Uber Technologies, Inc. (UBER.US)Q3 revenue surpasses expectations, Q4 adjusted core profit guidance slightly below expectations.

Uber Technologies, Inc. (UBER.US) released its third-quarter financial report before the market opened on Tuesday, predicting that the total bookings for the fourth quarter will exceed expectations. The company expects the membership program to boost demand for ride-hailing and delivery services ahead of the busy holiday season. Data shows that in the third quarter ending September 30, Uber Technologies, Inc. had total bookings of $49.74 billion, higher than the expected $48.73 billion, with revenue increasing by 20% to $13.47 billion, exceeding the expected $13.28 billion. Net profit nearly tripled compared to the same period last year, reaching $6.6 million, or $3.11 per share, surpassing the market average expectation. Adjusted EBITDA increased by 33% to approximately $2.26 billion, in line with StreetAccount's expectations. However, the company forecasts adjusted core earnings for Q4 to be between $2.41 billion and $2.51 billion, slightly lower than the market expectation of $2.48 billion. As of the time of writing, Uber Technologies, Inc. stock price has fallen by over 8% in pre-market trading. As of the end of Monday's trading day, with strong performance and a dominant position in the ride-hailing industry, Uber Technologies, Inc. stock price has risen by approximately 65% this year. In the third quarter, revenue exceeded expectations due to increased demand for urban commuting as students returned to school and stricter back-to-work policies were implemented. CEO Dara Khosrowshahi stated that Uber Technologies, Inc.'s One Plan is encouraging users to book more food and fresh delivery services, highlighting the company's potential for growth beyond ride-hailing. In the quarter from July to September, the sales in the delivery department grew by 29%, outperforming the 20% increase in travel service revenue and the flat growth in freight services. Khosrowshahi pointed out that consumers who use multiple services offered by Uber Technologies, Inc. have a 35% higher retention rate and spend three times more than other users. Currently, only about 20% of active users in markets that offer both ride-hailing and delivery services use both, but in the best-performing countries, this percentage has been exceeded. Uber Technologies, Inc. predicts that the total bookings for the fourth quarter (including ride-hailing, delivery, and other services) will be between $52.25 billion and $53.75 billion. According to data compiled by the London Stock Exchange Group (LSEG), analysts expect $52 billion. Starting from the first quarter of next year, Uber Technologies, Inc. will replace adjusted EBITDA forecasts with adjusted profit forecasts, adopting the typical practice of more mature companies.