{"id":81861,"date":"2023-11-07T19:28:03","date_gmt":"2023-11-08T00:28:03","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/uber-logs-profit-beat-and-its-stock-moves-higher-after-earnings\/"},"modified":"2023-11-07T19:28:10","modified_gmt":"2023-11-08T00:28:10","slug":"uber-logs-profit-beat-and-its-stock-moves-higher-after-earnings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81861","title":{"rendered":"Uber logs profit beat, and its stock moves higher after earnings"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002699746\" role=\"document\">\n<p>Uber Technologies Inc. shares rode higher in Tuesday trading as the ride-hailing company\u2019s profit story continued to resonate with investors. <\/p>\n<p>The company reported $221 million in net income, or 10 cents in earnings per share. In the same period a year earlier, it recorded a net loss of $1.2 billion, or 61 cents a share. <\/p>\n<div class=\"paywall\">\n<p>The FactSet consensus was for 7 cents a share in earnings. <\/p>\n<p>Uber<br \/>\n        UBER,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211348248\/composite\" class=\"positive\">+3.70%<\/bg-quote><br \/>\n       also recorded $1.1 million in adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, while analysts were looking for $1.0 billion.<\/p>\n<p>Revenue increased to $9.3 billion from $8.3 billion, while the FactSet consensus was for $9.5 billion. <\/p>\n<p>Chief Financial Officer Nelson Chai said in prepared remarks that the company saw a $521 million hit to revenue stemming from \u201ccertain business-model changes\u201d that required the company to reclassify some promotions as contra-revenue items, rather than as sales and marketing expenses, although the changes didn\u2019t impact profits. <\/p>\n<p>Gross bookings came in at $35.3 billion, while analysts had been expecting $34.6 billion. <\/p>\n<p>Shares were up more than 3% late in Tuesday\u2019s session.<\/p>\n<p>\u201cOur efforts around new use cases are already driving incremental user acquisition, consumer engagement and meaningful scale,\u201d Chief Executive Dara Khosrowshahi said on the earnings call. \u201cWe also see tailwinds from the continued shift of consumer spending from retail to services.\u201d<\/p>\n<p>For the fourth quarter, Uber models $36.5 billion to $37.5 billion in gross bookings and $1.18 billion to $1.24 billion in adjusted Ebitda. Analysts had been looking for $36.5 billion and $1.16 billion, respectively. <\/p>\n<p>\u201cPublished prepared remarks suggest Rides &amp; Delivery continue to perform strongly through the month of October, in contrast to travel peer commentary on macro weakness heading into [the fourth quarter],\u201d Wells Fargo analyst Ken Gawrelski wrote in a note to clients. <\/p>\n<p>Uber previously announced that Chai plans to leave his post. \u201cAs our cash flow continues to ramp, and with a new CFO coming on board, next quarter we expect to provide an update on returning capital to shareholders,\u201d Chai said in his prepared remarks Tuesday.<\/p>\n<p>\u201cThe business is generally accelerating, the company beat &amp; raised as has become customary, new modes of transport are showing substantial traction &amp; growth, new verticals\u2019 losses are moderating and the company\u2019s now increasingly profitable model sets the company up for index inclusion and a capital-return story\u201d in 2024, RBC Capital Markets analyst Brad Erickson wrote.<\/p>\n<p>Uber shares have climbed 102% so far this year, compared with a 14% increase for the S&amp;P 500 index<br \/>\n        SPX<br \/>\n       over the same period.<\/p>\n<p><strong>See more:<\/strong> Uber\u2019s outgoing CFO dumps $4.5 million in stock (from August 2023)<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/uber-notches-earnings-beat-but-comes-up-short-on-the-top-line-fed74225?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uber Technologies Inc. shares rode higher in Tuesday trading as the ride-hailing company\u2019s profit story continued to resonate with investors. The company reported $221 million in net income, or 10 cents in earnings per share. In the same period a year earlier, it recorded a net loss of $1.2 billion, or 61 cents a share. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-81861","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Uber logs profit beat, and its stock moves higher after earnings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Uber Technologies Inc. shares rode higher in Tuesday trading as the ride-hailing company\u2019s profit story continued to resonate with investors. 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