Uber reports another loss but beats on revenue and the stock is up

Uber reported a third-quarter nonaccomplishment Tuesday but bushed analysts' estimates for gross and showed a surge successful bookings. Shares were up astir 7% successful premarket trading.

Here's however the institution did:

• Loss per share: 61 cents
• Revenue: $8.34 cardinal vs. $8.12 cardinal expected by analysts, according to Refinitiv.

Uber reported a nett nonaccomplishment of $1.2 cardinal for the 3rd quarter, $512 cardinal of which was attributed to revaluations of Uber's equity investments, according to a institution release.

In a prepared statement, CEO Dara Khosrowshahi said Uber delivered a "strong quarter" and benefitted from booming travel, easing lockdowns and shifts successful user spending. He said October is tracking to beryllium the company's "best period ever for some Mobility and full institution Gross bookings." However, helium cautioned that aft the past fewer years, the institution has learned not to instrumentality thing for granted.

"With continued rigor astir costs, subject connected headcount, and a balanced superior allocation approach, each supported by our starring method and operating capabilities, we are good positioned to present expanding profitability implicit the coming quarters," Khosrowshahi said.

The institution reported a grounds adjusted EBITDA of $516 million, beating guidance of $440 cardinal to $470 cardinal and up of expert estimates of $457.7 cardinal according to StreetAccount. Gross bookings for the 4th came successful astatine $29.1 billion, up 26% twelvemonth implicit year.

For the 4th fourth of 2022, Uber said it expects gross bookings to turn betwixt 23% and 27% twelvemonth implicit twelvemonth connected a changeless currency basis, and an adjusted EBITDA of $600 cardinal to $630 million.

Here's however Uber's largest concern segments performed successful the quarter:

Mobility (gross bookings): $13.7 billion, abbreviated of analysts' estimates of $13.83 cardinal according to StreetAccount.

Delivery (gross bookings): $13.7 billion, abbreviated of analysts' estimates of $14.01 cardinal according to StreetAccount. 

Uber relied heavy connected maturation successful its Eats transportation concern during the pandemic, but its mobility conception surpassed Eats revenue in its archetypal and 2nd quarters as riders began to instrumentality much trips. That inclination continued during the 3rd quarter, arsenic Uber's mobility conception reported $3.8 cardinal successful gross portion transportation reported $2.8 billion.

Uber's freight concern booked $1.75 cardinal successful sales.

The fig of monthly progressive level consumers climbed to 124 cardinal successful the 3rd quarter, up 14% twelvemonth implicit year. 1.95 cardinal trips were completed connected the level during the period, up 19% twelvemonth implicit year.

Shares of Uber are down much than 36% truthful acold this year. The banal tumbled much than 10% successful October aft the Biden Labor Department released a proposal that could pave the mode for regulators and courts to reclassify gig workers arsenic employees. The proposed rule could rise costs for companies similar Uber, Lyft, Instacart and DoorDash that trust connected declaration workers to prime up shifts connected their ain time.

The companies person argued that flexible schedules are charismatic to workers, but immoderate labour experts and activists person disagreed, saying the companies usage the contractor exemplary to trim their ain costs and contradict workers important protections.

Uber has besides had to contend with precocious state prices and inflation, but CEO Dara Khosrowshahi told CNBC's "TechCheck" successful September that its proviso broadside whitethorn really beryllium benefiting from the inflationary environment.

As expenses emergence and radical are paying much for essentials similar groceries, helium said they are besides signing up to thrust for Uber.

"If anything, 72% of drivers successful the U.S. are saying that 1 of the considerations of their signing up to thrust connected Uber was really inflation," helium said.

Uber volition clasp its quarterly league telephone with investors Tuesday astatine 8 a.m. ET.

--CNBC's Lauren Feiner contributed to this report.