Uber released its financial figures on Tuesday before the US stock markets opened. For the company, the end of the third quarter of 2023 marked significant earnings growth. After posting a loss of $0.610 per share compared to the previous year, Uber achieved an EPS of $0.11 in the past quarter. This was a positive surprise as analysts had only expected a profit of $0.071 per share in advance. Revenue rose from $8.34 billion to $9.29 billion, falling just short of analysts' forecasts ($9.54 billion). In pre-market trading on the New York Stock Exchange, the Uber share was temporarily down by 0.39 percent, standing at $47.95.
The ride-hailing service Uber has thus not only exceeded its own expectations but also the expectations of analysts. In spite of the ongoing impacts of the COVID-19 pandemic on the travel industry, Uber significantly increased its results compared to the previous year. In the first quarter of this year, Uber had to record a record loss of 8.5 billion US dollars due to high expenditures for its IPO. But now the tables seem to be turning.
These results suggest a recovery of Uber's core business, the ride-hailing service. Revenues from this segment increased by a remarkable 44 percent to $8.78 billion compared to the previous year. This could also be boosted by the ongoing trend towards contactless transport services, which gained momentum during the pandemic. Revenues from Uber's food delivery service, Uber Eats, also rose by 141 percent to $2.51 billion.
Uber's CEO, Dara Khosrowshahi, expressed confidence in the company's future prospects, emphasizing that investments in new business areas such as bike and scooter rental services will pay off. Uber will continue to invest heavily in the development of autonomous vehicles and air taxi services in the future to establish itself as an innovator in the transportation industry.
The financial health of Uber appears to be on a good path, but the company is not immune to potential setbacks, such as new lockdown measures due to COVID-19. Nevertheless, the current figures are a sign of Uber's strength and adaptability, giving investors hope for a promising future.
