Uber (UBER) reported its Q4 2022 earnings on Feb. 8 before the market open, clocking key beats in revenue and delivery bookings.
Here are the ride-hailing giant’s key results, as compared to analysts’ expectations compiled by Bloomberg:
Q4 revenue: $8.61 billion actual versus $8.47 billion expected
Q4 delivery bookings: $14.32 billion actual versus $14.22 billion expected
Q4 freight bookings: $1.54 billion actual versus $1.67 billion expected
Q4 earnings per share (EPS): 29 cents actual versus -12 cents expected
Uber shares spiked by about 7% in pre-market trading following the news.
For Uber, these results are more or less what they hoped for – for them, expectations were solidly high coming into this earnings cycle, as the company was widely expected to at least meet, if not surpass, analysts’ estimates.
What’s also key is that behind some of these revenue figures is substantial year-over-year growth. The company’s $8.61 billion Q4 revenue represents a 49% year-over-year jump. Reminder – in Q3 Uber’s revenue also rose a staggering 72% year-over-year. Further, behind the company’s delivery bookings’ beat is a 6.5% year-over-year increase.
The company’s Q1 2023 outlook more or less met analysts’ expectations, coming in at between $31 billion and $32 billion against estimates of $31.9 billion.
‘A new milestone’
The ride-hailing giant’s odds of having a good day were boosted by the fact that, post-pandemic, mobility isn’t only recovering – driver supply also is ticking back up after a long shortage. Additionally, as COVID recedes, the company is expecting bookings to continue growing throughout this month and next.
“We also reached a new milestone, crossing 2 billion trips in a single quarter for the first time—an average of nearly 1 million trips per hour,” CEO Dara Khosrowshahi said in a statement.
Rival Lyft (LYFT) is set to report its own earnings on Feb. 9, so the pressure’s now on for Lyft to clock solid results that will undoubtedly draw comparisons.