Shares of Uber Technologies Inc. jumped more than 12% today following the release of its third-quarter financial results, which exceeded analyst expectations in several areas.

Uber closed the three months through Sept. 30 with revenue of $8.3 billion, a 72% increase from a year ago. Analysts polled for the Refinitiv consensus estimate had expected $8.12 billion. Gross bookings, a metric that tracks the total value of transactions processed through Uber’s platform, reached $29.1 billion in the third quarter thanks to a 26% year-over-year increase.

Much of the sales increase was attributed to its mobility business. It includes Uber’s flagship ride-hailing service and accounts for the bulk of the company’s revenue. Mobility revenues climbed 73% in the third quarter, to $3.8 billion.

Uber’s delivery revenues grew at a slower pace than its mobility business during the quarter, while its freight division grew faster. Uber increased delivery revenues by 24% year-over-year, to $2.8 billion. The company’s freight division more than tripled its sales, to $1.8 billion.

Uber’s freight division helps retailers and other companies ship merchandise to locations such as stores. It provides access to a network of delivery companies, as well as analytics tools for tracking shipments. The division’s products are based in parts on assets that Uber gained through its $2.25 billion acquisition of Transplace Inc., a logistics software provider, last year.

Uber closed the third quarter with a net loss of $1.2 billion, or 61 cents per share. Analysts had expected a narrower loss of 22 cents per share, according to the Refinitiv consensus estimate.

At the same time, Uber’s adjusted earnings before interest, taxes, depreciation and amortization exceeded expectations. Uber posted record adjusted EBITDA of $516 million, which surpassed both its guidance and the consensus analyst estimate. Analysts polled by StreetAccount had expected the company to report adjusted EBITDA of $457.7 million. 

“Our global scale and unique platform advantages are working together to drive more profitable growth,” said Uber Chief Executive Officer Dara Khosrowshahi. “Even as the macroeconomic environment remains uncertain, Uber’s core business is stronger than ever.”

In conjunction with its financial results, Uber today released its adjusted EBITDA forecast for the next quarter. The company is projecting adjusted EBITDA of between $600 million and $630 million, whereas analysts had expected $569.3 million. Gross bookings are on track to grow at a rate of between 23% and 27% year-over-year.

“We remain focused on excellent execution and disciplined cost management to deliver on our growth and profitability commitments for the coming years,” said Uber Chief Financial Officer Nelson Chai.

Uber is expanding into new market segments to advance its long-term growth plans. During the third quarter, the company inked 10-year partnerships with autonomous driving startups Nuro Inc. and Motional Inc. to make their self-driving vehicles accessible through its platform. Uber also launched a new advertising division that is reportedly expected to achieve annualized revenue of $1 billion by 2024. 

Photo: Uber