Hyperdrive
Uber Gains After Posting First Adjusted Profit on Ride Recovery
- The company recorded an adjusted profit of $8 million in Q3
- Q4 profit outlook is a conservative $25 million to $75 million
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Uber Technologies Inc. shares jumped Friday after the company reported its first-ever adjusted profit since going public, boosted by a recovery in ride-hailing and sustained demand in its delivery business.
Earnings before interest, tax, depreciation and amortization was $8 million in the third quarter, Uber said in a statement Thursday. Analysts expected a loss of $15.4 million loss, according to an average of estimates compiled by Bloomberg. The shares popped as much as 7.7% in intraday trading to $48.74.