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Finance

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.

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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.

 

Finance

Super Micro shares plunge 35% as auditor after raising concerns months before

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Super Micro was hit with short seller report this year has delayed filing its financial statement for 2024 and under federal investigation.

Young and Ernst resigned as Super Micro auditor past week after raising concerns over company internal controls, board independence and accounting practices.

Super Micro makes computers that companies use as servers for websites, data storage and applications consisting AI algorithms.

The company customer consist of mega players in AI like AMD, Intel.

Super Micro has run into trouble with regulators over accounting practices.

It paid a $17.5 million penalty to Securities and Exchange Commission in 2020 after regulator alleged it prematurely and recorded revenue.

The company hired law firm Cooley and forensic accounting firm to review Super Micro internal controls.

The company said in regulatory filing.

Representatives for Super Micro and Ernst and Young did not return a request for comment.

super micro news

EY had been hired to audit Super Micro for first time 2024 financial year the company added.

Super Micro has not issued its financial statements for this year and under federal investigation.

“We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management and the Audit Committee representation.”

EY said in resignation letter EY concerns were raised before to short seller report that took aim at Super Micro financial controls and accounting practices.

The company hired law firm Cooley and forensic accounting firm to review Super Micro internal controls.

Review remains ongoing the company said in regulatory filing.