HomeStock MarketUBER Q4 results, first annual profit since IPO

UBER Q4 results, first annual profit since IPO

Published on

spot_img
Uber Earnings: Firm Delivers On Profitability, Which Will Grow Impressively  With Revenue | Morningstar
  1. Uber Inc. expressed confidence in its position in India, particularly highlighting strength in the bike taxi segment during its post-earnings conference call.
  2. CEO Dara Khosrowshahi stated that India is a strong geography for Uber, emphasizing their category position and claiming to be the larger player in the country.
  3. Despite regulatory scrutiny and challenges faced by the bike taxi service in India, Uber remains optimistic about its two-wheeler offerings.
  4. Ola, Uber’s main competitor in India, recently launched an electric bike taxi fleet aiming to capture a larger market share in the bike taxi segment.
  5. Uber reported a significant uptick in net profit in the fourth quarter, nearly tripling to $1.43 billion, driven by a substantial pre-tax benefit from the re-evaluation of equity investments.
  6. The company exceeded Wall Street estimates in its outlook, expecting adjusted EBITDA of $1.26 billion to $1.34 billion for the January-March quarter.
  7. Strong demand during holiday seasons and repeat users primarily contributed to Uber’s fourth-quarter earnings, with gross bookings rising 22% and exceeding analysts’ expectations.
  8. Uber’s expansion into various services including bike taxis, food delivery, and partnerships with local taxi services contributed to its strong financial performance.
  9. In the fourth quarter, Uber’s revenue rose 15% to $9.9 billion, with its shares showing a marginal increase in premarket trading.
SourceYourStory

Latest articles

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...

AI Model Backed by Mukesh Ambani to Launch in March

A consortium backed by Mukesh Ambani’s Reliance Industries Ltd. and India’s top engineering schools...

More like this

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...