Uber Technologies (UBER - Free Report) reported fourth-quarter 2023 earnings of 66 cents per share, which surpassed the Zacks Consensus Estimate of 15 cents and improved more than 100% year over year. Total revenues of $9,936 million beat the Zacks Consensus Estimate of $9,746.5 million. The top line jumped 15.4% year over year.
In the reported quarter, the majority (54.5%) of the company’s revenues came from Mobility. Revenues from this segment jumped 34% year over year to $5,537 million. Revenues from the Delivery segment increased 6% year over year to $3,119 million. Freight revenues fell to $1,280 million, down 17% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.
Adjusted EBITDA in the fourth quarter surged 93% to $1,283 million. The actual figure was higher than our estimate of $1,196 million.
Gross bookings from Mobility improved 29% to $19,285 million. Gross bookings from Delivery augmented 19% to $17,011 million. Gross bookings from Freight were $1,279 million in the fourth quarter, down 17% from the year-ago quarter. Total gross bookings ascended 22% to $37,575 million.
Uber exited the fourth quarter with cash and cash equivalents of $4,680 million compared with $4,448 million at the third-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $9,459 million compared with $9,252 million at the prior-quarter end.
Operating cash flow came in at $823 million in the reported quarter. The free cash flow was $768 million.
Q1 Guidance
For the first quarter of 2024, Uber expects gross bookings of $37 billion-$38.5 billion. The adjusted EBITDA is estimated to be between $1.26 billion and $1.34 billion.
UBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Let’s take a look at the fourth-quarter performances of other companies from the broader Zacks Computer and Technology sector.
Carrier Global (CARR - Free Report) reported fourth-quarter 2023 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate by 3.92%. The figure increased 32.5% year over year.
Net sales of $5.10 billion missed the Zacks Consensus Estimate by 2.82% but remained unchanged year over year.
Flex Ltd (FLEX - Free Report) reported third-quarter fiscal 2024 adjusted earnings per share of 71 cents, which beat the Zacks Consensus Estimate by 14.5%. The bottom line grew 14.5% year over year.
Revenues decreased 8% year over year to $7.1 billion. However, it beat the consensus mark by 5.5%. The downtick was caused by weakness across the Agility and Reliability Solutions segments.
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Uber Technologies (UBER - Free Report) reported fourth-quarter 2023 earnings of 66 cents per share, which surpassed the Zacks Consensus Estimate of 15 cents and improved more than 100% year over year. Total revenues of $9,936 million beat the Zacks Consensus Estimate of $9,746.5 million. The top line jumped 15.4% year over year.
In the reported quarter, the majority (54.5%) of the company’s revenues came from Mobility. Revenues from this segment jumped 34% year over year to $5,537 million. Revenues from the Delivery segment increased 6% year over year to $3,119 million. Freight revenues fell to $1,280 million, down 17% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.
Adjusted EBITDA in the fourth quarter surged 93% to $1,283 million. The actual figure was higher than our estimate of $1,196 million.
Gross bookings from Mobility improved 29% to $19,285 million. Gross bookings from Delivery augmented 19% to $17,011 million. Gross bookings from Freight were $1,279 million in the fourth quarter, down 17% from the year-ago quarter. Total gross bookings ascended 22% to $37,575 million.
Uber exited the fourth quarter with cash and cash equivalents of $4,680 million compared with $4,448 million at the third-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $9,459 million compared with $9,252 million at the prior-quarter end.
Operating cash flow came in at $823 million in the reported quarter. The free cash flow was $768 million.
Q1 Guidance
For the first quarter of 2024, Uber expects gross bookings of $37 billion-$38.5 billion. The adjusted EBITDA is estimated to be between $1.26 billion and $1.34 billion.
UBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Let’s take a look at the fourth-quarter performances of other companies from the broader Zacks Computer and Technology sector.
Carrier Global (CARR - Free Report) reported fourth-quarter 2023 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate by 3.92%. The figure increased 32.5% year over year.
Net sales of $5.10 billion missed the Zacks Consensus Estimate by 2.82% but remained unchanged year over year.
Flex Ltd (FLEX - Free Report) reported third-quarter fiscal 2024 adjusted earnings per share of 71 cents, which beat the Zacks Consensus Estimate by 14.5%. The bottom line grew 14.5% year over year.
Revenues decreased 8% year over year to $7.1 billion. However, it beat the consensus mark by 5.5%. The downtick was caused by weakness across the Agility and Reliability Solutions segments.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s an American AI company that’s riding low right now, but it has rounded up clients like BMW, GE, Dell Computer, and Bosch. It has prospects for not just doubling but quadrupling in the year to come. Of course, all our picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock And 4 Runners Up
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