Uber (Uber) Q4 Earnings 2024

Uber Shares dropped about 7% Wednesday after the riding sharing company reported Results in the fourth quarter These beat analysts’ expectations of revenue, but missed EPS and offered soft guidance.

Here’s how the business did:

• Earnings per Stock: 23 cents adjusted vs. 50 cents expected of LSEG.
• Revenue: $ 11.96 billion against $ 11.77 billion expected by LSEG.

Uber’s revenue grew 20% in its fourth quarter from $ 9.9 billion per year. years before.

The company reported a net income of $ 6.9 billion or $ 3.21 per year. Share, up from $ 1.4 billion or 66 cents per share. Share in the same period last year. Uber said its net income includes an advantage of $ 6.4 billion of a tax assessment and an advantage of $ 556 million thanks to the gains of revaluations of its stock investments.

Uber’s adjusted earnings per Stock was excluded the benefits of $ 6.4 billion, but included the impact of $ 556 million from stock investments, according to LSEG.

The company reported $ 44.2 billion in gross bookings for the period, which was over the $ 43.49 billion that analysts expected, according to StreetAccount. Uber said the adjusted EBITDA for its fourth quarter was $ 1.84 billion, an increase of 44% years over years and in line with the $ 1.84 billion, as analysts investigated by StreetCount.

In the first quarter, Uber said it expects gross bookings between $ 42 billion to $ 43.5 billion compared to Street ACOUNT estimates of $ 43.51 billion. Uber expects adjusted EBITDA of $ 1.79 billion to $ 1.89 billion compared to the $ 1.85 billion that analysts expected.

“Our performance has been driven by rapid innovation and execution across multiple priorities, including the huge option presented by autonomous vehicles,” Uber CEO Dara Khosrowshahi said in a release. “We are entering 2025 with a clear momentum and will continue to be merciless against our long -term strategy.”

Uber announced on Wednesday that it is ready for the public launch of Robotaxi Rides in Austin, Texas through his partnership with Alphabet’s Waymo.

From Wednesday, customers in the city can open the Uber app and participate in the “Interest List” to increase their chances of being paired with a Waymo at the launch, the company says. Uber and Waymo first announced their plans to bring Robotaxis to Austin in September.

During the company’s quarterly calls with investors, Khosrowshahi said, while autonomous vehicle technology is progressing, it will take a while to commercialize, partly because of the complex regulatory obstacles.

Uber estimates that the autonomous vehicle market in the United States alone is a billion dollar option, but Khosrowshahi said it will take “many, many years” to build and scale. Even with the company’s “aggressive investment” in the technology, it is unlikely to affect Uber’s view of the short term, he said.

“We have conviction that Uber will be the indispensable go to the market partner for AV players,” he said. “This is arguably one of our highest priorities, and we invest a lot of technical, strategic and managerial attention on this topic, with much more to come.”

There were 3.1 billion trips completed on the platform during Uber’s fourth quarter, an increase of 18% year over year. The number of Uber’s monthly active platform consumers reached 171 million in its fourth quarter, an increase of 14% year over year from 150 million.

Here’s how Uber’s biggest business segments performed:

Mobility (Gross Bookings): 22.8 billion dollars, an increase of 18% year over year

Delivery (Gross Bookings): 20.1 billion dollars, an increase of 18% year over year

Uber’s mobility segment reported $ 6.91 billion in revenue, an increase of 25% from one year earlier. StreetCount analysts expected $ 6.77 billion. The company’s delivery segment reported $ 3.77 billion in revenue, a 21% increase from the previous year. Analysts expected $ 3.66 billion according to Streetaccount.

The company’s shipping company reported $ 1.28 billion in turnover for the quarter in line with the $ 1.28 billion it reported in the same period last year. Streetaccount analysts expected $ 1.31 billion. Khosrowshahi has repeatedly pointed to shipping as a challenging segment for Uber, as consumers spend more on services than on shipping products after the pandemic.

Uber holds his quarterly call with investors at 1 p.m. 8 et.