Uber shares rise after earnings as company offers upbeat outlook

Shares of Uber Technologies Inc.
UBER,
-3.38%

appeared in pre-market trading on Tuesday after the ride-hailing giant topped revenue expectations and offered an upbeat outlook for the current quarter. The company reported a third-quarter net loss of $1.2 billion, or 61 cents a share, compared with $2.4 billion, or $1.28 a share, for the period. early last year. Analysts tracked by FactSet had predicted a loss of 18% per share. Uber also posted adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $516 million, while the company posted a positive adjusted Ebitda of $8 million for the same period last year. FactSet consensus is $456 million on non-GAAP index. Uber’s revenue for the quarter rose to $8.34 billion from $4.85 billion, while FactSet consensus called for $8.11 billion. For the fourth quarter, Uber executives predicted total bookings between $30 billion and $31 billion, while analysts predicted $29.6 billion. Uber’s management team is also modeling between $600 million and $630 million in adjusted Ebitda, while analysts expect $568 million. Uber stock is down 37% this year according to the S&P 500
SPX,
-0.75%

lost 19%.