 Uber’s trips grew 17% YoY to 2.9mn in 3Q24, while the number of Monthly Active Platform Consumers (MAPC) reached 161mn, up 13% YoY. The company achieved historically high levels for frequency and audience engagement, with more than 7.8mn mn people driving on Uber. Uber’s global membership program now exceeds 25 mn members, making a 70% YoY increase. Members accounted for 35% of combined Mobility and Delivery Gross Bookings. Uber’s Gross Bookings grew 16% YoY to $41bn, while revenue rose 20% to $11.2bn in 3Q24. The company reported a net income of $2.6bn, which includes a $1.7bn benefit from unrealized gains related to the equity investments revaluation. In 3Q24, Gross Bookings increased 17% YoY to $21.0bn in Mobility, 16% to $18.66bn in Delivery, and 2% YoY to $1.3bn in Freight. The Mobility segment generated $6.4bn in revenue with a 30.5% revenue margin and $1.68bn in Adj EBITDA. The Delivery segment reported $3.47bn in revenue, up 18% YoY with an 18.6% revenue margin, and Adj EBITDA of $628mn, reflecting a 52% YoY increase. Freight’s Adj EBITDA was negative at $19mn. Uber’s drivers and couriers earned $18.1bn on the platform in 3Q24, including tips, an increase of 14% YoY. The company also reported a 78% growth in advertising revenue, which Ads accounting for c1-2%+ of Gross Bookings. Uber is working to develop a sophisticated ads tool to target specific audience groups in certain geo-locations within defined time frames, a capability increasingly demanded by advertisers. Its partnership with T-Mobile Advertising Solutions will bring the JourneyTV offering to 50k vehicles in the US. Insurance costs remain a significant expense, growing 16% YoY as of September. Uber is focusing on risk management and cost reallocation. The company continues to invest in less dense suburban and secondary markets, both in the US and abroad. In the UK and France, trips outside cities are growing 3-4x faster YoY than in largest cities. Uber offered Teen accounts, which contribute to the audience expansion by enabling safe rides for teenagers and bookings by guardians. Uber has also launched Uber Shuttle, a low-cost option for airport rides in large venues. In Denmark, Uber partnered with a local taxi service to bring more taxis onto the platform. The Delivery segment experienced strong demand in the US, Canada, and Mexico with orders reaching all-time highs. Active merchant growth was 16% YoY, a historically high level, while Delivery MACP reached 50mn in September. New offerings include a 24-hour online grocery delivery service with Co-op in the UK and Oxxo in Chile. Uber added new chains Halloween and H Mart in the US and Canada on the platform. The Freight segment recorded 2% YoY growth in 3Q24. Meanwhile, Uber repurchased $375mn of common stock in 3Q24.  Uber’s partnerships for autonomous driving remain on track. The company announced an exclusive partnership with Waymo to bring autonomous ride-hailing to Austin and Atlanta, available only on Uber; and five new autonomous partnerships with Cruise, Coco, Wayve, WeRide, and Avride. In 3Q24, Uber maintained 14 AV partnerships across its Mobility, Delivery, and Freight segments. AV players benefit from Uber’s platform, which provides higher utilization rates to improve their economic efficiency without incurring significant customer acquisition costs.  Uber projects 4Q gross bookings in the range of $42.75bn to $44.25bn, a 16-20% YoY increase on a constant currency basis. Adjusted EBITDA is expected to reach $1.78-1.88bn in 4Q24. However, the company anticipates a 2% headwind to total YoY growth, including a 5% currency-related headwind to Mobility. We reviewed our forecasts and updated our 12-month price target to $83.7 from $76.1 per share, with our BUY rating unchanged.