Uber Technologies Inc (UBER) Q3 2024 Earnings Report

Uber Technologies Inc delivered an impressive financial performance in Q3 2024, marked by a record GAAP operating profit exceeding $1 billion. The company reported revenue of $11.188 billion, representing a 20.4% year-over-year increase. Gross bookings increased sharply by 20% year-on-year in constant currency, supported by heightened audience engagement and growing Uber One memberships, which surged by 70% year-on-year to reach 25 million members. Management emphasized the strength of new initiatives, particularly in the advertising segment, which grew nearly 80% year-on-year. While challenges in insurance costs and market elasticity remain, Uber's strategic focus on expanding into less densely populated markets presents significant opportunities for continued growth.