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As a result of the broad rally in equities in response to the outcome of the US presidential elections, shares in US technology company Uber, have exploded higher in recent days. Indeed, the rally in Uber’s stock price has come despite the latest set of earnings that undershot expectations.
Earnings & Revenues Miss
Uber reported third-quarter earnings per share last week of -$0.62. This surpassed expectations for a -$0.61 reading. Revenues were also a little worse than expected at $3.13 billion over the quarter, missing expectations for a $3.20 billion result.
Overall, the company noted a $1.09 billion loss over the quarter on a GAAP basis. This was an improvement on the prior year when the company reported a $1.16 billion loss.
Looking at the breakdown of Uber’s business, the company reported mobility adjusted revenues (including Uber’s primary Ride business) of $1.37 billion over the quarter. This marks a 52% decline year on year.
The adjusted net revenues for the firm’s De...
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