Shares of ride-sharing services provider Uber Technologies (NYSE:UBER) are soaring in the pre-market session today on the back of its third-quarter showing.
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Revenue of the company jumped by a massive 72% year-over-year to $8.34 billion, beating estimates by $220 million. Net loss per share at $0.61 though, missed the cut by $0.44. The growth in the top line was attributable to the acquisition of Transplace coupled with a tweaked business model in Uber’s UK Mobility business.
Impressively, gross booking increased 26% year-over-year to $29.1 billion while free cash flow came in at $358 million.
Further, Uber clocked 21 million trips a day during the quarter indicating a 19% growth over the prior year.
For Q4, the company expects gross bookings growth to range between 23% and 27% over the prior year. Adjusted EBITDA is seen landing between $600 million and $630 million.
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