Uber Technologies has published its financial figures for the third quarter of 2024, marking a significant milestone in its company history. The prominent player in the driving and delivery services space has made impressive progress in commercializing autonomous technologies and tapping into new customer segments.
In the last quarter, Uber achieved record revenue growth: Gross bookings rose 16% year-over-year to $41 billion, and revenue climbed 20% to $11.2 billion. Of particular note, the company reported first-time GAAP operating income of over $1 billion. These successes are due to the positive development in both the mobility and delivery service segments.
Of particular interest are Uber’s financial metrics: adjusted EBITDA reached $1.7 billion, an increase of 55% compared to the previous year. Operating cash flow was $2.2 billion, while free cash flow was $2.1 billion. Additionally, Uber demonstrated commitment to returning capital to shareholders with the repurchase of $375 million in shares and plans to pay off $2 billion in outstanding debt in the next quarter. The positive performance in the mobility and delivery segments, with gross bookings growing by 17% and 16% year-on-year respectively, underscores the strength of Uber’s business model.
Looking ahead, Uber management believes it is well positioned to continue its growth trajectory. Gross bookings for the next quarter are expected to be between $42.75 billion and $44.25 billion, representing growth of 16% to 20% year-over-year. Adjusted EBITDA is forecast in the range of $1.78 billion to $1.88 billion, reflecting confidence in continued strong growth.
These excellent results solidify Uber’s position as a transformative force in the global transportation and delivery industry, leveraging platform scale and innovative strategies to unlock new opportunities. The focus remains on sustainable growth and attractive returns for shareholders.
