The San Francisco company picked up the pace
of its revenue growth, racking up $3.81 billion in
the third quarter, 30% more than the same time
last year. Last quarter, revenue had grown 14%
compared to the prior year.
But Uber lost $1.16 billion in the quarter,
extending its streak of losses. The third-quarter
loss included $401 million in stock-based
compensation related to its initial public offering.
The loss amounted to 68 cents a share and was
wider than the $986 million shortfall in the same
period last year.
The per-share loss in the latest quarter, however,
was smaller than what Wall Street had expected.
Analysts were forecasting a loss of 82 cents a
share, according to FactSet.
Its revenue also topped expectations for $3.63
billion in the quarter.
Uber convinced more people to use its array
of products. The number of monthly active
consumers across all its platforms grew to 103
million, up 26% from the same time last year, but
below the 104.4 million expected by analysts
polled by FactSet.
Gross bookings grew to $16.5 billion, which
was 29% more than the same time last year, but
lower than the $16.7 billion expected by analysts
polled by FactSet.
Last month, executives at Lyft said they expect
the rival ride-hailing company to become
profitable in the fourth quarter of 2021.
Khosrowshahi provided few details on how
different units within Uber would change for the
company to reach its new profitability target.