Uber stock surges as company beats revenue estimates, despite $1.2 billion loss

Uber Technologies Inc. stock rose sharply Tuesday morning as the company’s third-quarter revenue climbed 73% year over year, exceeding expectations, and executives issued an optimistic outlook for the current quarter.

Still, Uber Chief Executive Dara Khosrowshahi said in a prepared statement that October is on track to be the company’s best month ever for mobility and total gross bookings. And despite analysts’ concerns about the delivery market overall, Khosrowshahi said gross bookings for Uber Eats delivery rose 19%, with the frequency of orders remaining consistent.

Uber slashed its third-quarter loss in half year over year, reporting a net loss of $1.2 billion, or 61 cents a share, compared with a loss of $2.4 billion, or $1.28 a share, in the same period a year ago. The company attributed the loss to investment-related losses, plus stock-based compensation costs.

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