Uber beats estimates, stock is up

Uber reported Q4 earnings on Wednesday that beat analysts’ estimates. In a prepared statement, CEO Dara Khosrowshahi said Uber ended 2022 with its “strongest quarter ever,” capping off its “strongest year.”

For the first quarter of 2023, Uber said it expects gross bookings to grow between 20% and 24% year over year on a constant currency basis. The company’s ted fourth-quarter earnings Wednesday that beat analysts’ estimates. Shares were up about 2.5%.

The pandemic’s impact on the company’s mobility business is “now well and truly behind us,” according to CEO. Active drivers hit an all-time high during the quarter. Khosrowshahi also noted that the company also achieved a new milestone and hit 2 billion trips in a single quarter for the first time, averaging around 1 million trips per hour.

The company reported adjusted EBITDA of $665 million, more than the $620 million expected by analysts. Gross bookings for the quarter came in at $30.7 billion, up 19% year over year.

For the first quarter of 2023, Uber said it expects gross bookings to grow between 20% and 24% year over year on a constant currency basis, and an adjusted EBITDA of $660 million to $700 million.

Earnings per share: 29 cents vs. 18 cent loss expected by analysts, according to Refinitiv.

Revenue: $8.6 billion vs. $8.49 billion expected by analysts, according to Refinitiv.

Revenue for the quarter was up 49% year over year. Uber noted that net income for the quarter was $595 million, of which $756 million was a net benefit due to unrealized gains on equity investments.