Uber shares lift on quarterly update

The news: Uber has lifted revenues 11% compared to the same quarter last year, missing expectations but pleasing investors all the same as it rides towards its first ever annual net profit.

The numbers: Uber shares lifted 3.7% amongst a broader Wall Street rally after the company boosted third quarter revenue 11% to USD9.3 billion ($14.5 billion) year-on-year, but missing expectations of USD9.5 billion. Income from operations was USD394 million, up from a USD495 million loss at the same time last year. The ride-handling company lifted its guidance range for the fourth quarter to between USD36.5 billion and USD37.5 billion, compared with a previously expected USD36.31 billion, to round out its first ever year in the black.

The context: Uber's revenue growth was the slowest since 2021, Reuters reports, as competition for the pioneering company heats up from rivals such as Lyft, which will report earnings tonight.