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Uber results have arrived

8 November 2023 By Klavs Valters

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Uber Technologies Inc. (NYSE: UBER) released its latest earnings results before the market open in the US on Tuesday. Let’s see how it performed in Q3.

Company overview

  • Founded: March 2009
  • Headquarters: San Francisco, California, United States
  • Number of employees: 32,800 (2022)
  • Industry: Transportation, food delivery
  • Key people: Ronald Sugar (Chairman), Dara Khosrowshahi (CEO)

The results

The company reported revenue of $9.292 billion for the quarter (up by 11% year-over-year), missing analyst estimate of $9.539 billion.

Earnings per share (EPS) reported above estimates at $0.10 per share vs. $0.071 per share expected.

Uber completed 2.4 billion trips during the quarter, up by 25% during the same period last year.

Monthly active platform consumers reached 142 million in Q3, up by 15% year-over-year.

CEO and CFO commentary

“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25%,” Uber CEO, Dara Khosrowshahi said in a statement.

“Uber’s core business is stronger than ever as we enter the busiest period of the year,” Khosrowshahi added.

“Strong topline trends and record profitability demonstrate the durability of our growth and the significant earnings power underlying our platform,” Nelson Chai, CFO of the company said about the latest results.

“We continue to make disciplined investments in growth opportunities to support long-term value creation for all stakeholders,” Chai concluded.

The stock was up by around 1% on Tuesday, trading at the highest level since 11th September at $48.94 a share.

Stock performance

  • 1 month: +5.49%
  • 3 months: +8.92%
  • Year-to-date: +98.91%
  • 1 year: +79.26%

Uber price targets

  • Keybanc: $50
  • Seaport Global: $51
  • Needham: $60
  • RBC Capital: $58
  • Wells Fargo: $59
  • Loop Capital: $58
  • JP Morgan: $56
  • Truist Securities: $60
  • Morgan Stanley: $60

Uber is the 131st largest company in the world with a market cap of $100.92 billion, according to CompaniesMarketCap.

You can trade Uber Technologies Inc. (NYSE: UBER) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

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Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

Sources: Uber Technologies Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Wikipedia

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.