Uber Technologies, Inc. reported significant financial growth in its third quarter and the first nine months of 2024, as detailed in its latest 10-Q filing. For Q3 2024, total revenue reached $11,188 million, marking a 20% increase from $9,292 million in Q3 2023. For the nine months ending September 30, 2024, revenue rose to $32,019 million, up 17% from $27,345 million in the same period last year. This growth was primarily driven by increased gross bookings, which rose 16% year-over-year, supported by higher trip volumes in both Mobility and Delivery segments.
The Mobility segment generated $6,409 million in revenue for Q3 2024, a 26% increase from $5,071 million in Q3 2023. Delivery revenue also saw an 18% rise, reaching $3,470 million compared to $2,935 million in the prior year. However, the company noted that changes in its business model negatively impacted revenue growth, with an estimated $149 million reduction in Mobility revenue for Q3 2024 and $863 million for the nine-month period.
Uber's profitability improved significantly, with net income including non-controlling interests soaring to $2,599 million in Q3 2024, up from $219 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $2,944 million, compared to $456 million in the same period of 2023. The net income per share attributable to common stockholders increased from $0.11 to $1.24 for Q3 2024, and from $0.23 to $1.42 for the nine-month period.
Total costs and expenses for Q3 2024 were $10,127 million, up from $8,898 million in Q3 2023, driven by increased costs in insurance, driver payments, and credit card processing. The company reported an income from operations of $1,061 million for Q3 2024, compared to $394 million in the same quarter of the previous year.
Strategically, Uber announced a definitive agreement in May 2024 to acquire Foodpanda Taiwan from Delivery Hero SE for approximately $950 million, expected to close in the first half of 2025, pending regulatory approval. The company also engaged in significant financial maneuvers, including the issuance of $4 billion in senior notes and the redemption of $2 billion in outstanding debt post-Q3 2024.
As of September 30, 2024, Uber's total assets increased to $47,117 million from $38,699 million at the end of 2023, with cash and cash equivalents rising to $6,150 million. The company continues to navigate various legal challenges, particularly regarding driver classification, which could impact operational costs and financial performance.
About Uber Technologies, Inc
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