Rideshare company Uber reported revenue of $11.19 billion in the third quarter, a year-over-year growth of 20%, coming in higher than analysts’ expectations of $10.98 billion. Net income reached $2.6 billion compared to only $221 million in Q3 2023.
Uber users completed nearly 3 billion trips in the third quarter, an increase of 17% year over year. Falling under Wall Street estimates of $41.25 billion, gross bookings were $40.97 billion. Rising 13%, monthly active app users hit 161 million.
Uber’s earnings before interest, taxes, depreciation, and amortization for the third quarter increased 55% to $1.69 billion. This is over and above previous predictions of $1.64 billion.
“We are in the fortunate position of having strong performance in our core business, which allows us to make organic investments in new products and capabilities that will pay off for our platform over the long term,” said Uber CEO Dara Khosrowshahi, per CNBC.
The company’s fourth quarter 2024 outlook anticipates gross bookings between $42.75 billion and $44.25 billion. Adjusted earnings should be between $1.78 billion and $1.88 billion.
Uber Pushing New Technology
Uber has been positioning itself for growth through innovation and key partnerships, both aimed at expanding its reach. The company’s forward-thinking, aimed at attracting new, previously untapped markets, could give it the edge needed to beat out rivals like Lyft.
During the second quarter of 2024, Uber made a deal with Instacart that opened up restaurant delivery through the Instacart app. In May, Costco and Uber partnered up to offer additional benefits and discounts for Uber One members.
Uber also announced a partnership with Avride on Oct. 3. Together, the two companies will introduce sidewalk robots that deliver food. The service will initially be available in Austin, Texas, with later launches in Dallas and Jersey City, New Jersey.
Early next year, Uber plans to add an AI assistant to its mobile app. The chatbot will encourage Uber drivers to switch to an electric vehicle. Drivers will be able to ask questions about purchasing an EV as well as get information related to battery charging and range.
According to CNBC, Uber even entertained the idea of buying travel booking company Expedia. Reportedly, discussions about a possible deal are in the early stages.
