Uber, the ride-hailing service, reported an 11% growth in revenue for the third quarter of this year, reaching $9.3 billion. The company also posted a net income of $221 million.
Gross bookings experienced a significant 21% year-over-year growth, reaching $35.3 billion. The number of trips taken during the quarter increased by 25% year-over-year, totaling 2.4 billion, or an average of approximately 27 million trips per day.
Uber reported an income from operations of $394 million, marking an $889 million year-over-year increase and a $68 million quarter-over-quarter rise. These financial results indicate positive performance for the company in the third quarter.
"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, CEO.
"Uber's core business is stronger than ever as we enter the busiest period of the year," he added.
The growth in the number of trips taken by Uber during the third quarter was attributed to strong audience engagement and frequency trends. Consumer activity remained robust, setting the stage for the busiest period of the year as the company continued to attract and serve a significant number of riders.
"Simply put, the growth flywheel we built, coupled with rigorous cost discipline, is enabling us to generate strong leverage for exiting the year with tremendous momentum and reliable execution," said the CEO.
Last month, Uber named Analog Devices CFO Prashanth Mahendra-Rajah as its chief financial officer. "Looking ahead, I'm thrilled to welcome Prashanth as our new CFO, and I'm confident that he'll continue to build upon the great foundation that Nelson (Chai) has built," said Khosrowshahi.
Chai, the Chief Financial Officer of Uber, noted that the company remains committed to making disciplined investments in growth opportunities. This approach is aimed at fostering long-term value creation for all stakeholders, demonstrating the company's focus on sustainable growth and profitability.
(With Agency Inputs)
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