Uber Q3 2022 earnings

Uber I mentioned Tuesday’s third quarter loss But it beat analysts’ estimates of revenue and showed an increase in bookings. Shares are up about 10% in pre-market trading.

Here’s how the company did:

• share loss: 61 cents
• he won: $8.34 billion versus the $8.12 billion analysts had expected, according to Refinitiv.

Uber reported a net loss of $1.2 billion in the third quarter, of which $512 million was attributable to a revaluation of Uber’s equity investments, according to a statement from the company. Revenue increased 72% year over year.

In a prepared statement, CEO Dara Khosrowshahi said Uber had a “strong quarter” and benefited from the travel boom, easing of lockdowns and shifts in consumer spending. He said October was “the best month ever for both Mobility and the company’s overall total bookings.” However, he cautioned that after the past few years, the company has learned not to take anything for granted.

“With continued rigor in terms of costs, discipline on staffing, and a balanced capital allocation approach, all backed by our leading technical and operational capabilities, we are well positioned to achieve increased profitability over the coming quarters,” Khosrowshahi said.

The company reported a record EBITDA of $516 million, beating guidance from $440 million to $470 million and ahead of analysts’ estimates of $457.7 million according to StreetAccount. Bookings for the quarter totaled $29.1 billion, up 26% year over year.

For the fourth quarter of 2022, Uber said it expects gross bookings to grow between 23% and 27% year-over-year on a constant currency basis, and an adjusted EBITDA of $600 million to $630 million.

Here’s how Uber’s largest business segments performed in the quarter:

Mobility (total bookings): $13.7 billion, below analysts’ estimates of $13.83 billion according to StreetAccount.

Delivery (total bookings): $13.7 billion, below analysts’ estimates of $14.01 billion according to StreetAccount.

Uber has relied heavily on growth in its food delivery business during the pandemic, but its mobility segment has outpaced Eats’ revenue In its first and second quarters As the riders started to ride more. This trend continued through the third quarter, with Uber’s mobility segment reporting revenue of $3.8 billion while delivery recording $2.8 billion.

Uber’s freight business generated $1.75 billion in sales.

The platform’s monthly active consumers rose to 124 million in the third quarter, an increase of 14% year over year. 1.95 billion trips were made on the platform during this period, an increase of 19% year over year.

CEO Dara Khosrowshahi told CNBC’s “Squawk Box” on Tuesday that the company has recovered 80% of the number of drivers who have returned to service.

Uber shares are down more than 36% so far this year. The stock fell more than 10% in October after Biden’s Department of Labor Suggested It could pave the way for regulators and courts to reclassify temporary job workers as employees. The Suggested rule It can raise costs for companies like Uber, Liftand Instacart and DoorDash That relies on contract workers to receive shifts on their own time.

Companies have argued that flexible schedules are attractive to workers, but some experts and labor activists disagree, saying companies are using the contractor model to reduce their own costs and deny workers important protections.

Uber also had to contend with rising gas prices and inflation, but Khosrowshahi told CNBC’s “TechCheck.” In September, the supply side may already be benefiting from the inflationary environment.

With expenses rising and people paying more for necessities like groceries, he said they’re also sharing an Uber ride, he said.

“If anything, 72% of drivers in the United States say one of their Uber driving considerations was actually inflation,” he said.

Uber will hold its quarterly conference call with investors on Tuesday at 8 a.m. ET.

CNBC’s Lauren Viner contributed to this report.