Uber grows Q3 revenue and gross bookings, but net losses still exceed $1B
Uber reported its third quarter financial results on Monday, beating market expectations.
The ride hailing firm posted a net loss of $1.2 billion, or 68 cents per share. The net loss included $401 million in stock-based compensation expense. Revenue for the quarter was $3.8 billion, with growth accelerating 30 percent year-over-year.
Analysts were expecting a net loss of 81 cents per share on revenue of $3.69 billion.
"We're pleased to see the impact that continued category leadership, greater financial discipline, and an industry-wide shift towards healthier growth are already having on our financial performance," CEO Dara Khosrowshahi said in a statement.
Khosrowshahi highlighted the growing profitability of Uber's Rides segment. Rides Adjusted EBITDA came to $631 million, up 52 percent year-over-year, making Q3 Uber's eighth positive Adjusted EBITDA quarter in a row. The segment covered Uber's Corporate G&A and Platform R&D of $623 million.
Other Q3 highlights:
- Gross Bookings were $16.5 billion, representing 29 percent year-over-year growth
- Adjusted EBITDA of $(585) million improved $71 million quarter-over-quarter
- Monthly Active Platform Consumers (MAPCs) came to 103 million, up 26 percent year-over-year
- Completed 1,770 trips, up 31 percent
During the third quarter of 2019, following a number of leadership and organizational changes, Uber reorganized its operations and financial reporting into five segments: Rides, Eats, Freight, Other Bets, and Advanced Technologies Group ("ATG") and Other Technology Programs.
The Other Bets segment consists of multiple investment-stage offerings, the biggest of which is Uber's "New Mobility" offering -- its dockless e-bike and e-scooter services. The segment also includes Transit, UberWorks and its Incubator group.
The ATG and Other Technology Programs segment is responsible for the development and commercialization of autonomous vehicle and ridesharing technologies, as well as Uber Elevate.
In Q3, the Rides segment generated the bulk of Uber's revenue, at $2.89 billion, up 19 percent year-over-year. Revenue from Eats came to $645 million, up 64 percent. The Freight segment generated $218 million, up 78 percent over the year prior. The Other Bets category brought in $38 million in revenue, while ATG and Other Technology Programs brought in $17 million.