Uber Technologies Inc. (NYSE: UBER) reported fourth-quarter financial results after markets closed Thursday. The ride-sharing firm posted a net loss of $1.70 per share and $3.54 billion in revenue compared with consensus estimates that were calling for a net loss of $0.83 per share and $3.51 billion in revenue. In the same period last year, Uber reported a net loss of $2.23 per share and $3.04 billion in revenue.
During the latest quarter, gross bookings increased 8% year over year to $15.8 billion, up 10% in constant currency. Monthly Active Platform Consumers increased by 11% to 103 million, up from 93 million.
Also, the total number of trips increased 7% year over year to 1.66 billion, compared with the same period last year when Uber reported 1.55 billion trips.
Adjusted net revenue (ANR) growth accelerated to 18% year over year, or 19% on a constant currency basis, to $3.26 billion.
CEO Dara Khosrowshahi commented:
While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario. Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up. Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country.
Shares of Uber closed Thursday at $30.89, in a post-IPO range of $13.71 to $47.08. The consensus price target is $38.02. Following the announcement, the stock is initially down 3.5% at $29.80 in the after-hours session.
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.