Uber Technologies Reports 20% Growth in Gross Bookings for Third Quarter
Uber Technologies (UBER) reported strong third-quarter results, highlighted by a 20% year-over-year increase in gross bookings to $59.8 billion. This marks the fifth consecutive quarter of booking growth exceeding 20%. While revenue grew at a slower pace of 10%, management attributed this discrepancy to business model changes that impacted revenue recognition rather than a decline in consumer demand. Profitability showed significant momentum, with non-GAAP operating income rising 38% year-over-year to $2.3 billion. This efficiency is driven by corporate overhead and R&D growing more slowly than bookings. However, analysts note that adjusted figures exclude approximately $857 million in charges, primarily related to recurring legal and regulatory reserves regarding driver classification.
Tickers: $UBER
Topics: earnings report gross bookings operating income revenue growth
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