Uber misses on riders, beats revenue estimates as lockup expiry looms
(Reuters) - Uber Technologies Inc on Monday missed Wall Street estimates for monthly active users for its ride-hailing platform, even as it posted better-than-expected quarterly revenue, sending shares down 5% in extended trading.
(Reuters) - Uber Technologies Inc
The company's shares are expected to be under pressure on Wednesday, when a restriction on selling stock lifts. Some analysts expect more than 80% of the company's outstanding shares will become eligible for sale.
Uber said its monthly active platform users rose to 103 million globally in the third quarter, from 82 million a year earlier, but fell short of analysts' estimates of 105.5 million, according to IBES data from Refinitiv.
Total revenue rose nearly 30% to $3.81 billion (£2.95 billion), beating estimates of $3.69 billion.
Uber's costs jumped about 33% to $4.92 billion in the reported quarter. Gross bookings, a measure of total value of rides before driver costs and other expenses, rose 29.4% from a year earlier to $16.47 billion.
The company and its smaller rival Lyft Inc
Lyft's results last week soothed some worries as the ride-hailing company posted better-than-expected third-quarter revenue and an improved outlook showed it was well on its way to profitability by the end of 2021.
Revenue from Uber's ride-hailing business rose about 19% to $2.90 billion while sales from its Uber Eats segment rose 64%.
Net loss attributable to the company widened to $1.16 billion, in the quarter ended Sept. 30, from $986 million, a year earlier.
On a per share basis, net loss attributable to the company's stockholders narrowed to 68 cents per share from $2.21 per share.
(Reporting by Akanksha Rana in Bengaluru and Tina Bellon in New York; Editing by Shounak Dasgupta)
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