- Uber Inc. expressed confidence in its position in India, particularly highlighting strength in the bike taxi segment during its post-earnings conference call.
- 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.
- Despite regulatory scrutiny and challenges faced by the bike taxi service in India, Uber remains optimistic about its two-wheeler offerings.
- 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.
- 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.
- 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.
- 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.
- Uber’s expansion into various services including bike taxis, food delivery, and partnerships with local taxi services contributed to its strong financial performance.
- In the fourth quarter, Uber’s revenue rose 15% to $9.9 billion, with its shares showing a marginal increase in premarket trading.