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Uber Technologies (UBER - Free Report) incurred a loss (excluding $1.05 from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 37 cents. The amount of loss narrowed by 62.9% year over

Total revenues of $4,845 million also outperformed the Zacks Consensus Estimate of $4,418.8 million. The top line rose significantly year over year (improved 23.3% sequentially), primarily due to recovery in its mobility operations.

Adjusted EBITDA in the third quarter was $8 million, marking its first-ever profitable quarter on an adjusted basis. In the year-ago period, adjusted EBITDA was negative $625 million. Recovery in mobility operations and a significant reduction in adjusted EBITDA loss at the Delivery segment helped Uber generate adjusted EBITDA profits in total.

Uber Technologies, Inc. Price, Consensus and EPS Surprise

Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote

Despite reaping profits on an adjusted basis, Uber’s net loss in the third quarter more than doubled from the year-ago period to $2.42 billion, due to $3.2 billion loss resulting from a drop in the stock price of Uber’s Didi equity investment.

In the third quarter, majority (46.2%) of the company’s revenues came from Delivery. Revenues from this segment jumped 97% year over year to $2,238 million, thanks to the pandemic-driven rise in online order volumes. Revenues from the Mobility segment recovered significantly from the pandemic-induced drop in rise volumes and rose 62% year over year to $2,205 million. Freight revenues climbed 40% year over year to $402 million.Rest of the revenues came from All Other sources.

Total revenues soared 66% year over year to $2,648 million in the United States and Canada. While revenues increased 29% to $390 million in Latin America, the same skyrocketed 80% to $1,064 million in Europe, the Middle East and Africa. Revenues soared more than 100% year over year to $743 million in the Asia-Pacific region. Monthly active platform consumers jumped 40% to 109 million.

Gross bookings from Mobility improved 67% to $9,883 million. Gross bookings from Delivery augmented 50% to $12,828 million. Gross bookings from Freight climbed 39% to $402 million. Total gross bookings ascended 57% to $23,113 million.

Cost of revenue (adjusted) increased significantly year over year due to classification of certain Delivery payments and incentives associated with business model changes in some countries. Total costs and expenses surged 37.9% year over year to $5,417 million with sales and marketing expenses rising 26.4%.

Uber, carrying a Zacks Rank #3 (Hold), exited the third quarter with cash and cash equivalents of $6,482 million compared with $5,647 million at the end of 2020. Long-term debt, net of current portion at the end of the quarter, was $9,279 million compared with $7,560 million at December 2020-end.