Uber Technologies, Inc. (NYSE: UBER) on Tuesday reported a narrower net loss for the third quarter of 2022 when the ride-hailing company’s revenues increased by double digits amid strong booking growth.
Net loss for the September quarter was $1.21 billion or $0.61 per share, compared to a loss of $2.42 billion or $1.28 per share in the corresponding period of last year. The bottom line, meanwhile, fell short of expectations.
The improvement reflects a 72% increase in net revenues to $8.34 billion in the most recent quarter from $4.85 billion in the third quarter of 2021, with all three operating segments registering strong growth. Revenues also beat estimates. At $29.12 billion, gross bookings were higher by 26%, and up 32% on a constant-currency basis.
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“Our global scale and unique platform advantages are working together to drive more profitable growth, with Gross Bookings growth of 32% and record Adjusted EBITDA of $516 million,” said Dara Khosrowshahi, chief executive officer of Uber.