Shares of Uber reacted on the news and jumped over 15% in early trading!
That happened only after the ride-sharing company reported a jump in revenue that beat Wall Street expectations.
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— The_Journalbiz (@the_journalbiz) November 1, 2022
FactSet: Uber stock jumps on revenue results
Uber’s results showed that consumers kept spending during the quarter, as gross bookings grew 26%, despite looming worries about an economic downturn in the months ahead
- The company’s delivery business, Uber Eats, saw revenue grow 24% year-over-year.
Uber’s overall revenue rose 72% from a year earlier to $8.34 billion for the three months through September. Its net loss shrank to $1.2 billion from $2.4 billion a year ago. The loss was driven by the falling value of stakes in Chinese ride-hailing giant Didi Global Inc., Southeast Asia’s Grab Holdings Inc. and Aurora Innovation Inc.
Uber’s shares have fallen 37% this year, through Monday, outpacing the broader market amid a sharp pullback in tech stocks this year. Its rival, Lyft, has fared even worse, losing 66% this year. Lyft shares rose 10% in early trading.