Uber Technologies (UBER) Gross Margin — Quarter Ended Sep 30, 2024

Revenue and cost of revenue both increased, but gross profit grew at a faster rate, leading to a higher gross margin. The gross margin improved sequentially and year-over-year.

Gross margin takeaway

Quarter ended Sep 30, 2024 · FY2024 Q3

Revenue and cost of revenue both increased, but gross profit grew at a faster rate, leading to a higher gross margin. The gross margin improved sequentially and year-over-year.

The primary driver is revenue growth outpacing cost of revenue growth, expanding gross margin.
Gross margin improved slightly compared to the prior quarter and more noticeably compared to the same quarter last year.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

32.5%

Gross profit

$3.6B

Revenue

$11.2B

Cost of revenue

$7.6B

Quarter-over-quarter change

+0.5 pts

Year-over-year change

+1.6 pts

Quarterly gross margin trend

A four-quarter view of the revenue and direct-cost bridge behind gross margin.

Period	Revenue	Gross profit	Cost of revenue	Gross margin
Dec 31, 2023	$9.9B	$3.1B	$6.9B	30.8%
Mar 31, 2024	$10.1B	$3.2B	$7.0B	31.3%
Jun 30, 2024	$10.7B	$3.4B	$7.3B	32.0%
Sep 30, 2024	$11.2B	$3.6B	$7.6B	32.5%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Jun 30, 2024

+0.5 pts

Year-over-year change

Sep 30, 2023

+1.6 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

The primary driver is revenue growth outpacing cost of revenue growth, expanding gross margin.

Gross margin improved slightly compared to the prior quarter and more noticeably compared to the same quarter last year.

Monitor the relative growth of cost of revenue versus revenue; if cost growth accelerates, margins could face pressure.