Ride-hailing company Uber swung to a net profit of $221 million in the third quarter, compared with a $1.2 billion loss in the same period last year, driven by an increase in gross bookings and overall sales.
Its operating income stood at $394 million in the quarter that ended on September 30, up from a loss of $495 million year on year.
Meanwhile, the California-based company’s third-quarter revenue rose 11 per cent on an annual basis to nearly $9.3 billion, short of analysts’ expectations of $9.5 billion.
“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25 per cent,” said Dara Khosrowshahi, Uber's chief executive.
“Uber’s core business is stronger than ever as we enter the busiest period of the year.”
Uber's combined mobility and delivery divisions revenue grew 21 per cent year on year to $8 billion.
The company also crossed 2.4 billion trips in the last quarter – an average of nearly 1.12 million trips per hour or almost 27 million trips per day. The company defined trips as the number of completed consumer mobility rides and delivery orders in a given period.
The monthly active platform consumers reached 142 million in the previous quarter, up 15 per cent annually.
Following the earnings announcement, shares of Uber dropped 2.89 per cent in pre-market trading to $46.75. The company’s market capitalisation stood at $98.38 billion as of Tuesday.
The company’s gross bookings surged 21 per cent year on year to more than $35.3 billion in the third quarter, more than 4.7 per cent up on a quarterly basis.
Delivery gross bookings increased 18 per cent during the July-September period to $16 billion and mobility bookings surged 31 per cent to $17.9 billion.
Freight unit bookings – which include transport, logistics, supply chain and storage solutions – dropped 27 per cent yearly to $1.3 billion.
The company said the unrestricted cash, cash equivalents and short-term investments were $5.2 billion as of September 30.
The company reported an adjusted income of $1.1 billion before interest, tax and other expenses in the three months to end of September. That was $576 million improvement over the same period in 2022.
In its fourth quarter outlook, the company expects gross bookings to grow in the range of $36.5 billion to $37.5 billion. It expects its adjusted income to range between $1.18 billion and $1.24 billion.
“We continue to make disciplined investments in growth opportunities to support long-term value creation for all stakeholders,” the company’s chief financial officer Nelson Chai said.
“Strong topline trends and record profitability demonstrate the durability of our growth and the significant earnings power underlying our platform.”
The company spent nearly $797 million on research and development, about 8.5 per cent of its total sales in the quarter. This is 4.8 per cent more than what was spent on research and development in the same period in 2021.
In the last quarter, Uber also announced a mobility partnership with an autonomous driving technology company Waymo in Phoenix. Riders can now request a ride and have the chance to be matched with a Waymo vehicle, marking the first time that fully autonomous rides are available on the Uber platform.
Uber has committed to becoming a zero-emissions mobility platform by 2040.
The company said drivers and couriers earned $15.9 billion during the last quarter, an annual rise of 24 per cent.
UAE currency: the story behind the money in your pockets
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The five pillars of Islam
COMPANY%20PROFILE
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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