue forecast: its sales rose 34% to $1.76 billion, while StreetAccount had forecast $1.49 billion. For the fourth quarter, the company forecasts gross bookings of $64.5 billion at the midpoint of its guidance range, compared with an expected $64.26 billion.

Uber also expects to have more than 2,000 fully driverless vehicles on its platform by the end of 2027. Half of them are to operate in the United States, with the rest in international markets. By the end of the current year, the company expects about 700 such vehicles on the platform.