Uber's gross bookings for its mobility services have rebounded to pre-COVID-19 levels in the third quarter and the company said the supply of drivers has improved. With any luck additional drivers will mean Uber ride prices will fall.
The company's third quarter highlighted strong growth across its mobility, delivery and freight businesses. However, Uber reported a third quarter net loss of$2.4 billion due to write-downs from equity investments. Uber wrote down a$3.2 billion unrealized loss in Didi and revalued Zomato, Aurora and Joby stakes.
Uber's revenue for the third quarter was$4.8 billion, up 72% from a year ago, and ahead of the$4.42 billion Wall Street estimate. Dara Khosrowshahi, CEO of Uber, said the company's restructuring decisions in 2020 set the firm up for growth as rides rebound.
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On an adjusted EBITDA basis, Uber's mobility unit returned$544 million with the delivery business near breakeven.
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