Uber One membership drums up demand heading into holidays

(Reuters) - Uber Technologies on Tuesday forecast fourth-quarter gross bookings above expectations as its membership program fueled demand for both rides and deliveries in the run up to the busy holiday season.

However, Uber shares fell about 4% in premarket trading after the company forecast current-quarter adjusted core profit of between $2.41 billion and $2.51 billion, marginally below expectations of $2.48 billion.

The stock had surged about 65% this year up till Monday's close on the back of strong results and Uber's growing dominance in the ride-hailing sector. The company also beat third-quarter revenue estimates as students returned to school and stricter return-to-office mandates boosted commutes within cities.

CEO Dara Khosrowshahi said the Uber One program was encouraging customers to book more food and grocery deliveries, underscoring increased potential for the services the company offers outside ride-hailing.

The delivery segment posted a 29% sales rise in the July-September quarter, outpacing the 20% increase in mobility revenue and flat growth in the freight division.

Consumers who use more than one of Uber's services have 35% higher retention and spend three times more than others, Khosrowshahi said. Only about 20% of active users in markets with rides and delivery use them together, though top-performing countries already surpass that level.

The company forecast gross bookings - or the total dollar value of rides, deliveries and other services - of between $52.25 billion and $53.75 billion for the fourth quarter. Analysts expect $52 billion, according to data compiled by LSEG.

Uber will replace adjusted EBITDA with adjusted profit forecasts starting from its guidance for the first quarter of next year, adopting a practice typical of more mature firms.

Gross bookings in the third quarter ended September 30 were $49.74 billion, compared with estimates of $48.73 billion. Revenue rose 20% to $13.47 billion, beating estimates of $13.28 billion.