Uber’s Q3 Revenue Surges as Mobility Booms; Comcast’s Olympic Gains Fuel Growth

Uber Beats Q3 Revenue Expectations but Falls Short on Bookings

Uber reported a strong Q3 performance, surpassing revenue expectations while showing growth across its core segments. The company’s revenue reached $11.19 billion, above analyst projections of $10.98 billion, though gross bookings missed slightly at $40.97 billion, just under the expected $41.25 billion. Adjusted earnings per share (EPS) came in at $1.20, which included a significant $1.7 billion pre-tax benefit from equity revaluations. Uber shares dropped over 5% in premarket trading due to the bookings shortfall but remained supported by the company’s robust core performance.

Mobility and Delivery Segments Drive Growth

Uber’s mobility segment generated $6.41 billion in revenue, up 26% from the same period last year and above the $6.31 billion anticipated by analysts. Gross bookings for mobility totaled $21 billion, a 17% year-over-year increase. Uber’s delivery segment also performed well, contributing $3.47 billion in revenue, up 18% from Q3 2022 and beating estimates of $3.43 billion. Gross bookings for delivery reached $18.7 billion, marking a 16% year-over-year increase. The mobility and delivery businesses collectively completed 2.9 billion trips during the quarter, up 17% from the previous year, while active monthly platform consumers grew 13% to 161 million.

Future Guidance Signals Confidence

Looking ahead, Uber projected Q4 gross bookings between $42.75 billion and $44.25 billion, surpassing StreetAccount estimates of $43.68 billion. Adjusted EBITDA is anticipated to fall within $1.78 billion to $1.88 billion, slightly above the $1.83 billion forecasted by analysts. CEO Dara Khosrowshahi highlighted Uber’s ability to invest in long-term growth areas like new products and services, leveraging strong performance across its core segments to support further expansion.

Other Key Earnings Highlights

• Comcast: Comcast exceeded Q3 earnings estimates with an adjusted EPS of $1.12 and revenue of $32.07 billion, boosted by NBCUniversal’s coverage of the Paris Olympics. The Games helped drive media revenue up 37% to $8.23 billion and contributed to a 29% growth in Peacock subscribers. Despite these gains, Comcast’s broadband segment reported an 87,000 net customer loss, largely attributed to the expiration of a government subsidy.
• Peloton: Achieved breakeven EPS compared to an expected loss, aided by a 30% reduction in operating expenses. Peloton raised its full-year EBITDA guidance to $240-$290 million, though holiday sales projections fell below expectations as the company shifted focus from app subscriptions to product development.
• Merck: Reported $16.66 billion in revenue, driven by Keytruda’s 17% growth to $7.43 billion, while Gardasil sales dropped 11% due to lower demand in China. Merck adjusted full-year guidance to reflect recent drug launches aimed at offsetting future revenue losses as major drug patents approach expiration.
• Bristol Myers Squibb: Surpassed earnings and revenue expectations with an adjusted EPS of $1.80 and revenue of $11.89 billion. Strong sales from Eliquis, which rose 11% to $3 billion, and new drugs in its Growth Portfolio led the company to raise its full-year guidance.