Core Viewpoint - Uber's core business shows steady growth, but to achieve explosive growth again, it needs new drivers, particularly in advertising and autonomous driving [2][9]. Financial Performance - In Q3 2025, Uber reported revenue of $13.47 billion, a 20% year-over-year increase, and net profit surged nearly threefold to $6.6 billion from $2.6 billion [4]. - Adjusted EBITDA grew by 33% to approximately $2.3 billion [4]. - The ride-hailing segment generated $7.68 billion in revenue, up 20% year-over-year, while the delivery segment (Uber Eats) saw revenue of $4.48 billion, a 9% increase [4][6]. - Total bookings for Q3 2025 reached $49.7 billion, a 21% increase year-over-year, with ride-hailing orders growing by 19.6% to $25.1 billion [6]. Business Segments - Uber's revenue growth is primarily driven by its ride-hailing and delivery services, with total bookings becoming a crucial metric [6]. - The delivery business has shown strong performance, with order volume increasing by 25% in Q3 compared to 20% in the previous quarter [6]. - Uber's non-restaurant delivery services have reached an annualized order volume of $12 billion, contributing to the growth of the delivery segment [8]. Regional Performance - The North American region has historically been Uber's largest revenue source, but its contribution has dropped below 50% for the first time, indicating a slowdown in growth [8]. - The Europe, Middle East, and Africa (EMEA) region is now the fastest-growing area for Uber, contributing over 30% of total revenue [8]. Future Growth Drivers - Short-term growth is expected to come from advertising, which is anticipated to enhance overall profit margins due to its high gross margin characteristics [10]. - Uber has 190 million active users, providing a significant opportunity for monetizing its advertising business through in-app ads and journey-based promotions [10]. - Long-term growth hinges on the commercialization of autonomous driving, which is currently seen as a double-edged sword due to increased capital expenditures and short-term profitability pressures [10][12]. Autonomous Driving Strategy - Uber's strategy in autonomous driving has shifted from a "hardcore player" to a "pragmatic ecosystem integrator," focusing on partnerships rather than high-risk self-development [12]. - The company has formed partnerships with various autonomous driving firms, including Baidu and Momenta, and plans to deploy a fleet of 100,000 autonomous vehicles by 2027 [13][14]. - However, the current scale of Uber's autonomous vehicle fleet is limited compared to its millions of ride-hailing drivers, making it challenging to achieve cost reductions and profitability in this segment [13]. Competitive Landscape - Uber faces significant competition in the autonomous driving space from tech giants like Waymo and Cruise, which have advanced technologies and substantial funding [15][16]. - Tesla's plans to launch its own Robotaxi network pose a direct threat to Uber's core business model [17]. - Chinese autonomous driving companies also present competition, leveraging their data advantages in complex traffic scenarios [19]. Conclusion - In the short term, autonomous driving may act as a cost center impacting profits, but in the long term, it is crucial for Uber's valuation and business model sustainability [20].

"It's critical that any federal legislation also include Dashers," added Max Rettig, DoorDash's global head of public policy. "Tips are tips — there's no reason to exclude Dashers based on how they work." The Cruz-Buchanan proposal would limit the tax break to a $25,000 income-tax deduction, and would deny the break to anyone making more than $160,000 per year. In addition — and critical for Uber and DoorDash — the legislation would tie eligibility to reports by employers that break out tips and wages. Pres ...