Ride-hailing company Uber reported a net loss in the third quarter, driven by unrealised losses related to the revaluations of Uber’s equity investments.
The California-based company’s net loss reached $1.2 billion, from $2.4bn loss in the same period last year. It included a $512 million net headwind primarily due to unrealised losses related to the revaluations of Uber’s equity investments and $482m in stock-based compensation expense, the company said in a statement on Tuesday.
Uber’s revenue in the quarter soared 72 per cent on an annualised basis to $8.3bn, surpassing the analysts' estimate of $8.1bn.
The company's adjusted income surged to $516m before interest, tax and other expenses in the three-month period, as it registered a jump in gross bookings in the July-September period.
“Our global scale and unique platform advantages are working together to drive more profitable growth,” said Dara Khosrowshahi, Uber’s chief executive.
“Even as the macroeconomic environment remains uncertain, Uber’s core business is stronger than ever.”
Following the earnings announcements, Uber's stocks surged more than 12.8 per cent to $30 a share. The share price has dropped more than 32 per cent in the past 12 months.
Uber's gross bookings surged 26 per cent year-on-year to $29.1bn in the third quarter, while delivery gross bookings increased 7 per cent during the period to $13.7bn, and mobility bookings surged 38 per cent to $13.7bn.
Uber said its delivery business demonstrated “stable consumer, merchant and courier metrics” as Covid-19 restrictions continued to ease around the world.
Revenue in the US and Canada jumped nearly 89 per cent yearly to nearly $5bn in the past quarter. It grew 33 per cent in Latin America to $518m and 77 per cent in Europe, the Middle East and Africa to more than $1.8bn.
Revenue also increased by about 27 per cent to $947m in the Asia-Pacific region.
The company said the unrestricted cash and cash equivalents were $4.9bn as of September 30. Free cash flow, defined as net cash flows from operating activities less capital expenditures, soared to $358m.
We remain focused on excellent execution and disciplined cost management to deliver on our growth and profitability commitments for the coming years
Nelson Chai,
Uber’s chief financial officer
“Strong demand for our offerings, better marketplace efficiency, and our asset-light platform helped to deliver adjusted EBITDA well above our guidance, even as foreign exchange and inflationary headwinds impact all global businesses,” said Nelson Chai, Uber’s chief financial officer.
“We remain focused on excellent execution and disciplined cost management to deliver on our growth and profitability commitments for the coming years.”
Trips on Uber’s platform grew 19 per cent on an annual basis and 4 per cent quarterly to 1.95 billion in the third quarter, or approximately 21 million trips per day on average.
The monthly active platform consumers reached 124 million, up 14 per cent annually.
In September, Uber also announced a partnership with electric vehicle provider Moove last month, bringing 10,000 EVs to London by 2025.
It also joined forces with Splend in Australia, bringing 500 premium EVs to driver partners in the country to own, with the majority delivered before year end and the remainder arriving in early 2023.
Uber also announced a partnership with Motional to deploy autonomous vehicles on the Uber network across ride-hail and delivery. This 10-year, multi-market agreement is expected to create one of the largest deployments of AVs on a major ride-hail network and will support Uber’s zero-emissions goal.
It also entered into a 10-year agreement with Nuro, a leading AV company, for autonomous deliveries in Mountain View, California and Houston, Texas starting this year.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
Most sought after workplace benefits in the UAE
- Flexible work arrangements
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How to donate
Text the following numbers:
2289 - Dh10
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Zayed Sustainability Prize
KILLING OF QASSEM SULEIMANI
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
LAST 16 DRAW
Borussia Dortmund v PSG
Real Madrid v Manchester City
Atalanta v Valencia
Atletico Madrid v Liverpool
Chelsea v Bayern Munich
Lyon v Juventus
Tottenham v Leipzig
Napoli v Barcelona
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
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Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
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2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
