Uber's third-quarter revenue rises 10% to $14.77 billion, beating estimates

Uber's third-quarter revenue rose 10% to $14.77 billion from $13.47 billion a year earlier, topping the $14.69 billion LSEG consensus, CNBC reported. Earnings per share were 25 cents, against 96 cents expected.

CNBC reported that the beat came from freight, not the core businesses. Mobility revenue fell 2% to $7.52 billion, missing the $7.71 billion StreetAccount average. Delivery revenue rose 23% to $5.49 billion but trailed the $5.51 billion average. Freight sales jumped 34% to $1.76 billion, topping the $1.49 billion StreetAccount consensus.

Total bookings were $59.82 billion, about in line with the $59.83 billion StreetAccount estimate. Net income was $512 million, down 92% from a year earlier, when a $4.9 billion tax valuation release lifted the base.

Chief executive Dara Khosrowshahi said in prepared remarks that the mobility unit performed slightly below expectations overseas. "Elevated fuel prices and tighter driver availability weighed on supply growth in several international markets," he said.

In delivery, Khosrowshahi said a recently expanded Costco partnership in the US is "tracking ahead of expectations," and Uber said Costco is now one of its top merchants by gross bookings.

On the earnings call, Uber executives said third-party AI agents arranged only four rides in the third quarter and about 500 Uber Eats orders during the week of Halloween, out of 320 million total rides and deliveries, The Verge reported. It was the first time Uber disclosed such data, as investors assess whether AI agents could disintermediate its app.

Delivery Hero offer in acceptance period

Uber is also growing its delivery business through acquisitions of Delivery Hero in Germany and ezCater in the US. Delivery Hero said Uber's takeover offer remains under review, with closing still expected in the second half of 2027. The acceptance period ends 5 November at midnight Central European Time, with an additional acceptance period expected from 11 November through 24 November, Delivery Hero said.

What happens next

For the fourth quarter, Uber guided to bookings of $64.5 billion at the midpoint, in line with the $64.26 billion StreetAccount estimate. The company also plans to have more than 2,000 automated vehicles on its platform by the end of 2027, with about 700 available by the end of this year, and said it will add Amazon's Zoox and Motional robotaxis in Las Vegas in the fourth quarter.