The key facts

  • Uber's Q3 revenue rose 10% to $14.77 billion, beating analysts' forecasts
  • Freight revenue grew 34% to $1.76 billion, delivery rose 23% to $5.49 billion, while the Mobility segment fell 2% to $7.52 billion
  • Net income fell 92% to $512 million: the year-earlier figure included a $4.9 billion tax benefit

Growth driven by freight and delivery

Uber's revenue in the third quarter rose 10% year-on-year to $14.77 billion, exceeding market forecasts, the company said on Wednesday, November 4. As Anadolu reports, the growth was driven by the freight and delivery segments, which offset the decline in ride-hailing revenue. Freight revenue grew 34% to $1.76 billion, beating expectations, while the taxi and delivery segments fell short of analysts' forecasts.

The Mobility segment paradox: revenue falls, trips rise

The Mobility segment, which includes ride-hailing, requires a separate explanation: revenue fell 2% to $7.52 billion, even though the number of trips grew 16% and gross bookings rose 17%. The discrepancy is explained by a change in the business model in the UK: driver payouts are now deducted from revenue rather than counted as expenses. This change alone reduced the quarter's reported revenue by $1.1 billion, meaning the segment's actual decline is smaller than the -2% figure suggests.

Profit and forecasts

Net income attributable to Uber fell 92% to $512 million from $6.6 billion a year earlier — in the previous-year quarter the company recorded a $4.9 billion tax benefit, which explains the sharp drop. The quarter also included a $476 million pre-tax loss from the revaluation of equity investments. Diluted earnings per share came to $0.25 versus $3.11 a year earlier, while adjusted earnings rose 35% to $0.88 per share.

Management commentary and autonomous vehicle plans

Across the platform, gross bookings grew 20% to $59.82 billion, and monthly active users rose 14% to 215 million. CEO Dara Khosrowshahi said high fuel prices and limited driver availability constrained supply growth in a number of international markets; according to him, Mobility growth came in 1–2 percentage points below the company's expectations, but trends improved in October. For the fourth quarter, Uber forecasts gross bookings of $63.25–65.25 billion and adjusted earnings of $0.95–0.99 per share. The company also expects about 700 fully autonomous vehicles on its platform by the end of 2026 and more than 2,000 by the end of 2027 — roughly half of them in the US and half on international markets.