$UBER · Daniel Pronk · 2026-11-04
UBER 的财报看起来强劲——预订量 +20%、营业利润 +38%、每股收益 +35%、营收 +10%（旧口径 +18%）——第四季度指引为营收增长约 20%、每股收益 +34%。对于 20% 的增长而言，16 倍远期市盈率和 14.6 倍市价/自由现金流偏低，因此若这一势头延续，该股看起来便宜。但说话者仍不买入：自动驾驶的普及以及 Waymo/Tesla 竞争加剧使长期业务过于不确定，他缺乏信心。
逐段跳播
Fortinet、ServiceNow，最后我们将以 Uber 结束讨论。
Fortinet, ServiceNow, and finally we will finish the discussion with Uber.
好，我们来看本视频的最后一只股票，也就是 Uber。该股目前较历史高点下跌约28%，已经经历了相当大的回调。不过，在今早发布财报后，该股反应积极，录制本视频时今天上涨了7%。
Okay, let's move on to the last stock in this video , which is Uber. The stock is now down about 28% from its all-time high and has seen a pretty big correction. However, it is responding positively after the earnings report released this morning and the stock is up 7% today at the time of recording this video.
那么，和往常一样，我们来看看 Uber 的财报结果。这里可以看到，预订量同比增长了20%。
So, as always, let's take a look at Uber's earnings results. Here we can see that bookings have increased by 20% year-on-year.
营业利润增长了38%，这非常好。每股收益也上涨了35%，Uber 表示其预订量已连续五个季度实现超过20%的增长，这相当强劲。
Operating income increased by 38%, which is very good. Earnings per share also rose 35%, and Uber said it has achieved booking growth of more than 20% for five consecutive quarters , which is quite strong.
所以，乍一看，这对 Uber 来说实际上是一份非常好的财报。接下来看下一张截图，其中包含许多运营或业务亮点。这里我们看到，出行次数同比增长16%，达到41亿次。
So, at first glance, this is actually a really good report for Uber. Moving on to the next screenshot, it contains many operational or business highlights. And here we see that the number of trips has increased by 16% year-on-year to 4.1 billion.
月活跃客户增长了14%，每位客户的出行次数增长了2%。也就是说，Uber 在不断吸引更多客户，而客户也在更多地使用 Uber。
Monthly active customers increased by 14% and the number of trips per customer increased by 2%. That is , Uber is continuously attracting more customers and customers are using Uber more.
这显然对业务非常有利。然而，营收只增长了10%，但这是因为过去一年业务改变了其营收的列示方式。如果按与之前相同的口径计算，其营收本应增长18%。
This is obviously very good for business. However, revenue only increased by 10%, but that's because the business has changed the way it shows its revenue over the past year. If it were on the same basis as before, its revenue would have increased by 18%.
GAAP 营业利润也增长了30%。经营现金流为26亿，自由现金流为25亿。所以，总而言之，这看起来又是 Uber 一份非常好的财报。
GAAP operating income also increased by 30%. Operating cash flow was 2.6 billion and free cash flow was 2.5 billion. So, all in all, again , this seems like a very good report for Uber.
在第四季度指引中，他们表示预计第四季度营收增长约20%，每股收益进一步增长34%。所以，他们的业绩很强劲，而且看起来第四季度的业绩也会相当不错。
In their fourth- quarter guidance, they said they expect revenue growth of about 20% in the fourth quarter and a further 34% increase in earnings per share. So, their results were strong and it looks like their fourth quarter results will be pretty good as well.
Uber 的预期市盈率只有 16 倍，市自由现金流大约在 14.6 倍。对于一家增速达到 20% 的企业来说，这些估值倍数相当低。
Uber's forward price-to-earnings ratio is just 16 and price-to-free cash flow is trading at around 14.6. These are quite low multiples for a business growing at a rate of 20%.
如果 Uber 继续保持这样的势头，我认为这只股票目前相当便宜。不过，我并不是 Uber 股票的买家。正如我之前在频道里说过的，随着自动驾驶越来越普及，我不知道 Uber 的长期业务会是什么样子，而我认为自动驾驶会变得越来越流行。
And if Uber continues like this , I think the stock is pretty cheap right now. However, I am not a buyer of Uber stock. As I've said before on my channel , I don't know what Uber's business will be like in the long term as autonomous driving becomes more commonplace, and I think it will become more popular.
我也不知道当 Waymo 和 Tesla 开始更激烈地竞争时，这项业务会变成什么样。归根结底，我没有足够的信心投资这只股票。
And I don't know what the business will be like when Waymo and Tesla start competing more. And ultimately, I don't have enough confidence to invest in this stock.
另外，我是一个集中投资的投资者，所以我不想只为了好玩买几股 Uber。
Another thing is, I'm a concentrated investor, so I don't want to buy a few shares of Uber just for fun.