 Uber reports Gross Bookings growth of 21% YoY to $35.3bn in 3Q23. Adj EBITDA reached $1.1bn. Net income was $221mn. Results came at the top of the company’s guidance range. Uber increased the number of Monthly Active Platform Consumers (MAPCs) by 15% YoY to 142mn in 3Q23, compared to 124mn in 3Q22. The number of trips increased by 25% YoY to 2.441bn in 3Q23, driven by LatAm and APAC. The growth trend continues into 4Q as Uber achieved an all-time high in October for overall trips and gross bookings. Uber sees a higher engagement of its 15mn members. Uber One members have financial benefits on the platform, including free deliveries and discounts. The next goal is to offer members non-financial benefits. Uber One is now available in 18 markets. The platform generated $15.9bn of earnings for drivers and carriers, according to Uber. The number of earners reached 6.5mn, supporting the platform’s gross bookings growth. Uber’s penetration is still small in some markets, such as Japan, where taxi services are the only available potential earners. Mobility Gross Bookings reached $17.9bn, up 31% YoY and 7% QoQ. Delivery Gross Bookings were $16.1bn, up 18% YoY and 3% QoQ in 3Q23. The New Verticals gross bookings (like grocery, convenience, and alcohol) grew by 46% YoY in 3Q driven by wider grocery selection. Freight Gross Bookings were down 27% YoY and grew 1% QoQ to $1.28bn on still low revenue per load and volume. The Mobility segment demonstrated a strong 33% YoY and 4% QoQ revenue growth to $5,071mn, while Delivery reported 6% YoY growth and declined 4% QoQ to $2,935mn. Mobility revenue was negatively affected by the change in business model in some markets. Revenue margin was 28.3% for Mobility (27.9% a year ago) and 18.2% for Delivery (20.2% a year ago). Uber’s Adjusted EBITDA reached $1,092mn, up 112% YoY. The Mobility segment generated $1,287mn of Adj EBITDA, up 43% YoY, while Delivery Adj EBITDA reached $413mn, up 128% YoY in 3Q23, and the Freight segment reported a $13mn loss. Advertising expanded post checkout ads on Uber Eats internationally. Active advertising merchants number increased by 70% YoY to 445k. Uber launched the autonomous mobility partnership in Phoenix with Waymo in October, making the autonomous ride available on the platform for the first time. Uber generated $905mn of FCF in 3Q. FCF includes a $622mn cash outflow related to the payment of a UK HMRC VAT assessment. Uber reported $4,448mn in cash and cash equivalents, $1,584mn in restricted cash, $5,091mn in investments, and $3,944mn in restricted investments as of 30/09/2023. Short-term insurance reserves reached $1,823mn and long-term insurance reserves were $4,337mn as of 30/09/23. The company has $9,252mn of long-term debt. Interest expense reached $166mn in 3Q and $478mn for 9M23. The company’s diluted EPS was $0.2 per share in 9M23.  Uber expects Gross Booking to reach $36.5-37.5bn, growing 18% to 21% YoY in 4Q23 and Adjusted EBITDA of $1.18-$1.24bn. Uber expects trips to grow by 20% YoY in 4Q. Freight bookings will likely stay flat YoY. The company expects FY23 Gross Bookings of $137bn, up 20% on a constant-currency basis. Adjusted EBITDA may reach $4.0bn. The company demonstrated a sustainable performance, bringing more drivers and offering more services on the platform. We update our forecasts and review our 12-month price target from $53.8 per share to $63.5 per share. We rate the stock BUY.