Uber Reports Growing Profitability In Its Rides Segment

(RTTNews) - Uber Technologies, Inc. (UBER) reported that its third-quarter gross bookings grew $3.7 billion year-over-year to $16.5 billion, representing 29 percent year-over-year growth, or 32 percent on a constant currency basis. Adjusted net revenue growth accelerated to 33 percent year-over-year, or 35 percent on a constant currency basis. Rides adjusted EBITDA was up 52 percent year-over-year.

For the third-quarter, loss per share was $0.68 compared to a loss of $2.21, a year ago. On average, 23 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.81, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was negative at $585 million, a 28 percent wider loss from previous year. Rides adjusted EBITDA was at $631 million compared to $416 million, a year ago.

Third-quarter adjusted net revenue increased to $3.53 billion from $2.66 billion, previous year. Analysts expected revenue of $3.69 billion, for the quarter.

Looking forward, the company improved its full year adjusted EBITDA guidance by $250 million to a loss of $2.8-2.9 billion.