Uber reported better-than-expected revenue in its fourth-quarter earnings report on Wednesday, but the company issued soft profit guidance for the current period. The shares were fell about 4%
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.
Uber also said it's promoting finance executive Balaji Krishnamurthy to the CFO role, replacing Prashanth Mahendra-Rajah, who is leaving the company.
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's weaker profits were also related to higher taxes, and its moves to provide more affordable rides to customers in order to grow bookings and win new users. The company said it had 202 million "monthly active platform consumers," in the fourth quarter, up 18% year over year.
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.
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