American service provider Uber Technologies Inc. reported its first profitable quarter but volatility dragged the company to a net loss on formal accounting principles, FT reported.

  • Under its adjusted EBITDA, Uber reported an $8-million profit in the third quarter, marking a $625-million increase from the same period last year. This excludes multiple costs and stock-based compensation.
  • Based on formal accounting principles, Uber reported a $2.4-billion net loss due to a $3.2-billion negative revaluation of its stake in China’s vehicle for hire firm Didi Chuxing.
  • The company expects its adjusted EBITDA profits of $25 million to $75 million in the fourth quarter, lower than the $110-million outlook of analysts, bringing shares lower.

Uber reported an all-time high gross bookings of $23.1 billion, indicating that demand remains strong even as economies reopen. UBER is up 4.38%.