Uber Tech (UBER)

[winston]

not vested

Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday (Feb 7).

it was fueled by higher demand in its ride sharing and food delivery businesses.

It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate travel and advertising.

Shares, however, fell more than 1 per cent as Uber deferred announcements related to capital allocation plans to its investor day on Feb 14.

Source: Phillips

[winston]

not vested

1Q Earnings

Uber posted a surprise first-quarter loss and forecast gross bookings in the second quarter below Wall Street expectations, sending the shares of the ride-share and food delivery company down nearly 9 per cent on Wednesday (May 8).

The report suggests that Uber’s growth could be slowing after a strong 2023 in which it dominated the US ride-share market and delivery business and posted its first annual profit.

The stock price slide, its steepest single-day decline since October 2022, was set to erase more than US$10 billion from Uber’s market value if losses hold.

Uber reported a net loss of US$654 million, driven by legal charges and provisions and those related to fair valuation of certain company investments.

Analysts were expecting a net profit of US$503.1 million.

Uber also missed market expectations for quarterly gross bookings, a key metric that indicates the total US dollar value of transaction on the platform.

CFO Prashanth Mahendra-Rajah attributed it to softer ride-share demand in Latin America and the impact from certain holidays shifting into the first quarter.

Source: Phillips