Uber Sales Hit Record; CEO Says Pandemic Slump Is Over

Key Takeaways

  • Uber Applied sciences (UBER) introduced fourth-quarter and full-year 2022 monetary outcomes on Feb. 8, 2023.
  • The corporate reported its highest ever quarterly and full-year income, beating gross sales and revenue forecasts.
  • CEO Dara Khosrowshahi mentioned that the COVID-driven decline in Uber’s ride-sharing enterprise is a factor of the previous.

Uber Applied sciences (UBER) posted file quarterly and full-year income, and CEO Dara Khosrowshahi mentioned that the drop-off in ridership attributable to the COVID-19 pandemic is over.

Uber reported fourth quarter 2022 gross sales that jumped 49% to $8.6 billion, higher than forecasts. Revenue was $0.29 per share. Analysts had anticipated a loss. For the complete 12 months, income soared 83% to $31.9 billion.

Gross bookings grew 19% within the quarter, rising 31% for the corporate’s Mobility unit and 6% for the Supply unit.

Pandemic’s Influence ‘Behind Us’

Khosrowshahi indicated that the “pandemic’s affect on our Mobility enterprise is now nicely and really behind us.” He famous that, within the quarter, Mobility set all-time highs in gross bookings, month-to-month energetic platform clients (MAPCs), energetic drivers, adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA margin.

Khosrowshahi was additionally upbeat in regards to the future, explaining that the corporate’s steerage “demonstrates we’re getting into the 12 months with nice momentum.” Uber expects present quarter gross bookings to extend 20% to 24%, with adjusted EBITDA of $660 million to $700 million.

Shares of Uber Applied sciences have been up 5.5%. They’re down 2% over the previous 12 months.


See also  Chase Increases Sign-Up Bonus for the Sapphire Reserve