Uber Technologies Inc (NYSE:UBER) swung to profit in the third quarter as customers flocked to the ride-hailing firm.
Gross bookings in the three months ending September grew 21% year-over-year to $35.3 billion, with mobility gross bookings of $17.9 billion, up 31% on a year ago, and delivery gross bookings of $16.1 billion, up 18%.
Trips during the quarter grew 25% to 2.4 billion from a year before, or approximately 27 million trips per day on average.
Revenue climbed 11% to $9.3 billion from last year with adjusted Ebitda ( earnings before interest, taxes, depreciation, and amortisation) of $1.1 billion, up $576 million from a year ago.
Net income was $221 million compared to a net loss of $1.21 billion last year with the adjusted Ebitda margin as a percentage of gross bookings was 3.1%, up from 1.8% the year before.
“Our relentless focus on improving the product experience for both consumers and drivers continued to power profitable growth, with trip growth accelerating to 25%,” said Dara Khosrowshahi, CEO.
Looking ahead, Uber forecasts gross bookings of $36.5 billion to $37.5 billion and adjusted Ebitda of $1.18 billion to $1.24 billion.
After initially falling, shares are up 1.4% in pre-market trading.