Uber released its Q3 earnings on Tuesday, reporting 72% YoY revenue growth. The ride-hailing company posted $8.3B in revenue and a net loss of $1.2B, or 61 cents a share, down from a net loss of $2.42B reported for the same period last year. CEO Dara Khosrowshahi said October was looking to be the company's best month yet for both Mobility and Gross bookings. More: - Uber reported $29.1B in Gross Bookings, up 26% YoY.
- Mobility Gross Bookings came in at $13.7B, up 38% YoY.
- Delivery Gross Bookings was $13.7B, up 7% YoY.
- Uber Freight posted $1.75B in sales.
- The company posted 1.95 billion trips for Q3, up 19% YoY, representing an average of around 21 million trips a day.
- Uber said its revenue growth was significantly higher than its Gross Bookings growth due to its acquisition of Transplace by Uber Freight.
- Uber also updated its business model for its U.K. Mobility business.
- Uber's monthly active users rose to 124 million in Q3, up 14% YoY.
- Uber shares rose more than 12% in afternoon trading on Tuesday; the company is down more than 30% YTD.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Uber.
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Johnson & Johnson is buying medical device company Abiomed for $16.6B. J&J will initially pay $380 a share for Abiomed, representing approximately a 51% premium on the company’s Monday close price. J&J will pay an additional $35 a share if the company meets certain milestones. The transaction is expected to close by the end of Q1 2023. More: - J&J CEO Joaquin Duato noted that the acquisition is consistent with the company’s overall strategy of expanding its med tech business into high-growth markets and boosting its revenue.
- J&J’s medical device unit was once its largest business by sales but has been replaced by its pharmaceutical unit.
- Abiomed makes the Impella heart pump used to treat various heart conditions, including heart attacks and clogged arteries.
- Abiomed reported $1.03B in total sales for its last fiscal year, which ended on March 31.
- J&J shares were down less than 1% in afternoon trading on Tuesday.
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Saudi Aramco, formally known as Saudi Arabian Oil Co., released its Q3 earnings on Tuesday, reporting a net income of $42.4B, up 39% YoY. The oil giant posted a record increase in free cash flow to $45B. The state-owned company plans to pay a dividend of $18.8B in Q4. More: - Saudi Arabia is the world’s largest oil exporter; the kingdom controls about a third of OPEC’s total oil reserves and plays a leading role in the organization.
- Aramco CEO Amin Nasser reiterated global oil demand forecasts noted in OPEC’s 2022 World Oil Outlook report, which was published on Monday.
- The kingdom has been using proceeds from the oil company to diversify and grow its economy, including building some development projects proposed by Crown Prince Mohammed bin Salman.
- The IMF projects Saudi Arabia’s economy to grow by 7.6% this year.
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Victoria’s Secret has agreed to buy online lingerie brand AdoreMe for $400M in cash. AdoreMe was founded in 2011 and is known for its inclusive sizing and body positivity. The New York-based company has over 1.2 million customers and is on track for ~$240M in revenue this year. More: - The deal is expected to close end of January, pending regulatory approval.
- The acquisition comes as Victoria’s Secret has been trying to re-brand itself as a more inclusive company, even showcasing models with fuller bodies.
- CEO Martin Waters said the company is on a journey to become more diverse and inclusive in its go-to-market strategy.
- The Ohio-based company reported ~$6.8B in sales in 2021, up 25% YoY.
- Victoria’s Secret is expected to report its Q3 earnings on Nov. 16.
- Victoria’s Secret shares closed at $38.73, up ~3% for the day; the firm is up more than 30% YTD.
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TikTok’s parent company ByteDance launched an international e-commerce site to sell Chinese products to western shoppers. The company joins Pinduoduo, one of China’s largest e-commerce firms, in seeking new growth in western markets. More: - In September, Pinduoduo launched its U.S. e-commerce site, Temu, selling various items from clothing to electronics.
- ByteDance’s e-commerce site is called Yooou, which primarily offers fashion items.
- Yooou ships to the U.K., Spain, Italy, Germany, and France.
- Both firms are hoping to replicate the success of Chinese fast fashion brand Shein.
- According to Business of Apps, Shein generated nearly $16B in sales in 2021.
- The firms are also looking to compete with U.S. e-commerce giant Amazon, which dominates the western online shopping market.
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Pfizer reported its Q3 earnings on Tuesday, beating analysts’ expectations across the board. The pharmaceutical company earned $22.6B in revenue, down 6% YoY due to reduced demand for COVID-19 vaccines. Pfizer reported ~$24B in revenue in Q3 2021, thanks primarily to its COVID-19 vaccine sales. More: - Pfizer posted $4.4B in global vaccine sales for Q3, down 66% YoY.
- Adjusted net income came in at $10.2B, or $1.78 a share, up 40% YoY.
- CEO Albert Bourla said the company is looking beyond the pandemic.
- Pfizer raised its full-year sales guidance for its COVID-19 vaccine to $34B for this year, up from $32B previously stated.
- Pfizer shares closed at $48.01 on Tuesday, up ~3% for the day; the company is down over 15% YTD.
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- On Tuesday, SpaceX launched its largest rocket, the Falcon Heavy, for the first time in three years. The spacecraft was launched from the Kennedy Space Center in Florida and is carrying a classified payload for the U.S. Space Force. The mission is the 50th launch for SpaceX this year.
- U.S. job openings increased by 437,000 to a seasonally adjusted 10.7 million in September. According to the Labor Department, the openings are well above the 5.8 million unemployed job seekers.
- JPMorgan is testing a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments.
- Twitter founder and former CEO Jack Dorsey has rolled his entire stake in Twitter, about 18 million shares worth nearly $1B, into the privately held company acquired by Elon Musk.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
Constructor is the company building revenue-driving on-site search and discovery solutions for digital merchandisers. | |
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