Shares of Uber Technologies (NYSE: UBER) were up 12% as of 12:39 p.m. ET on Tuesday after showing improved profitability in its latest earnings report.

The stock had fallen nearly 28% year to date going into the report, but the positive reaction to management's outlook could signal momentum heading into 2023. 

For the third quarter, the ridesharing service reported revenue of $8.3 billion, beating expectations for $8.12 billion. While Uber reported a wider loss per share than Wall Street expected, management guided for continued improvement in adjusted operating margin.

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Source Fool.com