Uber CEO Dara Khosrowshahi appears on throughout the APEC CEO Summit at Moscone West on November 15, 2023 in San Francisco, California.
Justin Sullivan | Getty Pictures
Uber reported fourth-quarter outcomes Wednesday that beat analysts’ estimates on the highest and backside traces.
Shares of Uber fell greater than 1% in premarket buying and selling.
Here is how the corporate did:
- Earnings per share: 66 cents vs. 17 cents anticipated by LSEG, previously referred to as Refinitiv.
- Income: $9.94 billion vs. $9.76 billion anticipated by LSEG.
Uber reported web revenue of $1.4 billion, or 66 cents per share, in contrast with $595 million, or 29 cents per share, in the identical quarter final 12 months. Uber’s web revenue features a $1 billion web tail wind due to “unrealized positive factors” from revaluations of its fairness investments, based on a launch.
The corporate’s income for the quarter was up 15% from the identical quarter final 12 months. Uber’s gross bookings got here in at $37.6 billion, up 22% 12 months over 12 months.
CEO Dara Khosrowshahi stated 2023 marked a 12 months of “sustainable, worthwhile development for Uber,” based on a ready assertion. In an interview with CNBC’s “Squawk Field” on Wednesday, he stated the continued shift in client spending from retail to companies has been a boon for the corporate.
“We proceed to see client power, and particularly client power because it pertains to companies,” Khosrowshahi stated. “Persons are going out to dinner, they are going out to live shows, sports activities occasions, and so forth. And when individuals exit and so they spend cash, or when they need something delivered to their house, Uber advantages.”
Uber reported adjusted EBITDA of $1.28 billion, up 93% 12 months over 12 months, which is barely above the $1.23 billion anticipated by analysts polled by StreetAccount. Uber’s adjusted EBITDA additionally got here in above the corporate’s steering of $1.18 billion to $1.24 billion.
For the primary quarter of 2024, Uber stated it expects to report gross bookings between $37 billion and $38.5 billion, in contrast with StreetAccount estimates of $37.43 billion. Uber anticipates adjusted EBITDA of $1.26 billion to $1.34 billion, in contrast with the $1.26 billion anticipated by analysts.
The variety of Uber’s month-to-month energetic platform shoppers reached 150 million in its fourth quarter, up 15% 12 months over 12 months from 131 million. There have been 2.6 billion journeys accomplished on the platform throughout the interval, up 24% 12 months over 12 months.
Here is how Uber’s largest enterprise segments carried out:
Mobility (gross bookings): $19.3 billion, up 29% 12 months over 12 months.
Supply (gross bookings): $17.0 billion, up 19% 12 months over 12 months.
Uber’s mobility section reported $5.5 billion in income, up 34% from the 12 months earlier, whereas its supply section reported $3.1 billion, up 6% from the 12 months prior.
The corporate’s freight enterprise booked $1.28 billion in gross sales for the quarter, a 17% decline 12 months over 12 months. Freight continues to be a sticking level for Uber since shoppers are spending extra on companies than on transport items following the pandemic. Final quarter, Uber’s freight enterprise additionally reported $1.28 billion in income, which marked a 27% decline 12 months over 12 months.
“We’re seeing some glimmers of sunshine when it comes to spot freight charges, nevertheless it’s far too quickly to imagine the glimmer will flip right into a development,” Khosrowshahi stated in his ready remarks.
Uber will host its quarterly name with buyers at 8 a.m. ET.
