The company’s third quarter highlighted strong growth across its mobility, delivery and freight businesses. However, Uber reported a third quarter net loss of $2.4 billion due to write-downs from equity investments. Uber wrote down a $3.2 billion unrealized loss in Didi and revalued Zomato, Aurora and Joby stakes. Uber’s revenue for the third quarter was $4.8 billion, up 72% from a year ago, and ahead of the $4.42 billion Wall Street estimate. Dara Khosrowshahi, CEO of Uber, said the company’s restructuring decisions in 2020 set the firm up for growth as rides rebound. By unit:
Mobility revenue for the third quarter was $2.2 billion, up 62% from a year ago. Delivery revenue was $2.24 billion, up 97% from a year ago. Freight revenue was $402 million, up 40% from a year ago.
On an adjusted EBITDA basis, Uber’s mobility unit returned $544 million with the delivery business near breakeven. Other items:
US airport trips have grown more than 20% since the beginning of September. Uber has added nearly 640,000 active drivers and couriers since January. Mobility margins have rebounded to 2019 highs.
