Uber reported better-than-expected revenue in its fourth-quarter earnings report on Wednesday. Shares sank premarket after the release.
Here's how the company did versus LSEG consensus estimates for the period ended in December:
Earnings per share: 71 cents adjusted
71 cents adjusted Revenue: $14.37 billion vs. $14.32 billion estimated
Revenue increased from $12 billion a year earlier, Uber said in its earnings release. The mobility segment, its ride-hailing platform, generated revenue of of $8.2 billion, up 19% from a year ago, while delivery revenue climbed 30% to $4.9 billion.
Analysts were expecting mobility revenue of $8.3 billion and delivery revenue of $4.72 billion, according to StreetAccount.
Net income for the quarter was $296 million, which included a $1.6 billion "net pre-tax headwind from revaluations of our equity investments," the company said. Net income a year earlier was $6.88 billion.
Uber reported gross bookings of $54.1 billion for the quarter, topping the average analyst estimate of $53.1 billion, according to StreetAccount. Gross bookings for the first quarter are expected to increase at least 17% from a year earlier to between $52 billion and $53.5 billion.
The company's strongest revenue growth for the quarter was in its delivery business, which started with restaurants and now includes groceries and retail. Partnerships with OpenTable, Shopify , and store brands such as Loblaws in Canada, Biedronka in Poland, Seiyu in Japan and Coles in Australia helped drive expansion.