Uber Technologies, Inc. posted a remarkable fiscal third-quarter 2024, reflecting substantial growth despite stock market reactions. The company's revenue surged 20% year-over-year, reaching $11.188 billion, surpassing the predicted $10.97 billion. Both GAAP and adjusted EPS were recorded at 46 cents, beating analysts' expectations of 41 cents per share. However, despite these positive figures, Uber's stock experienced a significant decline following the earnings announcement. Revenue from Uber's core segments showed impressive performance.
The Mobility segment, which includes traditional ridesharing services, climbed to $6.41 billion, marking a 26% year-over-year increase. Delivery services grew by 18%, reaching $3.47 billion, while Freight services registered a slight uptick of 2%, contributing $1.31 billion. Overall, Uber's Gross Bookings expanded to $40.97 billion, an increase of 16% from the previous year, highlighting robust demand across its services. Breaking down the Gross Bookings, Mobility reached $21 billion, up 17%, Delivery at $18.66 billion, rising 16%, and Freight at $1.31 billion, reflecting steady growth despite market difficulties.
Notably, Uber achieved 2.9 billion trips during this quarter, averaging 31 million daily trips, showing a 17% increase year-over-year. The Monthly Active Platform Consumers, another key metric indicating user engagement, swelled to 161 million, demonstrating a 13% rise over the past year. In terms of profitability, Uber recorded an Adjusted EBITDA of $1.69 billion, up an impressive 55% from the previous year. This growth was primarily driven by leveraging higher volume in the Mobility sector, improving operational efficiency. The Adjusted EBITDA margin as a percentage of Gross Bookings advanced to 4.1%, compared to 3.1% the previous year, indicating better cost management.
Operationally, Uber maintained a healthy cash position with $9.06 billion in unrestricted cash and equivalents, further supported by generating $2.1 billion in free cash flow by the quarter's end. CEO Dara Khosrowshahi emphasized that Uber is positioning itself strategically for future growth, focusing on innovation within various market segments and safety enhancements through national Rider Verification and the launch of shuttles for key destinations such as airports. For the fourth quarter, Uber projects Gross Bookings to fall between $42.75 billion and $44.25 billion, slightly above the market consensus of $43.7 billion. The company also expects to achieve adjusted EBITDA in the range of $1.78 billion to $1.88 billion, aligning closely with the consensus forecast of $1.84 billion.
Despite speculation about potential mergers or acquisitions, CEO Dara Khosrowshahi clarified there are no immediate plans for transformational deals, signaling a preference for organic growth. Meanwhile, CFO Prashanth Mahendra-Rajah outlined Uber's commitment to enhancing shareholder value through capital returns while strategically supporting growth initiatives. At the last check, Uber's stock price saw a decline of 7.09%, trading at $73.87 in the premarket. As the company continues to advance, its strategic focus remains on optimizing existing operations and exploring innovative solutions, including autonomous technology, to capture future growth opportunities.
