preloader
Monday, March 4, 2024
Follow us on :

Record Ridership Gets Uber To Second Consecutive Quarterly Profit

Uber Technologies Inc (NYSE: UBER) just reported its second ever operating profit in its third quarter report during which it expanded both its rides and food delivery business. Last week, its food delivery rival, DoorDash Inc (NASDAQ: DASH), reported its best quarter since its IPO.

Uber Reported Record Use Of Its Driving Platform

For the third quarter, Uber reported $9.3 billion in revenue that grew 11% YoY. The mobility segment brought in $5.07 billion, the food delivery business contributed $2.93 billion and the freight business added $1.28 billion to the revenue table. 

From its activities, Uber made a net income of $221 million which is its second straight profit from its own business operations, as opposed to investments in other companies. However, its third quarter results were below LSEG’s estimate which were $9.52 billion for revenue and 12 cents in earnings per share.  But adjusted EBITDA of $1.09 billion topped StreetAccount’s estimate of $1.02 billion as it increased $576 million compared to last year’s ...

Full story available on Benzinga.com


Disclaimer: The views, recommendations, and opinions expressed in this content belong solely to the third-party experts. This site was not involved in the writing and production of this article.


Disclaimer Press Release Banner