Uber announced strong fourth-quarter earnings, with revenue surging 20% to $11.96 billion, exceeding analyst expectations. The company also reported a significant increase in net income, driven by a tax valuation release and gains from equity investments. Key performance indicators like gross bookings and adjusted EBITDA also outperformed forecasts.
The company's revenue grew 20% in its fourth quarter to $11.96 billion.$11.96 billion vs. $11.77 billion expected by LSEG.
The company reported a net income of $6.9 billion, or $3.21 per share, up from $1.4 billion billion, or 66 cents per share, in the same period last year. Uber said its net income includes a $6.4 billion benefit from a tax valuation release, as well as a $556 million pre-tax benefit thanks to gains from revaluations of its equity investments.The company reported $44.2 billion in gross bookings for the period, which was above the $43.49 billion expected by analysts, according to StreetAccount.
For its first quarter, Uber said it expects gross bookings between $42 billion to $43.5 billion, compared with StreetAccount estimates of $43.51 billion. Uber anticipates adjusted EBITDA of $1.79 billion to $1.89 billion, compared with the $1.85 billion expected by analysts. "Our performance has been powered by rapid innovation and execution across multiple priorities, including the massive opportunity presented by autonomous vehicles," Uber CEO Dara Khosrowshahi said in a release."We enter 2025 with clear momentum and will continue to be relentless against our long-term strategy."There were 3.1 billion trips completed on the platform during Uber's fourth quarter, up 18% year over year.
The company's freight business reported $1.28 billion in revenue for the quarter, in line with the $1.28 billion it reported during the same period last year. StreetAccount analysts were expecting $1.31 billion. Khosrowshahi haspointed to freight as a challenging segment for Uber since consumers are spending more on services than on shipping goods following the pandemic.
FINANCIALS GROWTH REVENUE UBER INVESTMENTS
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