Uber Shares Drop 9% Despite Strong Q3 Earnings

Uber Technologies (NYSE:UBER) reported third-quarter earnings that beat analyst expectations, but its shares fell over 9% intra-day today as investors showed a muted response to the results.

For Q3, Uber posted adjusted earnings per share of $1.20, far exceeding the $0.37 forecast, with revenue rising to $11.19 billion, a 20% year-over-year increase and above the expected $10.99 billion. The company's gross bookings reached $41 billion, up 16% year-over-year, driven by 17% growth in Mobility to $21 billion and a 16% increase in Delivery to $18.7 billion.

Uber achieved a milestone with $1.1 billion in operating income, its first time surpassing the $1 billion mark in a single quarter. Adjusted EBITDA also saw a strong 55% year-over-year rise, hitting $1.7 billion.

Looking ahead, Uber projected Q4 gross bookings between $42.75 billion and $44.25 billion, translating to 16% to 20% growth on a constant currency basis, and expects adjusted EBITDA in the range of $1.78 billion to $1.88 billion.