A month has gone by since the last earnings report for Uber Technologies (UBER Quick QuoteUBER - Free Report) . Shares have added about 20.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Uber due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Earnings Miss at Uber in Q3

Uber reported third-quarter 2023 earnings of 10 cents per share, 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.

Gross bookings from Mobility improved 31% to $17,903 million. Gross bookings from Delivery augmented 18% to $16,094 million. Gross bookings from Freight came in at $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 end of prior quarter. 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 prior 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 $1.18 billion to $1.24 billion.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates flatlined during the past month.

The consensus estimate has shifted -11.74% due to these changes.

VGM Scores

Currently, Uber has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Uber has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Uber is part of the Zacks Internet - Services industry. Over the past month, Zillow Group (ZG Quick QuoteZG - Free Report) , a stock from the same industry, has gained 18.6%. The company reported its results for the quarter ended September 2023 more than a month ago.

Zillow reported revenues of $496 million in the last reported quarter, representing a year-over-year change of +2.7%. EPS of $0.33 for the same period compares with $0.38 a year ago.

For the current quarter, Zillow is expected to post earnings of $0.12 per share, indicating a change of -42.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -31.4% over the last 30 days.

Zillow has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.