Uber Technologies, Inc (NYSE:UBER) reported better-than-expected sales for its fourth quarter on Wednesday.
The company posted fourth-quarter FY23 revenue growth of 15% year-on-year to $9.94 billion, beating the consensus of $9.76 billion. Uber’s GAAP EPS of 29 cents beat the consensus of 17 cents, according to data from Benzinga Pro.
Revenue from Mobility grew to $5.54 billion, up 34% year-over-year, Delivery was $3.12 billion, up 6%, and Freight at $1.28 billion, which fell 17% year-over-year.
Gross Bookings grew 22% year-over-year to $37.58 billion, with Mobility Gross Bookings of $19.29 billion, up 29% year-over-year, Delivery Gross Bookings of $17.01 billion, up 19%, and Freight Gross Bookings of $1.28 billion, which fell 17% year-over-year.
Uber expects first-quarter gross bookings of $37.0 billion to $38.5 billion and an adjusted EBITDA of $1.26 billion to $1.34 billion. The first-quarter consensus for revenue and EPS are $10.02 billion and $0.20.
Uber shares gained 2% to close at $645.41 on Wednesday.
These analysts made changes to their price targets on Uber after the company reported quarterly results.
- Needham raised the price target on Uber from $71 to $90. Needham analyst Bernie McTernan maintained a Buy rating.
- JP Morgan boosted the price target on Uber from $76 to $84. JP Morgan analyst Doug Anmuth maintained an Overweight rating.
- Roth MKM raised the price target on Uber from $72 to $79. Roth MKM analyst Rohit Kulkarni maintained a Buy rating.
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