Uber Q3 loss widens on investment losses, revenue up 72%

Uber Q3 loss widens on investment losses, revenue up 72%
In this Aug. 16, 2019 file photo, the logo for Uber appears above a trading post on the floor of the New York Stock Exchange. Uber on Thursday, Nov. 4, 2021 posted a big rebound in third-quarter revenue thanks to riders and drivers returning from pandemic lockdowns, but its bottom-line loss was wider than Wall Street expected. Credit: AP Photo/Richard Drew, File

Uber on Thursday posted a big rebound in third-quarter revenue thanks to riders and drivers returning from pandemic lockdowns, but its bottom-line loss was wider than Wall Street expected.

The San Francisco-based ride-hailing company said its third-quarter loss widened to $2.42 billion, or $1.28 per share, from $1.1 billion, or 62 cents per share, in the year earlier quarter.

The latest quarter included stock-based compensation costs as well as a hefty unrealized loss related to its investment in Didi. The Chinese ride-sharing company went public on the New York Stock Exchange in late June and days later faced a cybersecurity review from China's internet watchdog. Uber put the pretax impact of Didi's decline at $3.2 billion, partially offset by unrealized gains in Zomato and other investments.

Revenue in the quarter that ended Sept. 30 grew 72% year over year to $4.85 billion as gross bookings rose 57% to $23.1 billion. The company noted that mobility gross bookings over Halloween weekend—after the quarter ended—surpassed 2019 levels.

On average, analysts surveyed by FactSet forecast a loss of 33 cents per share on revenue of $4.42 billion.

Uber said its adjusted earnings before interest, taxes, depreciation and amortization—or EBITDA—totaled $8 million during the quarter, turning positive for the first time in the 's history. Its restaurant delivery segment also is close to breakeven.

For the , Uber Technologies Inc. expects gross bookings of $25 billion to $26 billion and adjusted EBITDA of $25 million to $75 million.

Shares in Uber Technologies Inc. rose about 1% in after-hours trading. The stock is down roughly 11% in the year to date.

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