Uber Technologies Inc. (NYSE:UBER) got a broadly constructive reception from analysts after its third-quarter results, and the story is a familiar one for anyone who has watched this company lately: Delivery is doing the heavy lifting, engagement is improving, and autonomous vehicles are the future everyone wants to talk about. Meanwhile, Mobility is dealing with the less glamorous reality of tighter driver supply.

JPMorgan: Delivery Shines, Mobility Feels The Squeeze

JPMorgan analyst Doug Anmuth, who had Uber Not Rated, noted that third-quarter Gross Bookings of $59.8 billion landed near the high end of guidance, while adjusted EBITDA of $2.96 billion slightly exceeded the top of the company's range. Not bad for a quarter that came with some built-in headwinds.

Those headwinds were concentrated in Mobility, where Gross Bookings growth slowed to 17% on a constant-currency basis. Anmuth pointed to Middle East disruption, elevated fuel costs, tighter labor conditions and driver competition as the culprits constraining supply in markets including India, Brazil and Canada.

Delivery, by contrast, remained stronger. Gross Bookings rose 23% constant currency and organic growth accelerated. Higher order frequency, stronger Uber One penetration, merchant spending and advertising all supported the business, while Grocery & Retail grew 40% year over year.

Anmuth also highlighted Uber's premium products, including Uber for Business, where Gross Bookings increased 50%, while Wait & Save surpassed an $8 billion annualized run rate.

Looking ahead, Uber guided fourth-quarter Gross Bookings to $63.25 billion-$65.25 billion, broadly matching JPMorgan's $64.5 billion estimate at the midpoint. Its adjusted EPS outlook of $0.95-$0.99 also aligned with Anmuth's $0.97 estimate.

BNP Paribas: Keep Your Eye On The Robot Cars

BNP Paribas analyst Nick Jones maintained a positive view with a $106 price forecast, saying Uber's results and fourth-quarter guidance were broadly in line with expectations.

Jones highlighted third-quarter Gross Bookings of $59.82 billion, revenue of $14.77 billion, adjusted EBITDA of $2.96 billion and non-GAAP EPS of $0.88, all close to or slightly above consensus.

But the real forward-looking story, according to Jones, is Uber's autonomous-vehicle strategy, partnership progress and 2027 spending plans. Uber expects roughly 700 fully driverless vehicles on its platform by year-end 2026 and more than 2,000 in 2027. That's a fleet that goes from a science project to something that actually matters at scale.

Jones also flagged Mobility and Delivery trends, the competitive implications of DoorDash, Inc.'s (NASDAQ:DASH) planned acquisition of Maplebear Inc. (NASDAQ:CART), which does business as Instacart, and progress on Uber's planned Delivery Hero acquisition as important areas to watch.

UBER Price Action: Uber Technologies shares were up 8.38% at $72.18 at the time of publication on Wednesday, according to market data.