Uber beat Wall Street’s third-quarter revenue expectations on Tuesday.

Shares fell 4%.

• Earnings per share: $3.11. It was not immediately clear if that was comparable to the 68 cents expected by LSEG analysts.
• Revenue: $13.47 billion vs. $13.28 billion expected by LSEG

“This was our strongest growth since the end of 2023 and the largest trip volume increase in Uber’s history outside the post-Covid rebound,” wrote CEO Dara Khosrowshahi in prepared remarks.

Revenues jumped 20% from $11.2 billion in the year-ago period. Gross bookings jumped 21% to $49.74 billion and surpassed the $48.95 billion expected by StreetAccount.

Net income nearly tripled to $6.6 million, or $3.11 per share, from $2.6 billion, or $1.20 per share, in the year-ago period. Adjusted EBITDA rose 33% to about $2.26 billion and was roughly in line with StreetAccount’s estimate.

Uber said its net income included a $4.9 billion benefit from a tax valuation release and a $1.5 billion net pre-tax benefit from reevaluations of equity investments.

For the fourth quarter, Uber forecasted gross bookings between $52.25 billion and $53.75 billion, versus a StreetAccount estimate of $52.10 billion. The company expects adjusted EBITDA to range between $2.41 billion and $2.51 billion, versus $2.47 billion expected by StreetAccount.

Uber’s monthly active platform consumers increased 17% to 189 million. The company said it logged 3.5 billion trips during the quarter, up 22% from a year ago.

Khosrowshahi said the company’s focus on innovation and affordability drove strong trips and gross bookings for the period.

Here’s how the company’s key business segments performed:

• Mobility (gross bookings): $25.11 billion, up 20% year over year
• Delivery (gross bookings): $23.32 billion, up 25% year over year

Mobility segment revenues rose to $7.68 billion, slightly ahead of a StreetAccount estimate of $7.63 billion. Uber’s delivery business reported revenues of $4.48 billion, which topped the $4.31 billion projected by StreetAccount.