Uber Technologies Inc (NYSE:UBER, XETRA:UT8) posted fourth-quarter revenue that slightly beat Wall Street expectations, driven by robust demand across ride-hailing and delivery services, though adjusted earnings per share fell short of estimates.
Revenue rose 20% to $14.37 billion, surpassing analysts’ forecast of $14.32 billion, while gross bookings jumped 22% to $54.14 billion, above the $53 billion estimate. Trips on the Uber platform grew 22% to 3.8 billion.
Adjusted earnings came in at $0.71 per share, below the $0.79 forecast, though up 27% from a year earlier. Uber reported an adjusted EBITDA of $2.49 billion, up 35% from the prior year, and GAAP income from operations more than doubled to $1.77 billion. The company ended the quarter with $7.6 billion in cash and short-term investments.
By business segment, mobility gross bookings rose 20% to $27.44 billion, delivery gross bookings increased 26% to $25.43 billion, while freight bookings declined 1% to $1.27 billion.
Looking ahead, Uber projected first-quarter gross bookings of $52 billion to $53.5 billion, representing 17% to 21% year-on-year growth on a constant-currency basis. Adjusted EBITDA is expected in the range of $2.37 billion to $2.47 billion, and non-GAAP earnings per share are forecast at $0.65 to $0.72.
The company’s new CFO, Balaji Krishnamurthy, is a six-year Uber veteran and a fierce champion of driverless vehicle technology. His promotion comes as the company prepares to expand its robotaxi service into several new markets, including Houston and Hong Kong.
Uber also highlighted its long-term ambitions in autonomous vehicles (AV), saying it expects to facilitate AV trips in as many as 15 cities globally by the end of 2026, with an even split between U.S. and international cities. By 2029, the company aims to become the world’s largest facilitator of AV trips.
Shares were down 3.6% in early Wednesday trading.