By Yasin Ebrahim
Investing.com - Uber (NYSE:UBER) Tech reported on Thursday third quarter earnings that missed Wall Street expectations, but the ride-hailing company continues to expect to reach profitability in Q4.
Uber Tech shares lost 5.24% in after-hours trading following the report.
Uber Tech announced a loss per share of $1.28 on revenue of $4.85 billion. Analysts polled by Investing.com anticipated a loss per share of 34 cents on revenue of $4.42 billion.
Gross bookings jumped 57%, to $17.15 billion, as trips during the quarter grew 39% YoY to 1.64 billion.
The uptick in mobility bookings were supported by return of drivers to the platform following pandemic-led slowdown.
For Q4, gross bookings were guided in a range of $25 billion to $26 billion and adjusted earnings before interest, taxes, depreciation and amortization of between $25 million to $75 million.
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