Uber Technologies Inc (NYSE:UBER, ETR:UT8) is set to swing to a profit and report strong revenue growth for the first quarter of 2024.
The ride-hailing and food delivery platform is expected to see a significant improvement in profit, with analysts projecting earnings per share of $0.21 or about $477 million compared to a loss per share of $0.08 or a loss of $157 million in the year-ago quarter.
Revenue is expected to surge more than 14% year-over-year to $10 billion, up from $8.8 billion.
Analysts see gross bookings coming in at $37.9 billion.
Uber has guided gross bookings for Q1 in the range of $37 billion to $38.5 billion.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are seen by the company to be in the range of $1.26 billion to $1.34 billion.
Uber will hand down its first quarter financial results on Wednesday, May 8, before the stock market opens in New York.
Shares of the company traded lower ahead of its earnings report, down 1.7% at about $70 on Tuesday afternoon. The stock has gained 20.5% in the year to date.