Uber Technologies reported its third-quarter 2024 financial results on October 31, 2024, showing mixed performance. The company surpassed Wall Street's revenue expectations, achieving $11.19 billion, a 20% increase year-over-year from $9.3 billion. Net income attributable to Uber reached $2.6 billion, or $1.20 per share, significantly up from $221 million, or 10 cents per share, in the prior year, which included a $1.7 billion pre-tax benefit from unrealized gains on equity investments.
However, Uber's gross bookings for the period came in at $40.97 billion, falling short of analysts' expectations of $41.25 billion. This represented a slower growth rate of 16% year-over-year. Adjusted EBITDA, a key profitability metric, grew by 55% year-over-year to $1.69 billion, slightly exceeding the $1.64 billion expected by analysts.
For the fourth quarter, Uber provided guidance for gross bookings between $42.75 billion and $44.25 billion, which was below StreetAccount estimates of $43.68 billion. Adjusted EBITDA guidance was set between $1.78 billion and $1.88 billion, compared to analysts' expectations of $1.83 billion. CEO Dara Khosrowshahi also stated that Uber's M&A focus is on 'smaller deals that are much more closer to home,' downplaying the prospect of large, transformative acquisitions like the recently rumored Expedia bid.
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