Uber Technologies (UBER) reported strong third-quarter results before the market opened. Gross bookings rose 20% year over year to $59.8 billion, driven by sustained demand in Mobility and Delivery. It was the company's fifth consecutive quarter of bookings growth above 20%.
Non-GAAP earnings were $0.88 per share, beating consensus estimates. Revenue was approximately $14.8 billion, also above expectations.
GAAP net income fell 92% to $512 million. The decline reflected the absence of a large one-time tax benefit recorded in the prior year and a pre-tax loss on equity investments.
For the fourth quarter, Uber forecast adjusted earnings of $0.95 to $0.99 per share, below the $1.06 consensus. The outlook raised concerns about future profitability.
Uber shares rose in pre-market trading after the results, as investors weighed strong current demand against the more cautious guidance.