CNBC's MacKenzie Sigalos joins 'Money Movers' with the latest details on Uber's earnings and the company's bet on autonomous vehicles.

Uber reported its strongest top line growth in nearly three years and a record increase in trip volume outside the post-pandemic rebound. Despite these positive results, shares fell sharply as investors reacted to a lower-than-expected EBITDA forecast and a cautious outlook for the fourth quarter.

The company emphasized its new partnership with NVIDIA to develop 100,000 nearly driverless vehicles, signaling a commitment to autonomous technology as central to its long-term growth. However, the underwhelming guidance for the next quarter and ongoing competitive pressures in the rideshare market contributed to negative investor sentiment.

Uber shares under pressure after third quarter report

Shares of Uber tanking today after posting strong profits and revenue but lower than expected EBITDA forecast. The quarter also a read on how the autonomous race is evolving. Our Mackenzie Sagalos has more in today's tech check segment. Hi Mac. Hey Sarah. So Uber's latest results showing its strongest top line growth in nearly three years and its largest trip volume increase in its history outside the post covid rebound. But the stock you said it is in sell off mode as investors focus on a softer outlook. Now while trips and bookings were both up more than 20 percent with mobility and delivery accelerating the street zeroed in on Uber's underwhelming Q4 guide with Jeffries calling it a bit of a knife fight in rideshare and noting little upside to pull in the bears. But Uber is leaning into what driverless can deliver with CEO Dara Khosrowshahi touting the company's new partnership with NVIDIA on this morning's earnings call saying that if there is one ally that you want in a I it's them. Now the two companies plan to build 100 thousand nearly driverless vehicles together. A clear bet on a future beyond human drivers. Khosrowshahi also calling autonomy central to long term growth predicting that within a decade every new car sold will be self-driving ready. So absolutely is happening now but at very small scale while autonomous is something that a lot of people are experiencing. It's a terrific product. We think it releases another trillion dollar opportunity for us. At this point it is not at scale. Now early signs are promising. Waymo powered markets like Austin and Atlanta where Uber runs its A.V. service are growing more than twice as fast as the rest of the U.S. with drivers earning more in those cities than the national average. Uber says it's too soon to call the correlation causal but that the hybrid model of humans and robots does appear to be working. Guys. Meantime their gross bookings guidance for the quarter for Q4 Mac kind of in line although we were asking earlier this morning why that would result in the price action that we're getting today. Right. You know something that I've actually been looking at with respect to their monthly active users and also the number of drivers. I'm sorry the number of weekly drives that they're booking. If you're looking at it on a weekly basis it's two hundred ninety two million. You've got Waymo that by the end of next year is looking at one million trips per week. So you're still seeing a pretty bullish move in its in its core business versus the driver side of its business. But yeah it's really that soft core Q4 guy that's seeming to weigh down investor sentiment right now. Yeah it's been in this 10 dollar range more or less between 90 and 100 going back to say mid-June and currently trying to ride the bottom of that channel. Mac thanks.

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Lima

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Al Fashir

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