Uber Q4: Delivery Soars, Shares Dip

Uber announced stronger-than-anticipated fourth-quarter revenue figures on Wednesday, though its shares experienced a downturn in premarket trading following the release. The company’s mobility segment, encompassing its ride-hailing services, posted a revenue of $8.2 billion, marking a 19% increase year-over-year. Concurrently, its delivery business demonstrated impressive growth, with revenue climbing 30% to reach $4.9 billion. This expansion in delivery, which now includes groceries and retail in addition to restaurants, was bolstered by strategic partnerships in Canada, Poland, Japan, and Australia.

Gross bookings for the quarter totaled $54.1 billion, surpassing the average analyst estimate of $53.1 billion. Looking ahead, Uber anticipates first-quarter gross bookings to increase by at least 17% year-over-year, projecting a range between $52 billion and $53.5 billion. The company's reported net income for the fourth quarter was $296 million. This figure was notably impacted by a $1.6 billion net pre-tax headwind stemming from the revaluation of equity investments, a contrast to the $6.88 billion net income reported in the same period the previous year.