Uber Reports Record $49.7B Gross Bookings, Stock Dips Despite Earnings Beat

Uber Technologies reported strong third-quarter results with a 20% revenue increase to $13.47 billion and gross bookings rising 21% to $49.7 billion, driven by growth in both ride-hailing and delivery segments. The company posted a net profit of $6.63 billion, or $3.11 per share, boosted by a $4.9 billion tax valuation release and a $1.5 billion benefit from equity investment revaluations. Uber recorded 3.5 billion trips, a 22% increase year-over-year, and saw a 17% rise in Monthly Active Platform Consumers, showcasing continued user engagement. Despite these positive metrics, shares fell over 8% in pre-market trading and missed operating income expectations, partly due to undisclosed legal and regulatory issues. The company's diversified business, including its freight segment, contributed to its growth, with CEO Dara Khosrowshahi highlighting investments in AI and autonomous vehicles as key to future expansion. While adjusted EBITDA rose 33% year-over-year to $2.3 billion, Uber's cautious earnings forecast and regulatory challenges tempered investor enthusiasm.