Uber Technologies, Inc. (NYSE: UBER) shares fell more than 7% on Tuesday after guidance for the current quarter underwhelmed, offsetting better-than-expected third-quarter results.
The company reported EPS of $1.20, topping expectations of $0.69, and revenue of $13.47 billion on a constant currency basis, ahead of estimates of $13.26 billion. Gross bookings grew 21% year over year to $49.7 billion, with the same growth rate on a constant currency basis.
Adjusted EBITDA rose 33% to $2.3 billion, representing a 4.5% margin on gross bookings versus 4.1% a year earlier. The figure was slightly below Street expectations but above the midpoint of the company’s guidance. Uber completed 3.5 billion trips in the quarter, up 22%, supported by 17% growth in monthly active platform consumers and a 4% increase in trips per consumer.
For the fourth quarter, Uber guided gross bookings to $52.25 billion to $53.75 billion versus a $52.33 billion consensus and projected adjusted EBITDA of $2.41 billion to $2.51 billion, implying a 4.55% to 4.74% margin on gross bookings compared with consensus of $2.49 billion and a 4.74% margin.
