Shares in ride-hailing and food delivery outfit Uber Technologies (UBER:NYSE) are up 121% year-to-date with the latest rally driven by a strong outlook for the fourth quarter.

While third-quarter revenue of $9.3 billion was slightly below forecasts it still represented 11% growth, and the firm posted only its second ever quarterly profit.

Gross bookings grew 21% to $35.3 billion, and trips and monthly active platform consumers grew 25% and 15% respectively.

Chief executive Dara Khosrowshahi was upbeat about the firm’s prospects saying the core business was ‘stronger than ever.’

Uber predicts gross bookings of $36.5 billion to $37.5 billion
and EBITDA (adjusted earnings before interest, tax, depreciation and amortisation) of $1.18 billion to $1.24 billion in the fourth quarter.

Khosrowshahi also announced Uber could venture into the self-driving car sector, although if it does it faces stiff competition from the likes of US motor giant General Motors (GM:NYSE) and Elon Musk’s Tesla (TSLA:NASDAQ).

That said, the company is no stranger to competition having had to battle with rival ride-hailing firm Lyft (LYFT:NASDAQ) whose strategy of slashing fares has piled the pressure on Uber in the first half of this year.

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