Uber operating profit hit by legal expenses, shares fall

Core Insights - Uber Technologies forecasts fourth-quarter gross bookings to exceed expectations, driven by its membership program enhancing demand for rides and deliveries during the holiday season [1] - Despite the positive forecast, Uber shares fell approximately 4% in premarket trading due to adjusted core profit guidance being slightly below market expectations [1] Financial Performance - The stock has increased about 65% year-to-date, attributed to strong results and Uber's growing market share in the ride-hailing sector [2] - For the third quarter, gross bookings reached $49.74 billion, surpassing estimates of $48.73 billion, while revenue rose 20% to $13.47 billion, exceeding expectations of $13.28 billion [5] Business Segments - The delivery segment experienced a 29% sales increase in Q3, outpacing the 20% growth in mobility revenue, while the freight division showed flat growth [3] - The Uber One program has led to increased customer engagement, with users of multiple services showing 35% higher retention and spending three times more than single-service users [3] Future Guidance - The company anticipates gross bookings for Q4 to be between $52.25 billion and $53.75 billion, with analysts expecting $52 billion [4] - Starting from the first quarter of next year, Uber will transition from adjusted EBITDA to adjusted profit forecasts, aligning with practices of more mature firms [4]