$UBER · Joseph Carlson After Hours · 2026-11-04

We have Uber that also reported earnings and is up big today. We'll be going over those earnings as well.

Now, next we have Uber. This is one that flew as high as $90 per share. Then it sold off a lot. That's when I jumped into the company. It went down a little bit more, but now it's having a resurgence.

It's up 7% on the day after the most recent earnings. I think we should look at an interview with the Uber CEO, DAR. >> Yeah, absolutely. So, gross bookings for us grew 20% uh yearon year on a $60 billion base.

Now, uh which is terrific. Trips grew 16% yearonear. And our audience, >> he just said 20% gross bookings is terrific. Now, CEOs always want to say everything they're doing is terrific, right?

That's a CEO talk. They're very good communicators. This is terrific. This is not just a CEO saying it. That's a a very very good number. Consider the size of Uber. Consider that organic growth rate for a company that size and at that valuation.

This is very very good. So I don't think that he's overstating it at all.

>> Is an all-time record well over 200 uh million monthly active users growing at 14% year-on-year. the the trend that we saw this quarter was actually that we have more demand than we have supply.

So the demand especially for mobility services is exceeding that of the supply of drivers of couriers uh on our platform and unlike you know the Silicon Valley chip makers where we just want to you know they raise price on their customers we don't want to raise price on our customers the way that you know you raise prices either they customers have to pay more time ETAs go up or prices for their rides or their deliveries goes up and that's not how we want to run our business.

So we're actually now investing significantly in supply in India, in Brazil, in Canada, even in the US to make sure that we have the right amount of driver and courier supply to meet the demand that we're seeing from the consumer, which remains actually quite strong.

>> In terms of investment that you make, >> that's just wild to me. consider the the billions of rides they're doing. Four billion plus rides a single quarter. And he says that they still have too much demand, more demand than they have supply.

And Uber's the the company that's good at having dynamic supply, fulfilling demand with supply. But even so, Uber still struggles with that issue of not having enough supply.

>> They have to make uh going forward when you think about the robo taxi market uh and what happens uh in a sort of a a postimo world for you. I don't know where you think that that all stands, but but how much do you think you're going to have to spend?

Well, we have talked about uh of investing and committing over $10 billion in capital and it's combination of investing in various partners uh partners like Neuro like Avide like many other partners Rivian as well who are developing the technology and it's a really efficient way of investment where for every dollar we invest usually they're able to raise $2 to $3 from external investments as well.

Then we invest in operationalizing AVs. So for example our partnership with Whimo in Atlanta in Austin right now AVs are much less profitable so to speak than human beings that will kind of over a period of time we think AV profitability will be equal to human kind of profitability as well on our platform but that is certainly going to take time and then we are also committing to vehicles you know these are very very expensive cars uh with incredible sensor stacks compute stacks etc and So, we have committed about $10 billion for AV going forward.

Uh we we believe that we're going to have uh over 2,000 AVs in multiple markets next year and then we're going to get into the tens of thousands in 2028 and then substantially more in 29 and 30.

We think, you know, these autonomous vehicles uh are going to be safer. uh and the good news is that in markets in which we see AVs introduced the market growth is actually accelerating.

So the market growth in AV markets or mature AV markets as is California and for example Texas uh is growing about seven seven points faster uh the whole category than the rest of the nation.

So it does look like these autonomous vehicles are opening up new demand channels which is great for everybody.

>> He shares such a good story. This is a great story, a great narrative for the company. I think that Dar does a wonderful job trying to sell investors on what the goal is for Uber, the vision that he sees.

And even when I look at the bare cases with Whimo and Tesla's Cyber Cab, I think there is a bare case there. There's a chance Uber could be unsuccessful or have market share stolen.

But I think that's very low because when you look at Whimo, even in places like San Francisco where they've been operating for years and years very effectively, Uber's still growing even in those markets where AVs have been for a long period of time.

So I don't believe that Dar is making it up when he says that AS create more demand that we're going to work with them. We're going to have many competitors, but the mobility market's so massive.

We'll be very successful. I believe him. I think he's telling the truth here. Of course, he's outlining the positives of the company like a CEO does. He's not sharing the biggest bare case, but I think he shares a very compelling narrative.

Uber's earnings are really strong across the board. It's difficult for me to find any weaknesses in it, and I like the direction that management's going. I think the stock is going to outperform over the next couple of years.