Uber Technologies reported third-quarter results early Tuesday that missed on earnings but beat on revenue. Uber stock shot higher.
The provider of ride-hailing services and food delivery reported an adjusted loss of 61 cents a share on revenue of $8.34 billion. Analysts expected Uber to report a loss of 18 cents a share on revenue of $8.1 billion.
Uber also reported gross bookings of $29.12 billion, which was slightly below estimates of $29.67 billion. But it expects fourth-quarter gross bookings to jump 23% to 27% year-over-year.
The bookings now are a bright spot for Uber, as its ride-hailing service struggled during the pandemic amid lockdowns.
Uber Stock: Core Business Stronger Than Ever
"Even as the macroeconomic environment remains uncertain, Uber's core business is stronger than ever," Chief Executive Dara Khosrowshahi said in a written statement.
Uber stock surged 12% to close at 29.75 on the stock market today
The company reported earnings before interest, taxes, depreciation, and amortization or EBITDA, that came in ahead of estimates. Uber also guided EBITDA estimates for its fourth quarter in the range of $600 million to $630 million. Wall Street expected $567 million.
EBITDA is a widely used measure of core corporate profitability.
"Uber is continuing to see healthy growth as the driver shortage is essentially over while the company continues to benefit from travel returning, shifting to the office, as other post-pandemic trends continue to hold globally with Uber poised to benefit into 2023," Wedbush analyst Dan Ives said in a note to clients.
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