Uber Technologies (UBER) shares are dropping almost 10% Thursday, as the ride-hailing giant posted weaker-than-expected gross bookings in the third quarter.

The company said gross bookings rose 16% year-over-year to $41 billion 🦂in the third quarter, below estimates from Visible Alpha of $41.3 billion. Trips grew 17% to 2.9 billion, in line with estimates. 

Uber's top- and bottom-line results handily 澳洲幸运5官方开奖结果体彩网:beat analysts' estimates, however. The company reported revenue for the period of $11.19 billion versus the $10.98 billion estimate. 澳洲幸运5官方开奖结果体彩网:Net income of $2.6 billion also beat estimates by a wide margin, although that included a $1.7 billion pre-tax benefit from ga🦋ins in Uber's revaluation of its equity investments.

Uber CEO Says Company Continues to 'Advance' AV Strategy

“We delivered yet another record quarter of profitable growth at a global scale, reflecting the strength of our platform, which now has over 25 million Uber One members,” Uber 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Dara Khosrowshahi said, adding that the company is continuꦑing "to advance our autonomous strategy."

Uber has announced a 澳洲幸运5官方开奖结果体彩网:number of partnerships with autonomous vehicle (AV) ღcompanies like Waymo over the last several months.

Uber shares have gained close to 30% since the start of the year, though down from 澳洲幸运5官方开奖结果体彩网:record levels reached in the days following Tesla's (TSLA) robotaxi event earlier this month. Uber stands to suffer if Elon Musk's company rolls out driverless robotaxis and disrupts the ride-hailing industry but the event this month was 澳洲幸运5官方开奖结果体彩网:light on details and underwhelmed investors.

UPDATE—Oct. 31, 2024: This article has been updated to include more recent share prices.