Uber Technologies Inc (NYSE:UBER) said 2023 was an inflection point as it unveiled expectations-beating fourth-quarter results on Wednesday.
Earnings per share came in at $0.29 for the final quarter, Uber said in its full-year 2023 results release, ahead of FactSet consensus estimates for $0.16.
Final-quarter revenue totaled $9.9 billion and bookings were $37.6 billion, also beating expectations for $9.8 billion and $37.1 billion respectively.
Net income of $1.4 billion was recorded for the full year, compared to $595 million in 2022, with positive cash flow of $768 million climbing from a previous deficit of $303 million.
“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale,” chief executive Dara Khosrowshahi said.
“Our audiences are larger and more engaged than ever, with our platform powering an average of nearly 26 million daily trips.”
Full-year revenue jumped by 17% to $37.3 billion, while per-share earnings sat at $0.87, compared to a loss of $4.65 in 2022.
Chief financial officer Prashanth Mahendra-Rajah said disciplined investment over the year had led to “record engagement” in the final quarter, signaling demand over the Christmas period had been robust.
An investor update will be provided next week, he added, with the company tipping bookings will amount to between $37.0 billion and $38.5 billion in the first quarter, as adjusted pre-tax earnings come in around $1.26 billion and $1.34 billion.
Shares slipped following the update, falling 1.8% to $69.20.