Uber Freight revenue flat in Q3 as company posts strong delivery gains

Core Insights - Uber's freight business revenue remained stagnant at $1.31 billion in Q3, unchanged from the previous year, with a slight increase in adjusted EBITDA loss to $20 million from $19 million [1] - Overall, Uber reported record income from operations of $1.1 billion and adjusted EBITDA of $2.3 billion, reflecting a 33% year-over-year increase, driven by mobility and delivery segments [2] Financial Performance - Uber's trips grew by 22% and gross bookings increased by 21% to $49.7 billion, with delivery revenue surging by 29% and mobility growing by 20%, indicating a shift towards higher-margin services [5] - The company forecasts Q4 gross bookings between $52.25 billion and $53.75 billion, with adjusted EBITDA projected to reach up to $2.51 billion, representing growth of up to 36% year over year [6] Strategic Direction - CEO Dara Khosrowshahi emphasized the importance of innovation and execution in driving performance, highlighting the logistics ecosystem as central to Uber's future technology roadmap [3] - Plans to integrate human drivers and autonomous vehicles into a single marketplace were discussed, along with the intention to expand into local commerce and utilize generative AI for operational optimization [4]