Uber logs 11% growth in sales at $9.3 bn in Q3, 27 mn trips per day

Uber logs 11% growth in sales at $9.3 bn in Q3, 27 mn trips per day

BY IANS

Uber logs 11% growth in sales at $9.3 bn in Q3, 27 mn trips per day

San Francisco, Nov 8 (IANS) Ride-hailing service Uber registered 11 per cent growth in revenue at $9.3 billion for the third quarter (Q3) this year, with a net income of $221 million.

Gross bookings grew 21 per cent year-over-year to $35.3 billion, with trips during the quarter growing 25 per cent YoY to 2.4 billion, or approximately 27 million trips per day on average.

Income from operations was $394 million, up $889 million YoY and $68 million quarter-over-quarter (QoQ), the company said in a statement late on Tuesday.

“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25 per cent,” said Dara Khosrowshahi, CEO.

“Uber’s core business is stronger than ever as we enter the busiest period of the year,” he added.

Trip growth was powered by strong audience and frequency trends as consumer activity remains robust heading into the busiest period of the year.

“Simply put, the growth flywheel we built, coupled with rigorous cost discipline, is enabling us to generate strong leverage for exiting the year with tremendous momentum and reliable execution,” said the CEO.

Last month, Uber named Analog Devices CFO Prashanth Mahendra-Rajah as its chief financial officer. “Looking ahead, I’m thrilled to welcome Prashanth as our new CFO, and I’m confident that he’ll continue to build upon the great foundation that Nelson (Chai) has built,” said Khosrowshahi.

Chai said that the company continues to make disciplined investments in growth opportunities to support long-term value creation for all stakeholders.