by Uber (UBER) reported its fourth-quarter 2022 earnings on Feb. 8 before market open, posting key beats in delivery revenue and bookings.
Here are the ride-hailing giant’s key results, compared to analyst expectations compiled by Bloomberg:
Q4 Revenue: $8.61 billion actual versus $8.47 billion expected
Delivery reservations Q4: $14.32 billion actual versus $14.22 billion expected
Freight reservations Q4: $1.54 billion actual versus $1.67 billion expected
Fourth Quarter Earnings Per Share (EPS): 29 cents effective versus -12 cents expected
Uber shares are up about 7% in premarket trading following the news.
For Uber, these results are pretty much what they were hoping for: For them, expectations were decidedly high at the start of this earnings cycle, as the company was expected to at least meet, if not exceed, analyst estimates.
What’s also key is that behind some of these revenue numbers is substantial year-over-year growth. The company’s fourth-quarter revenue of $8.61 billion represents a 49% year-over-year jump. Reminder: Uber’s revenue also increased a staggering 72% year-over-year in the third quarter. Also behind the pace of the company’s delivery bookings is a 6.5% year over year increase.
The company’s outlook for the first quarter of 2023 more or less met analyst expectations, coming in at between $31 billion and $32 billion versus estimates of $31.9 billion.
“A New Milestone”
The ride-hailing giant’s chances of having a good day have been boosted by the fact that, post-pandemic, mobility is not only recovering, but also the supply of drivers is increasing after a long shortage. Additionally, with the COVID downturn, the company expects bookings to continue to grow throughout this month and next.
“We also achieved a new milestone, crossing 2 billion trips in just one quarter for the first time, an average of nearly 1 million trips per hour,” CEO Dara Khosrowshahi said in a statement.
Rival Lyft (LYFT) is set to report its earnings on Feb. 9, so the pressure is on for Lyft to post solid results that will no doubt draw comparisons.
Allie Garfinkle is Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks and go LinkedIn.
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