With robust mobility and delivery income numbers along with a 17% trip increase over last year, Uber Technologies (NYSE:UBER) topped expectations in its Q3 results. Furthermore, beating expectations by $0.79 is the company's adjusted profitability.

However, early Thursday's drop in shares indicated market worries over a slower-than-expected growth trajectory and a lack of urgency in share repurchases based on its conservative projection for 2024. Uber has since started to offset some losses; still, the stock is expected to close lower for a third consecutive week. Emphasizing that Uber's core ride-share and delivery characteristics remain strong, J.P. Morgan analyst Doug Anmuth sees the current downturn as a buying opportunity. Anmuth cited the company's free cash flow increase and steady margin expansion as signs of resilience among macroeconomic challenges.

• Warning! GuruFocus has detected 5 Warning Sign with UBER.

Emphasizing Uber's ability to sustain mid-teens bookings growth in the short term, Wedbush analysts Scott Devitt and Dan Ives mirrored this optimism. Notwithstanding Wall Street's higher expectations, they said the company's continuous margin increase and free cash flow conversion help to continue its growth trajectory.

This article first appeared on GuruFocus.