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Uber revenue jumps 72%

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.

Tweet on Uber stock reaction on revenue results 

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.

Image: Uber