Uber (NYSE: UBER) reported fourth-quarter earnings Wednesday that beat analysts’ estimates.
The ride-share service reported earnings per share were 29 cents vs. 18 cent loss expected by analysts, on revenue: $8.6 billion vs. $8.49 billion expected.
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.
In a prepared statement, CEO Dara Khosrowshahi said Uber ended 2022 with its “strongest quarter ever,” capping off its “strongest year.” He said the pandemic’s impact on the company’s mobility business is “now well and truly behind us,” and that active drivers hit an all-time high during the quarter. He noted that the company also achieved a new milestone and hit 2 billion trips in a single quarter for the first time, averaging around one million trips per hour.
The company reported an adjusted EBITDA of $665 million, more than the $620 million expected by analysts, according to StreetAccount. 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.
UBER shares leaped $1.89, or 5.4%, to $36.79
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