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Uber Q3 2019 earnings



Uber co-founder Ryan Graves (right) stands with CEO Dara Khosrowshahi on the floor before calling a ceremony bell signaling the first trade when race company Uber makes its much-awaited public offering on May 10, 2019 in New York City.

Spencer Platt | Getty Images

Uber announced earnings on Monday that beat analysts' top and bottom line projections for the third quarter of 2019. But the stock fell as much as 6% after the company reported over $ 1

billion in net losses.

Here are the key figures:

  • Loss per share: 68 cents against 81 cents expected, according to Refinance Estimates
  • Revenue: $ 3.81 billion versus $ 3.69 billion expected, according to Refinitive [19659008] Uber reported a net loss of $ 1.16 billion for the quarter, topping the $ 986 million loss in the same quarter last year. The loss includes $ 401 million in stock-based compensation. In an interview with CNBC's Deirdre Bosa on Monday, Khosrowshahi said the company is aiming for adjusted EBITDA profitability in 2021.

    "We know it is the expectation of profitability, and we expect to deliver by 2021," Khosrowshahi said.

    Uber lifted guidelines for the full year 2019, saying they expect adjusted net income to increase in the fourth quarter. The company supported the guidance with $ 250 million, and said it now expects an adjusted EBITDA loss of $ 2.8 billion to $ 2.9 billion for the year.

    The company reorganized its internal structure during the third quarter and delivered results for its five operating segments: Rides, Eats, Freight, Other Bets and Advanced Technology Group (ATG) and Other Technology Programs. Uber will no longer report calculations for its core platform as a result, the company said.

    Uber lacked estimates for gross bookings across its services, reporting $ 16.47 billion compared to estimates of $ 16.7 billion, according to Refinitive. Uber reported 103 million monthly active platform customers (MPAC), or the number of unique customers who completed a trip or received a meal on the platform on average for at least one month on average during the quarter. Analysts expected MPAC to reach $ 104 million, according to Refinitive. The company's tariff rate, calculated as adjusted net revenue as a percentage of gross bookings, topped analysts' estimates of 20.2% and came in at 21.5%.

    Revenues for Uber Eats, the company's food delivery service, increased by 64% year over year, clocking in at $ 645 million. Last quarter, revenue for the segment was $ 595 million. Uber Freight grew 78% year-over-year to $ 218 million for the quarter. Uber's most established segment, Rides, grew 19% year over year to $ 2.90 billion.

    Uber reported $ 38 million in revenue for its other games, compared to $ 3 million in the same quarter last year. Revenues for ATG and other technology programs were $ 17 million, according to the release.

    Correction: This story has been updated to reflect the correct revenue estimate.

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    SE: Why Uber loses money and what it will take to be profitable

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