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Gross bookings forecast slightly below estimates

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Net income includes $1.7 billion pre-tax gain

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Q3 revenue beats estimates on lower driver incentives,

refunds

Oct 31 (Reuters) - Uber Technologies ( UBER ) edged past

quarterly profit estimates but gross bookings grew at its

slowest pace in over a year, suggesting riders were opting for

less expensive public transportation over taxis.

The company also forecast current-quarter gross bookings, a

key performance metric for app-based taxi services, slightly

below estimates. Its adjusted core profit forecast for the

period, however, was roughly in line with expectations.

Gross bookings for the third quarter rose 16.1% to $40.97

billion but missed estimates of $41.24 billion, according to

data compiled by LSEG.

Uber's ( UBER ) growth has slowed in recent quarters from

post-pandemic highs as an uncertain economy and elevated

inflation levels weigh on commuters.

The company's diversified range of services around the

world, which include freight, delivery and ride-hailing, has

helped it offset risks in each of the three verticals.

Uber's ( UBER ) core mobility business grew 26.4%. Overall revenue

for the third quarter came in at $11.19 billion, beating the

average analyst estimate of $10.98 billion.

"Revenue growth outpaced gross bookings growth primarily due

to lower supply incentives and refunds and appeasements, coupled

with advertising revenue growth," CFO Prashanth Mahendra-Rajah

said.

Uber ( UBER ) has also been contending with competition from Lyft ( LYFT ), a

U.S.-centric company that has been attempting to entice

customers with competitive pricing and other features.

Net income attributable to Uber ( UBER ) stood at $2.61 billion in

the third quarter, including a $1.7 billion pre-tax gain related

to the company's equity investments, while operating profit was

a record $1.06 billion.

Adjusted earnings before interest, taxes, depreciation and

amortization - a closely-watched profitability metric - came in

at $1.69 billion, compared with analysts' average estimate of

$1.64 billion.

The company forecast fourth-quarter adjusted EBITDA to come

in between $1.78 billion and $1.88 billion versus analysts'

expectation of $1.84 billion.

(Reporting by Akash Sriram in Bengaluru; Editing by Saumyadeb

Chakrabarty)