After noting that some customers were a bit price-sensitive during "weekend party hours," Uber CEO Dara Khosrowshahi during a Thursday earnings call said that the company's weekday business was "very strong, and Uber for Business especially is very, very strong."
"Overall, it's up over 50 percent [year over year]," Khosrowshahi added about the Uber for Business segment. "I'm not sure what the U.S. number is, but it's really strong, both in terms of selling to enterprises, selling to health, selling to transit systems as well. That is definitely a bright spot for our business."
Uber for Business continues to "penetrate into new accounts," while existing accounts are growing as well, Khosrowshahi said. "About 50 percent of our U4B business is premium, which is Black and Comfort, et cetera," he said. "We're not seeing any signs of trade-down there. So for now, the consumer—all the consumer signs are strong, and we're certainly hoping that they stay that way."
Uber Q3 Metrics
Uber reported third-quarter revenue of $11.2 billion, an increase of 20 percent year over year, on gross bookings of nearly $41 billion, an increase of 16 percent. Mobility gross bookings of $21 billion were up 17 percent, with mobility revenue up 26 percent to more than $6.4 billion. Net income was more than $2.6 billion compared with $221 million in Q3 2023.
Third-quarter monthly active platform consumers increased 14 percent year over year to about 161 million. The number of trips was up 17 percent to nearly 2.9 billion.
The company also has more than 25 million Uber One subscription members, which is up 70 percent year over year, Khosrowshahi said. He added that Uber is working with 14 autonomous vehicle companies.
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