Uber reported 72% YoY revenue growth to $8.3 billion significantly outpacing gross bookings growth due to the acquisition of Transplace by Uber Freight and a change in the business model for UK Mobility business.

The company announced that gross bookings grew 26% year-over-year to $29.1 billion, or 32% on a constant currency basis, with mobility gross bookings of $13.7 billion (+38% YoY) and delivery gross bookings of $13.7 billion (+7% YoY). Trips during the quarter grew 19% YoY to 1.95 billion, or approximately 21 million trips per day on average.

Adjusted EBITDA came at $516 million, up $508 million YoY. Adjusted EBITDA margin as a percentage of gross bookings was 1.8%, up from 0% in Q3 2021.

Net cash provided by operating activities was $432 million, and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $358 million.

Also, net loss attributable to Uber Technologies was $1.2 billion, which includes a $512 million net headwind (pre-tax) primarily due to net unrealized losses related to the revaluations of Uber’s equity investments and a net loss of $482 million in stock-based compensation expense.

“Our global scale and unique platform advantages are working together to drive more profitable growth, with Gross Bookings growth of 32% and record Adjusted EBITDA of $516 million,” said Dara Khosrowshahi, CEO. “Even as the macroeconomic environment remains uncertain, Uber’s core business is stronger than ever.”

„Strong demand for our offerings, better marketplace efficiency, and our asset-light platform helped to deliver Adjusted EBITDA well above our guidance, even as foreign exchange and inflationary headwinds impact all global businesses,” said Nelson Chai, CFO.

“We remain focused on excellent execution and disciplined cost management to deliver on our growth and profitability commitments for the coming years.”

Outlook for Q4 2022

Gross Bookings to grow 23% to 27% YoY on a constant currency basis, with an expected 7 percentage point YoY currency headwind, translating to a range of $30.0 billion to $31.0 billion and adjusted EBITDA of $600 million to $630 million.