Uber Jumped over 3% in Morning Trading. Uber beat analyst estimates on revenue for the fourth-quarter and said it’s starting to bounce back after Omicron surge.
- Earnings per share: 44 cents, which is not comparable to estimates.
- Revenue:$5.78 billion vs $5.34 billion, according to a Refinitiv survey of analysts.
For the fourth quarter of 2021, Uber reported $5.8 billion in revenue.
The California-based company reported adjusted EBITDA of $86 million for the quarter ended Dec. 31, significantly ahead of analyst expectations for $62 million.
That compared with a loss on the same basis of $454 million a year ago. It marked the company's second profitable quarter since it first reported positive adjusted EBITDA in the third quarter.
Uber's delivery unit, largely made up of its Uber Eats restaurant service, posted its first adjusted EBITDA profit of $25 million, showing Uber's ability to scale the once loss-making operation against strong competition.
Delivery emerged as one of the company's main strengths during the pandemic. Steady delivery bookings signal that the rebound in rides has not come at the expense of food delivery, with consumers sticking to the service even as the economy reopens.
Rides recovery in the fourth quarter was driven by strong demand for airport trips, which tripled compared to last year. Airport rides are among the most profitable routes for Uber.
Uber also posted net income of $892 million, as it revalued its stakes in Southeast-Asian Grab and self-driving company Aurora Innovation Inc, just a quarter after it reported a $2.42 billion net loss driven by its stake in Chinese ride service Didi and stock-based compensation.
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