CEO Dara Khosrowshahi said Uber’s autonomous-vehicle strategy is shifting toward commercial execution, after the company recorded a Q3 topline beat.

  • Uber reported Q3 revenue of $14.77 billion, exceeding Wall Street estimates of $14.66 billion, according to Fiscal.ai
  • Q3 gross bookings increased 20% to $59.82 billion.
  • Uber expects gross bookings between $63.25 billion and $65.25 billion in Q4.

Uber Technologies (UBER) was on investors’ radar on Wednesday, after the ride-hailing giant announced a better-than-expected third-quarter topline, amid a ramp-up in its autonomous vehicle business.

UBER shares gained about 1% at the time of writing.

UBER’s AV Push Deepens

CEO Dara Khosrowshahi said Uber’s autonomous-vehicle strategy is shifting toward commercial execution, with a focus on deploying robotaxis at scale.

“Our focus on autonomous is now on commercial execution, with approximately 700 fully driverless vehicles expected on Uber by year-end and over 2,000 in 2027,” Khosrowshahi said.

In an interview with CNBC, Khosrowshahi highlighted Uber’s $10 billion investment commitment in autonomous vehicles but acknowledged that the segment currently generates lower profits than human-driven rides. “We think AV profitability will be equal to human-kind of profitability as well on our platform, but that is certainly going to take time.”

Uber is expanding its autonomous-vehicle business through partnerships with Waymo, Nuro, Lucid, and Rivian, with operations across the U.S., the Middle East and Europe.

Q3 Gross Bookings Rise 20%

Uber reported Q3 revenue of $14.77 billion, up 10%, and exceeding Wall Street estimates of $14.66 billion, according to Fiscal.ai. Earnings came in at $0.25 per share, below consensus estimates.

Uber’s gross bookings in Q3 increased 20% to $59.82 billion, driven by 18% growth in mobility bookings and 22% growth in delivery bookings.

For Q4, Uber expects gross bookings between $63.25 billion and $65.25 billion, representing 18% to 22% growth at constant currency and adjusted earnings of $0.95 to $0.99 per share, implying 34% to 39% growth.

Khosrowshahi also added that consumer demand on the platform exceeded the supply of drivers and couriers.

“The trend that we saw this quarter was actually that we have more demand than we have supply,” he told CNBC.

Retail Turns Bullish On UBER

Retail sentiment surrounding UBER on Stocktwits turned ‘bullish’ from ‘neutral’ over the past 24 hours. UBER was also among the top trending tickers at the time of writing.

One user said the stock should be rerated much higher.

View this Stocktwits post

UBER shares are down about 19% so far this year.

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