Uber Surpasses Expectations with Strong Quarterly Performance

Uber Technologies Inc. delivered an impressive performance in its fourth-quarter financial results, surpassing analysts' expectations on both revenue and earnings per share. 

The company's revenue saw a significant increase, reaching $9.94 billion, a 15% rise from the previous year, outpacing the $9.76 billion forecast by analysts. This growth was supported by a substantial 22% increase in gross bookings, which amounted to $37.6 billion.

The platform's monthly active consumers grew to 150 million, a 15% increase, with 2.6 billion trips completed, up 24%.

Despite these positive results, Uber's shares experienced a slight dip of over 1% in premarket trading. The company's earnings per share stood at 66 cents, significantly higher than the anticipated 17 cents, thanks to a net income of $1.4 billion. 

This figure marked a considerable improvement from the $595 million reported in the same quarter of the previous year. A notable component of this income was a $1 billion "unrealized gains" from the revaluation of equity investments.

Uber's CEO, Dara Khosrowshahi, highlighted 2023 as a year of profitable growth, attributing the success to a shift in consumer spending towards services. He noted that the company benefits from increased consumer activities such as dining out and attending events.

Looking ahead to the first quarter of 2024, Uber anticipates gross bookings to be between $37 billion and $38.5 billion, with an expected adjusted EBITDA of $1.26 billion to $1.34 billion.