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Uber Technologies, Inc. (UBER - Free Report) fourth-quarter 2022 earnings of 29 cents per share surpassed Zacks Consensus Estimate of a loss of 21 cents. In fourth-quarter 2021, Uber reported earnings of 44 cents per share.
Total revenues of $8,607 million outperformed the Zacks Consensus Estimate of $8,498.3 million. The top line jumped 49% year over year, backed by contributions from the acquisition of Transplace by Uber Freight and change in the business model for the company’s UK Mobility business.
In the reported quarter, the majority (48%) of the company’s revenues came from Mobility. Revenues from this segment jumped 82% year over year to $4,136 million. Revenues from the Delivery segment increased 21% year over year to $2,931 million. Freight revenues climbed to $1,540 million, up 43% from the year-ago period, thanks to the acquisition of Transplace.
Total revenues soared 38% year over year to $4,976 million in the United States and Canada. While revenues increased 31% to $547 million in Latin America, the same skyrocketed 110% to $2,092 million in Europe, the Middle East and Africa. Revenues rose 32% to $992 million in the Asia-Pacific region. Monthly active platform consumers jumped 11% to 131 million.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA in the fourth quarter was $665 million compared with adjusted EBITDA of $86 million in the year-ago period. Total costs and expenses increased 38.3% year over year to $8,749 million.
Gross bookings from Mobility improved 31% to $14,894 million. Gross bookings from Delivery augmented by 6% to $14,315 million. Gross bookings from Freight came in at $1,540 million in the fourth quarter, up 42% from the year-ago quarter. Total gross bookings ascended 19% to $30,749 million.
Uber exited the fourth quarter with cash and cash equivalents of $4,208 million compared with $4,865 million at the end of September 2022. Long-term debt, net of the current portion at the end of the reported quarter, was $9,265million compared with $9,268 million at September 2022-end.
Operating cash flow came in at $432 million compared with $614 million in the year-ago quarter. The free cash flow was $358 million compared with $524 million in the year-ago quarter.
Q1 Guidance
For the first quarter of 2023, Uber expects gross bookings of $31 billion-$32 billion. The adjusted EBITDA is estimated to be $660 million-$700 million.
A better-ranked stock in the broader Computer and Technology sector is Lyft, Inc. (LYFT - Free Report) , carrying a Zacks Rank #2 (Buy). LYFT delivered an earnings surprise of 144.38%, on average, in the trailing four quarters. LYFT stock has declined 13.6% over the past six months.
Lyft has an expected earnings growth rate of more than 100% for the current year.
TrueCar, Inc. (TRUE - Free Report) carrying a Zacks Rank #2. TRUE has an expected earnings growth rate of 94.05% for the current year.
TRUE stock has gained 22.7% over the past six months.
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Uber Technologies (UBER) Q4 Earnings & Revenues Beat Estimates
Uber Technologies, Inc. (UBER - Free Report) fourth-quarter 2022 earnings of 29 cents per share surpassed Zacks Consensus Estimate of a loss of 21 cents. In fourth-quarter 2021, Uber reported earnings of 44 cents per share.
Total revenues of $8,607 million outperformed the Zacks Consensus Estimate of $8,498.3 million. The top line jumped 49% year over year, backed by contributions from the acquisition of Transplace by Uber Freight and change in the business model for the company’s UK Mobility business.
In the reported quarter, the majority (48%) of the company’s revenues came from Mobility. Revenues from this segment jumped 82% year over year to $4,136 million. Revenues from the Delivery segment increased 21% year over year to $2,931 million. Freight revenues climbed to $1,540 million, up 43% from the year-ago period, thanks to the acquisition of Transplace.
Total revenues soared 38% year over year to $4,976 million in the United States and Canada. While revenues increased 31% to $547 million in Latin America, the same skyrocketed 110% to $2,092 million in Europe, the Middle East and Africa. Revenues rose 32% to $992 million in the Asia-Pacific region. Monthly active platform consumers jumped 11% to 131 million.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote
Adjusted EBITDA in the fourth quarter was $665 million compared with adjusted EBITDA of $86 million in the year-ago period. Total costs and expenses increased 38.3% year over year to $8,749 million.
Gross bookings from Mobility improved 31% to $14,894 million. Gross bookings from Delivery augmented by 6% to $14,315 million. Gross bookings from Freight came in at $1,540 million in the fourth quarter, up 42% from the year-ago quarter. Total gross bookings ascended 19% to $30,749 million.
Uber exited the fourth quarter with cash and cash equivalents of $4,208 million compared with $4,865 million at the end of September 2022. Long-term debt, net of the current portion at the end of the reported quarter, was $9,265million compared with $9,268 million at September 2022-end.
Operating cash flow came in at $432 million compared with $614 million in the year-ago quarter. The free cash flow was $358 million compared with $524 million in the year-ago quarter.
Q1 Guidance
For the first quarter of 2023, Uber expects gross bookings of $31 billion-$32 billion. The adjusted EBITDA is estimated to be $660 million-$700 million.
Zacks Rank & Stock to Consider
Currently, Uber Technologies carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A better-ranked stock in the broader Computer and Technology sector is Lyft, Inc. (LYFT - Free Report) , carrying a Zacks Rank #2 (Buy). LYFT delivered an earnings surprise of 144.38%, on average, in the trailing four quarters. LYFT stock has declined 13.6% over the past six months.
Lyft has an expected earnings growth rate of more than 100% for the current year.
TrueCar, Inc. (TRUE - Free Report) carrying a Zacks Rank #2. TRUE has an expected earnings growth rate of 94.05% for the current year.
TRUE stock has gained 22.7% over the past six months.