Wednesday, March 22, 2023
HomeMarketUber stock rises after earnings as company gives upbeat outlook

Uber stock rises after earnings as company gives upbeat outlook

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Shares of Uber Technologies Inc. were heading 8% higher in premarket trading Wednesday after the ride-hailing company delivered an upbeat outlook for the current quarter. The company generated fourth-quarter net income of $595 million, or 29 cents a share, whereas it posted net income of $892 million, or 44 cents a share, in the year-earlier quarter. The FactSet consensus was for a 15-cent loss per share on a GAAP basis. Uber’s net income figure included a $756 million net pre-tax benefit largely due to unrealized gains from the revaluation of equity investments. Uber also reported adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $665 million, whereas analysts were expecting $624 million. Revenue increased to $8.6 billion from $5.8 billion, while analysts had been modeling $8.5 billion. Gross bookings rose $19% to $30.7 billion, matching the FactSet consensus. “We ended 2022 with our strongest quarter ever, with robust demand and record margins,” Chief Executive Dara Khosrowshahi said in a release. For the first quarter, Uber executives anticipate gross bookings of $31.0 billion to $32.0 billion, along with $660 million to $670 million in adjusted Ebitda. Analysts were looking for $31.3 billion in gross bookings and $612 million of adjusted Ebitda.

Credit: marketwatch.com

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