Shares of Uber Technologies Inc.
UBER,
were popping in premarket trading Tuesday after the ride-hailing giant topped revenue expectations and gave an upbeat outlook for the current quarter. The company reported a third-quarter net loss of $1.2 billion, or 61 cents a share, compared with $2.4 billion, or $1.28 a share, in the year-earlier period. Analysts tracked by FactSet were anticipating an 18-cent loss per share. Uber also posted adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $516 million, whereas the company posted positive adjusted Ebitda of $8 million in the same period a year before. The FactSet consensus was for $456 million on the non-GAAP metric. Uber’s revenue for the quarter surged to $8.34 billion from $4.85 billion, while the FactSet consensus called for $8.11 billion. For the fourth quarter, Uber executives anticipate gross bookings of $30 billion to $31 billion, while analysts were expecting $29.6 billion. Uber’s management team is also modeling $600 million to $630 million in adjusted Ebitda, whereas analysts were projecting $568 million. Uber shares have fallen 37% so far this year as the S&P 500
SPX,
has lost 19%.
