Uber (UBER) reported third-quarter results, beating Wall Street expectations in both revenue and profit. The ride-sharing platform posted revenue of $11.19 billion, beating estimates of $10.99 billion. Adjusted earnings per share reached $1.20, well above the expected $0.45.

Despite these positive metrics, Uber stock came under pressure due to weaker-than-expected gross bookings and a reduced fourth-quarter guidance.

Steve Jang, founder and managing partner of Kindred Ventures, joins Morning Brief to provide insight into Uber’s performance and future potential. “The company is starting to show that it’s not just a marketplace company, but a software company,” Jang says, highlighting Uber’s profitability and continued growth opportunities.

Jang highlights Uber’s strategic positioning and points to possible expansion in autonomous and electric vehicles. He praises the company’s cost-consciousness and ability to apply its software network to ride-hailing, delivery and freight services.

“Uber is the demand network,” Jang explains, arguing that new technologies like Waymo and Tesla’s (TSLA) autonomous vehicles will take time to make an impact on the market. However, Uber’s global network, software, and 24/7 operations provide a competitive advantage that these companies may want to exploit in the future.

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This post was written by Angel Smith