U.S. Movers: Tripadvisor, Uber Technologies, WeWork

Scott Peters
07 Nov, 2023
New York City

Uber Technologies Inc. increased 1.7% to $48.96 despite the ride hailing company's weaker-than-expected quarterly results.

Revenue in the third quarter increased 11% to $9.3 billion from $8.3 billion, and the company swung to a profit of $221 million from a loss of $1.3 billion, and diluted earnings per share were 10 cents compared to a loss of 61 cents a year ago. 

Gross bookings in the quarter increased by 21% to $35.3 billion, driven by a 31% increase in mobility bookings to $17.9 billion and an 18% increase in delivery bookings to $16.1 billion.

Monthly active customers on the platform increased by 15% to 142 million from 124 million.

The company anticipates gross bookings in the fourth quarter in the range of $36.5 billion and $37.5 billion.

WeWork Inc. closed at 84 cents in Monday's trading but dropped as low as 11 cents in Tuesday's pre-market trading after the company filed for Chapter 11 bankruptcy protection in New Jersey federal court.

The company said its liabilities are between $10 billion and $50 billion and said it has entered into agreements with most of its secured note holders.

WeWork was valued at $47 billion in 2019 fund raising led by SoftBank but was forced to accept a sharply lower valuation of about $8 billion when it agreed to go public through a special purpose acquisition company in 2021.

TripAdvisor Inc. soared 10% to $17.76 after the online travel platform company reported better-than-expected quarterly results.

Revenue in the third quarter increased 16% to $533 million from $459 million, net income increased 8% to $27 million from $25 million, and diluted earnings per share rose to 19 cents from 17 cents a year ago.

On September 7, the company's board authorized a $250 million stock repurchase plan over the next two years.