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Uber Rises On Revenue Beat, Surprising Earnings

Published 2022/02/09, 23:22
© Reuters.
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By Daniel Shvartsman

Investing.com - Uber Technologies (NYSE:UBER) shares rose more than 7% in after-hours trading after the mobility company posted strong revenue numbers and a surprising profit figure.

Uber's Q4 earnings came out on Wednesday, with the company reporting $5.78B in revenue (vs. expectations of $5.36B) and $.44/share in earnings, vs. expectations of a loss of $.30.

 
“Our results demonstrate just how far we’ve come since the beginning of the pandemic,” said Dara Khosrowshahi, CEO. “In Q4, more consumers were active on our platform than ever before, Delivery reached Adjusted EBITDA profitability, and Mobility Gross Bookings approached pre-pandemic levels. While the Omicron variant began to impact our business in late December, Mobility is already starting to bounce back, with Gross Bookings up 25% month-on-month in the most recent week.”
 
The earnings number was fueled by a $1.4 billion net benefit (pre-tax) relating to Uber’s equity investments in Grab Holdings Ltd (NASDAQ:GRAB) and Aurora, primarily.
 
Revenue grew 83% year over year, with gross bookings rising 50% to $25.9B, fueled by a 67% rise in mobility bookings (Uber's classic rideshare and related businesses) and a 34% in delivery bookings. Free cash flow loss narrowed to $187M for the quarter.
 
Uber's guidance for Q1 is for $25-$26B in gross bookings, 28-33% above last year's number, and Adjusted EBITDA of $100-130M.

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