stock was climbing Wednesday after the ride-sharing company reported fourth-quarter earnings and sales higher than Wall Street estimates as demand surged.
Uber (ticker: UBER) posted fourth-quarter sales of $8.61 billion, a 49% jump from last year’s $5.78 billion. Analysts surveyed by FactSet were expecting sales of $8.51 billion. Earnings of 29 cents a share also beat Wall Street expectations for a loss of 15 cents a share.
Gross bookings jumped 19% from last year to $30.7 billion, while trips also grew 19% year over year to $2.1 billion.
“We ended 2022 with our strongest quarter ever, with robust demand and record margins,” Chief Executive Dara Khosrowshahi said in the earnings release.
Uber expects gross bookings to grow between 20% to 24% in the current quarter, equaling between $31 billion to $32 billion.
Shares of Uber jumped 7.4% to $37.49 in premarket trading Wednesday.
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