Uber Technologies (NYSE:UBER) Inc (NYSE: UBER) shares are trading higher Tuesday after the company reported strong third-quarter financial results.
Uber said third-quarter revenue increased 72% year-over-year to $8.3 billion, which beat average analyst estimates of $8.13 billion, according to Benzinga Pro. The company reported a quarterly net loss of 61 cents per share. The net loss includes a $512 million net headwind primarily due to net unrealized losses related to the revaluations of Uber's equity investments.
Adjusted EBITDA totaled $516 million in the quarter. Uber said gross bookings grew 26% year-over-year to $29.1 billion.
"Our global scale and unique platform advantages are working together to drive more profitable growth, with Gross Bookings growth of 32% and record Adjusted EBITDA of $516 million. Even as the macroeconomic environment remains uncertain, Uber's core business is stronger than ever," said Dara Khosrowshahi, CEO of Uber.
Uber expects fourth-quarter gross bookings to grow 23% to 27% year-over-year to a range of $30 billion to $31 billion. Fourth-quarter adjusted EBITDA is expected to be between $600 million and $630 million.
UBER Price Action: Uber has a 52-week high of $45.90 and a 52-week low of $19.89.
The stock was up 12.2% at $29.82 at time of publication, according to Benzinga Pro.
Photo: courtesy of Uber.
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