Uber (NYSE:UBER) earnings for the ride-sharing company’s third quarter of 2019 have UBER stock falling on Monday. This is despite its diluted losses per share of -68 cents and revenue of $3.81 billion. These are both above Wall Street’s estimates of -81 cents per share and $3.69 billion.
Let’s take a closer look at the most recent Uber earnings report.
- Diluted per-share losses are 69.23% better than -$2.21 in the same period of the year prior.
- Revenue is up 29.59% YoY from $2.94 billion.
- Operating losses for the quarter grew 45.47% from -$763 million to -$1.11 billion.
- The Uber earnings report also includes a net loss of -$1.16 billion.
- That’s 16.70% wider than the company’s net loss of -$994 million in the third quarter of 2018.
- UBER also saw gross bookings increase 29% from the same time last year to $16.50 billion in the third quarter of 2019.
Dara Khosrowshahi, CEO of Uber, says this about the Q3 UBER stock earnings.
“Our results this quarter decisively demonstrate the growing profitability of our Rides segment. Rides Adjusted EBITDA is up 52% year-over-year and now more than covers our corporate overhead. Revenue growth and take rates in our Eats business also accelerated nicely”
The Uber earnings report also includes an update to its 2019 outlook. The company is increasing its Adjusted EBITDA guidance to a loss of -$2.8 billion to -$2.9 billion. This is a $250 million increase over its previous guidance.
UBER stock was down 5.15% after the markets closed on Monday. The stock also closed out the day down early 1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.