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Uber Technologies Inc reported revenue that beat analysts’ expectations, fueled by a recovery in driver supply that supported increased ridership, assuaging investor concerns that rising inflation would damp consumer spending. The shares jumped about 6% in early trading.
Third-quarter sales jumped 72% to $8.34 billion, the San Francisco-based company said on Tuesday in a statement. That exceeded the $8.1 billion analysts were expecting, according to data compiled by Bloomberg.
Gross bookings, which encompass ride hailing, food delivery and freight, increased 26% to $29.1 billion, slightly below the average estimate. Adjusted earnings before interest, tax, depreciation and amortization reached $516 million. Analysts, on average, projected $458.7 million.
—Bloomberg