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UBER's Q3 Earnings and Revenues Miss Estimates, Rise Y/Y
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Uber Technologies (UBER - Free Report) reported third-quarter 2023 earnings of 10 cents per share, which missed the Zacks Consensus Estimate of 13 cents. In third-quarter 2022, Uber reported a loss of 61 cents per share. Total revenues of $9,292 million missed the Zacks Consensus Estimate of $9,466.4 million. The top line jumped 11.4% year over year.
In the reported quarter, the majority (54.5%) of the company’s revenues came from Mobility. Revenues from this segment jumped 33% year over year to $5,071 million. Revenues from the Delivery segment increased 6% year over year to $2,935 million. Freight revenues fell to $1,286 million, down 27% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.
Adjusted EBITDA in the third quarter surged more than 100% to $1,092 million.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Gross bookings from Mobility improved 31% to $17,903 million. Gross bookings from Delivery augmented 18% to $16,094 million. Gross bookings from Freight was $1,284 million in the third quarter, down 27% from the year-ago quarter. Total gross bookings ascended 21% to $35,281 million.
Uber exited the third quarter with cash and cash equivalents of $4,448 million compared with $4,995 million at the prior-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $9,252 million compared with $9,255 million at the second-quarter end.
Operating cash flow came in at $966 million compared with $432 million in the year-ago quarter. The free cash flow was $905 million.
Q4 Guidance
For the fourth quarter of 2023, Uber expects gross bookings of $36.5 billion-$37.5 billion. The adjusted EBITDA is estimated to be between $1.18 billion and $1.24 billion.
Let’s take a look at the third-quarter performances of other companies from the same industry.
Lyft (LYFT - Free Report) reported third-quarter 2023 earnings (excluding 27 cents from non-recurring items) of 24 cents per share, which beat the Zacks Consensus Estimate of 13 cents. In the year-ago period, it reported earnings of 11 cents.
Total revenues of $1,157.6 million surpassed the Zacks Consensus Estimate of $1,142.3 million. The top line rose 9.8% year over year, reflecting growth in the rideshare market. Active riders increased 10% year over year in the reported quarter to 22.4 million. The figure was, however, below our estimate of 24.4 million.
Etsy (ETSY - Free Report) reported third-quarter 2023 earnings of 64 cents per share, which outpaced the Zacks Consensus Estimate by 30.61%. The bottom line reflects a year-over-year increase of 10.3%.
Revenues advanced 7% year over year to $636.3 million. The figure beat the Zacks Consensus Estimate by 1.04%. ETSY’s top-line growth was driven by accelerating services revenues.
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UBER's Q3 Earnings and Revenues Miss Estimates, Rise Y/Y
Uber Technologies (UBER - Free Report) reported third-quarter 2023 earnings of 10 cents per share, which missed the Zacks Consensus Estimate of 13 cents. In third-quarter 2022, Uber reported a loss of 61 cents per share. Total revenues of $9,292 million missed the Zacks Consensus Estimate of $9,466.4 million. The top line jumped 11.4% year over year.
In the reported quarter, the majority (54.5%) of the company’s revenues came from Mobility. Revenues from this segment jumped 33% year over year to $5,071 million. Revenues from the Delivery segment increased 6% year over year to $2,935 million. Freight revenues fell to $1,286 million, down 27% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.
Adjusted EBITDA in the third quarter surged more than 100% to $1,092 million.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote
Gross bookings from Mobility improved 31% to $17,903 million. Gross bookings from Delivery augmented 18% to $16,094 million. Gross bookings from Freight was $1,284 million in the third quarter, down 27% from the year-ago quarter. Total gross bookings ascended 21% to $35,281 million.
Uber exited the third quarter with cash and cash equivalents of $4,448 million compared with $4,995 million at the prior-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $9,252 million compared with $9,255 million at the second-quarter end.
Operating cash flow came in at $966 million compared with $432 million in the year-ago quarter. The free cash flow was $905 million.
Q4 Guidance
For the fourth quarter of 2023, Uber expects gross bookings of $36.5 billion-$37.5 billion. The adjusted EBITDA is estimated to be between $1.18 billion and $1.24 billion.
UBER currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Let’s take a look at the third-quarter performances of other companies from the same industry.
Lyft (LYFT - Free Report) reported third-quarter 2023 earnings (excluding 27 cents from non-recurring items) of 24 cents per share, which beat the Zacks Consensus Estimate of 13 cents. In the year-ago period, it reported earnings of 11 cents.
Total revenues of $1,157.6 million surpassed the Zacks Consensus Estimate of $1,142.3 million. The top line rose 9.8% year over year, reflecting growth in the rideshare market. Active riders increased 10% year over year in the reported quarter to 22.4 million. The figure was, however, below our estimate of 24.4 million.
Etsy (ETSY - Free Report) reported third-quarter 2023 earnings of 64 cents per share, which outpaced the Zacks Consensus Estimate by 30.61%. The bottom line reflects a year-over-year increase of 10.3%.
Revenues advanced 7% year over year to $636.3 million. The figure beat the Zacks Consensus Estimate by 1.04%. ETSY’s top-line growth was driven by accelerating services revenues.