Thanks to double-digit growth in bookings, ride-hailing giant Uber managed to report a gain instead of an expected loss Wednesday when it reported fourth-quarter results. Uber stock climbed on the news.
Uber reported earnings of 29 cents a share on revenue of $8.6 billion. Analysts expected Uber to report a loss of 15 cents on revenue of $8.5 billion. Uber revenue soared 49% from the year-ago period.
Uber stock climbed 5.5% to close at 36.83 on the stock market today.
Gross bookings grew 19% to $30.7 billion, or 26% on a constant currency basis.
"We ended 2022 with our strongest quarter ever, with robust demand and record margins," Chief Executive Dara Khosrowshahi said in a written statement with the news release. "Our global scale and unique platform advantages position us well to accelerate this momentum into 2023."
Uber Stock: Robust Demand And Record Margins
The company also reported adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, of $665 million. Analysts expected Uber to report EBITDA of $624 million.
For the first quarter of 2023, Uber expects gross bookings to jump between 20% and 24% on a constant currency basis.
"In 2022, we significantly exceeded our profitability outlook, with an incremental margin of 10%," Chief Financial Officer Nelson Chai said in a written statement with the news release.
He added, "Our outlook for a gross bookings and adjusted EBITDA step-up in Q1 builds on that progress, and sets us up for yet another record year."
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