Uber delivered third quarter results that exceeded Wall Street’s revenue and GAAP profit expectations, yet the market reacted negatively to the report. Management attributed the quarter’s top-line growth to strong global trip volume, particularly in both mobility and delivery businesses, as well as accelerating adoption of cross-platform services. CEO Dara Khosrowshahi highlighted that trip growth reached 22%, marking the fastest pace since 2023, and pointed to broad-based engagement gains across markets. However, management also acknowledged that increased investments in product expansion and new business lines moderated operating margin improvements, which weighed on investor sentiment.

Is now the time to buy UBER? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Uber’s Q3 Earnings Call

• Douglas Till Anmuth (JP Morgan) asked about cross-platform adoption and the Nvidia partnership. CEO Dara Khosrowshahi described targeted efforts to increase crossover usage and detailed how AV fleet ownership could evolve, with Uber initially leveraging its balance sheet.
• Eric James Sheridan (Goldman Sachs) inquired about user growth drivers in delivery and AV market impact. CFO Prashanth Mahendra-Rajah credited investments in grocery/retail for delivery acceleration, while Khosrowshahi noted AV markets like Austin and Atlanta outpaced the broader U.S.
• Brian Thomas Nowak (Morgan Stanley) sought color on urban versus suburban mobility growth. Mahendra-Rajah highlighted “sparse geographies” as a major opportunity, with suburban markets growing faster than urban counterparts due to product fit and availability.
• Justin Post (Bank of America) questioned margin flow-through and future investment needs. Mahendra-Rajah explained the trade-off between profitability and growth, while Khosrowshahi acknowledged AV will remain unprofitable for several years as liquidity builds.
• Ross Adam Sandler (Barclays) asked about Uber’s multiple gigs initiative. Khosrowshahi outlined the platform’s expansion into new earning opportunities via Uber AI solutions, targeting broader retention and future profitability.

Catalysts in Upcoming Quarters

Going forward, our analysts will watch (1) the pace of cross-platform adoption and deeper Uber One membership engagement, (2) progress in scaling autonomous vehicle partnerships and their effect on supply and cost structure, and (3) continued grocery and retail expansion as a source of user and revenue diversification. The impact of regulatory changes and insurance savings on margin trajectory will also be crucial indicators.

Uber currently trades at $94.14, down from $99.79 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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