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Uber is changing into a software company:Uber Stock Plunges as Q3 Bookings Disappoint

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UBER reported third quarter results beating Wall Street expectation on both earnings.

The rideshare platform posted revenue of $11.19 billion surpassing estimates of $10.99 billion.

Uber stock faced pressure due to weaker than expected gross bookings and reduced fourth quarter outlook.

Uber is demand network Jang states arguing that technologies like Waymo and Tesla TSLA vehicles will take time to impact the market.

scout suv reservations

Uber global network software and 24/7 operation provide advantage that companies may desire to use in future.

These positive metrics Uber stock faced pressure due to weaker than expected gross booking and reduce fourth quarter outlook.

Uber CEO Says Company Continues to Advance AV Strategy

“We delivered yet another record quarter of profitable growth at global scale reflecting strength of our platform which now has over 250 million Uber One members”

Uber Chief Executive Officer CEO Dara Khosrowshahi said adding that company is continuing to advance our autonomous strategy.

Uber shares have gained close to 30% since begin of year though down from record levels reached in days following Tesla TSLA robotaxi event this month.

Uber stands to suffer if Elon Musk rolls out driverless robotaxi and disrupt the ride hailing industry.

Uber Technologies shares are dropping Thursday as ride hailing giant posted weaker than expected gross bookings in third quarter.

Uber top and bottom line results handily beat analysis estimates.

The company reported revenue for period of $11.19 billion versus the $10.98 billion estimate.

Net Income of $2.6 billion beat estimates by margin includes a $1.7 billion pre tax benefit from gains in Uber revaluation of its equity investments.

The company said gross booking rose 16% year over year to $41 billion in third quarter below estimates from Visible Alpha of $41.3 billion.

Trips grew 17% to 2.9 billion in line with estimates.

american airline
The company freight business reported $1.31 billion revenue for quarter an increase of 2$ year over year.
Uber mobility section reported $6.41 billion revenue up 26% fr4om year before.
The company delivery segment reported $3.47 billion revenue up 18% from year prior analysts were expecting $3.43 billion.
Uber reported adjusted EBITDA of $1.69 billion up 55% year over year and above the $1.64 billion by analysts polled by StreetAccount.
The company reported a net income of $2.6 billion or $1.20 per share up from $221 million or 10 cents per share in same quarter past year.
Uber said its net income consist a $1.7 billion pre tax benefit from gains related to reevaluation of its equity investments.
Uber revenue rises 205 in third quarter from $9.3 billion a year before.
The company said $40.97 billion in gross bookings for period which is low $41.25 billion expected by analysts.