Uber Technologies reported third-quarter 2024 financial results on Oct. 31, showing revenue increased 20% year-over-year to $11.2 billion, above analysts’ expectations of $10.98 billion. The company achieved record operating profit of $1.06 billion, marking a significant step on its path to sustained profitability.
Gross bookings grew 16% to $41 billion, slightly below the expected $41.3 billion. The mobility segment contributed $6.41 billion to revenue, up 26%, while the delivery segment added $3.47 billion, up 18%. Uber also saw a 13% increase in the platform’s monthly active consumers to 161 million, with total trips up 17% to 2.9 billion.
Despite this positive data, Uber shares are currently down around 9.3% following the earnings announcement. The market reaction was tempered by slower-than-expected booking growth and Uber’s cautious outlook. For the fourth quarter, Uber expects gross bookings of $42.75 billion to $44.25 billion, with the midpoint of this guidance slightly below analyst estimates of $43.7 billion.
CEO Dara Khosrowshahi expressed confidence in Uber’s direction, saying, “We delivered another record quarter of profitable growth on a global scale, reflecting the strength of our platform.” He also noted Uber’s progress in autonomous vehicle initiatives and partnerships with companies like Waymo.