Uber (UBER) reported third quarter results, beating Wall Street expectations on both revenue and earnings. The rideshare platform posted revenue of $11.19 billion, surpassing estimates of $10.99 billion. Adjusted earnings per share reached $1.20, significantly higher than the anticipated $0.45. Despite these positive metrics, Uber’s stock faced pressure due to weaker-than-expected gross bookings and a reduced fourth quarter outlook. Kindred Ventures Founder and managing partner Steve Jang joins Morning Brief to provide insights into Uber’s performance and future potential. “The company is starting to show that it’s not just a marketplace company but a software company,” Jang says, highlighting Uber’s profitability and continued growth opportunities. Jang emphasizes Uber’s strategic positioning, pointing to potential expansion in autonomous and electric vehicles. He praises the company’s cost-consciousness and ability to apply its software network across ridesharing, delivery, and freight services. “Uber is the demand network,” Jang states, arguing that emerging technologies like Waymo and Tesla’s (TSLA) autonomous vehicles will take time to impact the market. However, Uber’s global network, software, and 24/7 operations provide a competitive advantage that these companies may want to use in the future.
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