UBER.N

Uber Technologies Inc Reports Third Quarter 2024 Financial Results

authorIntellectia.AI

2024-10-312mins

Uber Technologies, Inc. Reports Third Quarter 2024 Financial Results

Uber Technologies, Inc. (NYSE: UBER) disclosed its financial performance for the quarter ending September 30, 2024, exhibiting substantial growth and profitability.

Key Financial Metrics

Metric Q3 2024 YoY Change Consensus Estimates
Total Revenue $11.2 billion 20% $10.98 billion
Income from Operations $1.1 billion - -
Adjusted EBITDA $1.7 billion 55% -
Operating Cash Flow $2.2 billion -
Free Cash Flow $2.1 billion -

Interpretation: Uber's financial performance in Q3 2024 showcased robust revenue growth and strong operational results, surpassing Wall Street's expectations with revenue up by 20% year-over-year (YoY) to $11.2 billion. Adjusted EBITDA surged by 55% YoY, indicating effective cost management and scalability of the platform.

Revenue Performance by Segment

Segment Revenue YoY Change QoQ Change
Mobility $6.4 billion 26% 4%
Delivery $3.5 billion 18% 5%
Freight $1.3 billion 2% 3%

Interpretation: The Mobility segment continues to drive growth with a 26% YoY increase, complemented by a robust 18% growth in Delivery revenue.

Key Developments and Operational Highlights

  • Gross Bookings grew 16% YoY to $41.0 billion.
  • Commencement of autonomous partnerships with companies like Waymo and Cruise.
  • Expansion of Uber One membership base to over 25 million members.
  • Achieved a historic milestone of $1 billion in GAAP operating income.

Executive Commentary

CEO Dara Khosrowshahi expressed confidence in Uber’s sustainable growth trajectory, highlighting ongoing investments in technology enhancements and strategic expansions to enhance user experience and safety. CFO Prashanth Mahendra-Rajah reaffirmed their commitment to capital returns through share repurchases and strategic investments.

Dividends and Share Repurchase Programs

Uber repurchased $375 million worth of common stock during Q3 under the existing authorization, reflecting its commitment to returning capital to shareholders.

Forward Guidance

For Q4 2024, Uber projects Gross Bookings between $42.75 billion to $44.25 billion, with Adjusted EBITDA anticipated to reach between $1.78 billion to $1.88 billion, reflecting continued momentum and growth potential.

Stock Price Movement

Post-earnings release, Uber's stock experienced a minor increase of approximately 0.28%, reflecting investor confidence in the company’s performance and future outlook.

In summary, Uber Technologies continues to exhibit enviable growth and operational resilience, reflecting its strategic initiatives and strong market positioning.

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