Uber released third-quarter financial results showing total revenue of $13.47 billion, representing 10% growth compared to the prior year period. The company posted net income of $512 million, a 92% decline from the previous year’s results, which had benefited from a $4.9 billion tax valuation release.
The company’s core ride-hailing segment generated $7.52 billion in revenue, falling short of the $7.71 billion consensus estimate. Management attributed the shortfall to international market headwinds, citing elevated fuel prices and constrained driver availability as factors limiting supply expansion in several overseas regions. The food delivery unit achieved $5.49 billion in revenue with 23% growth, though this trailed the $5.51 billion average estimate. Total bookings reached $59.82 billion, approximately matching the $59.83 billion analyst forecast.
The company’s freight division provided an earnings bright spot, with sales climbing 34% to $1.76 billion and exceeding the consensus projection of $1.49 billion. Chief Executive Dara Khosrowshahi emphasized in media remarks that demand outpaces available supply, particularly within the mobility business. He noted the company plans to avoid customer price increases and longer wait times by expanding driver recruitment efforts across India, Brazil, and the United States.
Uber disclosed approximately $10 billion in capital commitments toward autonomous vehicle integration through various partnerships and investments in companies developing robotaxis and driverless trucks. Management outlined plans to operate more than 2,000 automated vehicles on its platform by the end of 2027, with approximately half based domestically. The company expects around 700 such vehicles available by year-end, including newly added Amazon Zoox and Motional robotaxis launching in Las Vegas this quarter.
The company’s delivery operations have expanded through acquisitions including Delivery Hero operations in Germany and ezCater in the United States. The expanded Costco partnership for Uber Eats in the United States is performing ahead of expectations, with Costco ranking among the platform’s top merchants by gross bookings. For the fourth quarter, management issued guidance for total bookings of $64.5 billion at the midpoint, aligning with the $64.26 billion average analyst estimate.
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