Uber (UBER, $29.75) has forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 13%. Despite the business reporting a loss, investors seem keen on its projections. 

The provider of ride-hailing services and food delivery reported an adjusted loss of 61 cents a share on revenue of $8.34 billion. Analysts expected Uber to report a loss of 18 cents a share on revenue of $8.1 billion.  Uber also reported gross bookings of $29.12 billion, which was slightly below estimates of $29.67 billion. But it expects fourth-quarter gross bookings to jump 23% to 27% year-over-year. 

Monthly active users on Uber's apps rose 14%, exceeding the levels seen in September 2019, helped by airport trips, while revenue from the rideshare segment rose 73% in the third quarter. However, it is looking to scale back hiring and reduce expenses to expand profitability as it warned of a potential hit from a strong dollar to its earnings from overseas.