Uber continues on a successful course: Increased revenue again due to growing demand

The mobility and logistics giant Uber reported a 20 percent increase in revenue in the third quarter of the current fiscal year, driven by rising bookings in the ride-hailing and food delivery sectors, particularly in North America and Northern Europe. The revenue of $11.2 billion exceeded analysts' expectations and was well above the $9.3 billion from the same period last year. The company's operating profit jumped to $1.1 billion, significantly surpassing average estimates, driven by a 16 percent increase in bookings and a rise in monthly active users from 142 to 161 million. CEO Dara Khosrowshahi highlighted strong performance in the core business and progress in the new product portfolio as well as strategic partnerships, including agreements with Waymo and Cruise in the field of autonomous driving. Uber has evolved into a comprehensive 'super-app' over the past few years, now offering not only rides but also train and flight bookings, food delivery, corporate logistics, and advertising. A recent 86 percent increase in stock price and over $9 billion in liquid assets motivated Uber to consider a takeover of the travel booking giant Expedia, where Khosrowshahi previously served as CEO for eight years. CFO Prashanth Mahendra-Rajah emphasizes that the company continues to consider strategic acquisition opportunities but maintains high standards for potential mergers and acquisitions. Despite economic uncertainties and inflationary pressures, Uber's financial performance reflects strong consumer spending willingness. This coincides with 2.8 percent growth in the US economy in the third quarter and unexpectedly high job creation in September. While ride-hailing bookings grew by 24 percent, particularly in the United Kingdom, Argentina, and Germany, food and shopping deliveries increased by 17 percent. Freight bookings, however, only rose by 2 percent. Khosrowshahi noted, however, that there is still potential for growth in less densely populated and secondary markets. A notable highlight is the free cash flow of $6 billion last year and a portfolio of equity investments with unrealized gains of $1.7 billion, including companies like Aurora and DiDi. Market expectations for the current quarter, ending in December, concerning adjusted earnings before interest, taxes, and depreciation, range between $1.78 and $1.88 billion.