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Uber and Zebra Technologies have been highlighted as Zacks Bull and Bear of the Day
Read MoreHide Full Article
For Immediate Release
Chicago, IL – August 16, 2023 – Zacks Equity Research shares Uber Technologies, Inc. (UBER - Free Report) as the Bull of the Day and Zebra Technologies Corporation (ZBRA - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on NVIDIA Corp. (NVDA - Free Report) , Workday Inc.’s (WDAY - Free Report) and Coty Inc. (COTY - Free Report) .
Uber Technologies, Inc. shares have soared 80% in 2023. The ride-hailing firm in early August reported GAAP operating profit for the first time in its history.
Wall Street has celebrated Uber’s ability to expand its ride-hailing and delivery businesses while simultaneously focusing on the bottom line. Uber crushed our Q2 earnings estimate on August 1 and boosted its guidance as ridership booms and delivery grows. Uber is also experimenting with new revenue streams.
Plus, Uber stock slipped recently on some post-release profit-taking and its valuation levels look enticing.
Recent Quarter
Uber posted adjusted quarterly earnings of +$0.18 a share in Q2 to crush the Zacks consensus that called for a loss of -$0.01 per share. The company also crucially posted GAAP operating profit for the first time in Uber’s history.
Uber reported $394 million in profit in Q2 vs. a loss of $2.60 billion in the year-ago period and an operating income of $326 million vs. a $713 million loss in the second quarter of 2022. The “power of the Uber platform and the team’s relentless focus on profitable growth was on full display in Q2, with record profitability and over $1 billion of quarterly free cash flow,” CFO Nelson Chai said in prepared remarks.
Revenue climbed 14% YoY to $9.23 billion, with Uber’s gross bookings up 16% to $33.60 billion. Riding-hailing (mobility) gross bookings climbed 25% to $16.73 billion, with delivery up 12% to $15.60 billion.
Total trips jumped 22% to 2.28 billion. These gains helped offset continued weakness in its freight segment that saw its gross bookings fall 30% YoY to $1.28 billion—only 4% of the business.
Uber’s recent results highlight that people are living their pre-pandemic lives in full force. Crucially, the resurgence of its ride-hailing segment hasn’t come at the expense of delivery, which highlights the strength of its two core business models that are especially popular with higher-income consumers that are less impacted by lingering inflation.
Monthly Active Platform Consumers climbed 12% YoY and 5% QoQ to 137 million, “driven by continued improvement in consumer activity” for its mobility offerings.
What’s Around the Corner?
Looking ahead, Uber’s revenue is projected to jump over 17% in 2023 and another 18% in FY24 to $44.27 billion vs. $31.88 billion in FY22. Its mobility segment’s gross bookings are projected to surge 25% in 2023, with delivery set to jump 13%.
Zacks data also projects Uber's Monthly Active Platform Consumers will climb 11% to 146 million in 2023, with trips expected to grow by 21%.
On top of that, Uber is projected to swing from an adjusted loss of -$4.65 a share last year to +$0.42 in FY23 and then soar to +$1.05 a share in FY24. These current Zacks consensus estimates have surged since its Q2 release, with its FY23 figure up 500% and 25% higher for FY24.
Uber’s near-term EPS outlooks are also up big since its August 1 report to help it grab a Zacks Rank #1 (Buy) right now. And Uber has crushed our EPS estimates in the trailing three quarters.
Focused on Now, Preparing for the Future
Uber bought delivery peers Drizly in October 2021 and Postmates in December 2020 to expand in a growing area of the economy. On top of that, Uber is rolling out more advertisements across its core Uber app, Uber Eats, and beyond to help monetize its growing customer base for both ride-hailing and delivery.
Uber, under CEO Dara Khosrowshahi, has focused heavily on disciplined spending and cost-cutting measures. Uber offers far fewer discounts to consumers and incentives to drivers these days. Uber is also reducing delivery errors and becoming more efficient while boosting its market share vs. rival Lyft and others.
Uber remains focused on a possible future where fleets of autonomous vehicles drive people around cities, deliver food, and transport goods. In fact, Uber in late May announced a new multi-year strategic partnership with Waymo for autonomous driving, bringing together its “world-leading autonomous driving technology with the massive scale of Uber’s ridesharing and delivery networks.”
Uber’s CEO said at the time that: “Fully autonomous driving is quickly becoming part of everyday life, and we’re excited to bring Waymo's incredible technology to the Uber platform.” Uber will be competing against or possibly with the likes of Tesla and others in this space down the road.
Price and Valuation
Uber is up around 7% since its May 2019 IPO vs. the Zacks tech sector’s 77% gain and the S&P 500’s 60% climb.
Uber shares have climbed by roughly 36% during the past 12 months to crush the benchmark’s 5% and Lyft’s -37% drop. More recently, Uber stock has jumped 80% in 2023 vs. the S&P 500’s 18% and Lyft’s 10%.
Uber hit fresh 52-week highs of $49.49 per share the day before it reported its Q2 results.
Uber is currently down 30% from its 2021 records and 10% below its recent highs at roughly $44 a share. Uber is holding the line around its 50-day moving average and it trades about 28% below its average Zacks price target.
Uber trades at a 65% discount to its own highs at 2.2X forward sales and 43% below the Zacks tech sector. And its PEG ratio, which factors in its bottom-line growth outlook, sits at 1.2 vs. tech’s 2.0.
Bottom Line
Long-term investors might want to consider Uber as it proves it can thrive and grow market share in multiple key segments of the economy and become profitable at the same time.
Wall Street is very high on the stock, with 27 of the 33 brokerage recommendations Zacks has at “Strong Buys,” alongside four “Buys,” and two “Holds.” And Uber’s recent fall has taken it from overbought RSI levels to below neutral.
Zebra Technologies Corporation’s earnings outlook has continued to plummet over the last year-plus. Zebra’s near-term outlook turned even worse after it offered up downbeat guidance on August 1.
ZBRA shares have tumbled 50% during the last two years and it is currently trading below some key moving averages.
Zebra 101
Zebra is a technology firm focused on empowering frontline workers and companies for the modern, digital-everything world via handheld computers, wearables, and more everywhere from retail and warehouses to healthcare and beyond. ZBRA’s tech, which includes hardware, software, and services, remains vital and it has posted a solid stretch of revenue growth.
Zebra is, however, facing near-term headwinds. CEO Bill Burns said in prepared Q2 remarks that ZRBA was “impacted by softening demand and more cautious customer spending, particularly in our retail and logistics end markets, and by distributor destocking.”
The company remains upbeat about its long-term prospects and it is actively rolling out cost-cutting measures. But Zebra’s FY23 consensus earnings estimate has dropped by 30% since its August 1 earnings release, with its EPS estimate for FY24 down 28%.
Zacks estimates currently call for Zebra’s adjusted 2023 earnings to sink 38% YoY to $10.91 a share on 22% lower sales to hit $4.52 billion. Plus, ZBRA’s most accurate/most recent EPS estimates for both FY23 and FY24 came in even lower.
Bottom Line
Zebra’s downward earnings revisions help it land a Zacks Rank #5 (Strong Sell) right now. On top of that, ZBRA lands “F” grades across the board for Value, Growth, and Momentum in our Zacks Style Score system.
Zerba shares have dropped by 50% in the last two years vs. the Zacks Industrial Products sector’s 5% decline. ZBRA is currently trading way below its 50-day and 200-day moving averages, as well as its 200-week and 50-week moving averages. Therefore, it is likely best for investors with near-term outlooks to avoid trying to possibly catch a falling knife.
Additional content:
Buy 3 Corporate Giants Before Earnings Next Week
We are in the last leg of the second-quarter 2023 earnings season. So far, earnings results are not great but they are not bad either. Moreover, the outlook given by companies that have already reported is far better than expected.
As of Aug 11, 457 S&P 500 companies reported earnings results. Total earnings of these companies are down 9.5% year-over-year on 0.5% higher revenues. Of these, 79% surpassed EPS estimates while 65.2% outpaced revenue estimates.
At present, our estimate has shown that total earnings of the S&P 500 Index will likely decline 8.2% year-over-year on 0.8% higher revenues. The second-quarter earnings decline would follow the 3.4% decline in the first quarter and a 5.4% drop in fourth-quarter 2022.
Major companies of most of the sector have already reported with the notable exception of the retail sector. Aside from the retail sector, a handful of corporate behemoths of other sectors will also report this month.
Our Top Picks
We have narrowed our search to three stocks that are set to declare earnings results next week. The combination of a possible earnings beat and a favorable Zacks Rank should drive their stocks in the near future. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy) and has a positive Earnings ESP. You can see the complete list of today’s Zacks #1 Rank stocks here.
Our research shows that for stocks with the combination of a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, the chance of an earnings beat is as high as 70%. These stocks are anticipated to appreciate after their earnings release. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
NVIDIA Corp. is gaining from the strong growth of artificial intelligence, high-performance computing and accelerated computing, which is boosting its Compute & Networking revenues. A surge in Hyperscale demand and a solid uptake of artificial intelligence-based smart cockpit infotainment solutions are acting as tailwinds for NVDA.
Zacks Rank #1 NVIDIA has an Earnings ESP of +5.56%. It has an expected earnings growth rate of more than 100% for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 30 days.
NVIDIA recorded earnings surprises in two out of the last four reported quarters, with an average beat of 0.3%. The company is set to release earnings results on Aug 23, after the closing bell.
Workday Inc.’s revenue growth continues to be driven by high demand for its HCM and financial management solutions. WDAY’s cloud-based business model and expanding product portfolio have been the primary growth drivers. Strong emphasis on the integration of generative AI in WDAY’s products and the development of various AI-driven applications to drive more value is a tailwind.
Zacks Rank #1 Workday has an Earnings ESP of +2.01%. It has an expected earnings growth rate of 45.9% for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 30 days.
Workday recorded earnings surprises in the last four reported quarters, with an average beat of 13.1%. The company is set to release earnings results on Aug 24, after the closing bell.
Coty Inc. has been benefiting from its focus on six strategic pillars aimed at sustainable growth. These include stabilizing Consumer Beauty brands, strengthening e-commerce and establishing a solid skincare portfolio, among others. COTY made several strategic partnerships to enhance its brand portfolio. Management raised its like-for-like sales view for fiscal 2023.
Zacks Rank #2 Coty has an Earnings ESP of +20.00%. The Zacks Consensus Estimate for current-year earnings has improved 2.1% over the last 30 days. Coty recorded earnings surprises in three out of the last four reported quarters, with an average beat of 10%. The company is set to release earnings results on Aug 22, before the opening bell.
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index.Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Uber and Zebra Technologies have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – August 16, 2023 – Zacks Equity Research shares Uber Technologies, Inc. (UBER - Free Report) as the Bull of the Day and Zebra Technologies Corporation (ZBRA - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on NVIDIA Corp. (NVDA - Free Report) , Workday Inc.’s (WDAY - Free Report) and Coty Inc. (COTY - Free Report) .
Here is a synopsis of all five stocks.
Bull of the Day:
Uber Technologies, Inc. shares have soared 80% in 2023. The ride-hailing firm in early August reported GAAP operating profit for the first time in its history.
Wall Street has celebrated Uber’s ability to expand its ride-hailing and delivery businesses while simultaneously focusing on the bottom line. Uber crushed our Q2 earnings estimate on August 1 and boosted its guidance as ridership booms and delivery grows. Uber is also experimenting with new revenue streams.
Plus, Uber stock slipped recently on some post-release profit-taking and its valuation levels look enticing.
Recent Quarter
Uber posted adjusted quarterly earnings of +$0.18 a share in Q2 to crush the Zacks consensus that called for a loss of -$0.01 per share. The company also crucially posted GAAP operating profit for the first time in Uber’s history.
Uber reported $394 million in profit in Q2 vs. a loss of $2.60 billion in the year-ago period and an operating income of $326 million vs. a $713 million loss in the second quarter of 2022. The “power of the Uber platform and the team’s relentless focus on profitable growth was on full display in Q2, with record profitability and over $1 billion of quarterly free cash flow,” CFO Nelson Chai said in prepared remarks.
Revenue climbed 14% YoY to $9.23 billion, with Uber’s gross bookings up 16% to $33.60 billion. Riding-hailing (mobility) gross bookings climbed 25% to $16.73 billion, with delivery up 12% to $15.60 billion.
Total trips jumped 22% to 2.28 billion. These gains helped offset continued weakness in its freight segment that saw its gross bookings fall 30% YoY to $1.28 billion—only 4% of the business.
Uber’s recent results highlight that people are living their pre-pandemic lives in full force. Crucially, the resurgence of its ride-hailing segment hasn’t come at the expense of delivery, which highlights the strength of its two core business models that are especially popular with higher-income consumers that are less impacted by lingering inflation.
Monthly Active Platform Consumers climbed 12% YoY and 5% QoQ to 137 million, “driven by continued improvement in consumer activity” for its mobility offerings.
What’s Around the Corner?
Looking ahead, Uber’s revenue is projected to jump over 17% in 2023 and another 18% in FY24 to $44.27 billion vs. $31.88 billion in FY22. Its mobility segment’s gross bookings are projected to surge 25% in 2023, with delivery set to jump 13%.
Zacks data also projects Uber's Monthly Active Platform Consumers will climb 11% to 146 million in 2023, with trips expected to grow by 21%.
On top of that, Uber is projected to swing from an adjusted loss of -$4.65 a share last year to +$0.42 in FY23 and then soar to +$1.05 a share in FY24. These current Zacks consensus estimates have surged since its Q2 release, with its FY23 figure up 500% and 25% higher for FY24.
Uber’s near-term EPS outlooks are also up big since its August 1 report to help it grab a Zacks Rank #1 (Buy) right now. And Uber has crushed our EPS estimates in the trailing three quarters.
Focused on Now, Preparing for the Future
Uber bought delivery peers Drizly in October 2021 and Postmates in December 2020 to expand in a growing area of the economy. On top of that, Uber is rolling out more advertisements across its core Uber app, Uber Eats, and beyond to help monetize its growing customer base for both ride-hailing and delivery.
Uber, under CEO Dara Khosrowshahi, has focused heavily on disciplined spending and cost-cutting measures. Uber offers far fewer discounts to consumers and incentives to drivers these days. Uber is also reducing delivery errors and becoming more efficient while boosting its market share vs. rival Lyft and others.
Uber remains focused on a possible future where fleets of autonomous vehicles drive people around cities, deliver food, and transport goods. In fact, Uber in late May announced a new multi-year strategic partnership with Waymo for autonomous driving, bringing together its “world-leading autonomous driving technology with the massive scale of Uber’s ridesharing and delivery networks.”
Uber’s CEO said at the time that: “Fully autonomous driving is quickly becoming part of everyday life, and we’re excited to bring Waymo's incredible technology to the Uber platform.” Uber will be competing against or possibly with the likes of Tesla and others in this space down the road.
Price and Valuation
Uber is up around 7% since its May 2019 IPO vs. the Zacks tech sector’s 77% gain and the S&P 500’s 60% climb.
Uber shares have climbed by roughly 36% during the past 12 months to crush the benchmark’s 5% and Lyft’s -37% drop. More recently, Uber stock has jumped 80% in 2023 vs. the S&P 500’s 18% and Lyft’s 10%.
Uber hit fresh 52-week highs of $49.49 per share the day before it reported its Q2 results.
Uber is currently down 30% from its 2021 records and 10% below its recent highs at roughly $44 a share. Uber is holding the line around its 50-day moving average and it trades about 28% below its average Zacks price target.
Uber trades at a 65% discount to its own highs at 2.2X forward sales and 43% below the Zacks tech sector. And its PEG ratio, which factors in its bottom-line growth outlook, sits at 1.2 vs. tech’s 2.0.
Bottom Line
Long-term investors might want to consider Uber as it proves it can thrive and grow market share in multiple key segments of the economy and become profitable at the same time.
Wall Street is very high on the stock, with 27 of the 33 brokerage recommendations Zacks has at “Strong Buys,” alongside four “Buys,” and two “Holds.” And Uber’s recent fall has taken it from overbought RSI levels to below neutral.
Bear of the Day:
Zebra Technologies Corporation’s earnings outlook has continued to plummet over the last year-plus. Zebra’s near-term outlook turned even worse after it offered up downbeat guidance on August 1.
ZBRA shares have tumbled 50% during the last two years and it is currently trading below some key moving averages.
Zebra 101
Zebra is a technology firm focused on empowering frontline workers and companies for the modern, digital-everything world via handheld computers, wearables, and more everywhere from retail and warehouses to healthcare and beyond. ZBRA’s tech, which includes hardware, software, and services, remains vital and it has posted a solid stretch of revenue growth.
Zebra is, however, facing near-term headwinds. CEO Bill Burns said in prepared Q2 remarks that ZRBA was “impacted by softening demand and more cautious customer spending, particularly in our retail and logistics end markets, and by distributor destocking.”
The company remains upbeat about its long-term prospects and it is actively rolling out cost-cutting measures. But Zebra’s FY23 consensus earnings estimate has dropped by 30% since its August 1 earnings release, with its EPS estimate for FY24 down 28%.
Zacks estimates currently call for Zebra’s adjusted 2023 earnings to sink 38% YoY to $10.91 a share on 22% lower sales to hit $4.52 billion. Plus, ZBRA’s most accurate/most recent EPS estimates for both FY23 and FY24 came in even lower.
Bottom Line
Zebra’s downward earnings revisions help it land a Zacks Rank #5 (Strong Sell) right now. On top of that, ZBRA lands “F” grades across the board for Value, Growth, and Momentum in our Zacks Style Score system.
Zerba shares have dropped by 50% in the last two years vs. the Zacks Industrial Products sector’s 5% decline. ZBRA is currently trading way below its 50-day and 200-day moving averages, as well as its 200-week and 50-week moving averages. Therefore, it is likely best for investors with near-term outlooks to avoid trying to possibly catch a falling knife.
Additional content:
Buy 3 Corporate Giants Before Earnings Next Week
We are in the last leg of the second-quarter 2023 earnings season. So far, earnings results are not great but they are not bad either. Moreover, the outlook given by companies that have already reported is far better than expected.
As of Aug 11, 457 S&P 500 companies reported earnings results. Total earnings of these companies are down 9.5% year-over-year on 0.5% higher revenues. Of these, 79% surpassed EPS estimates while 65.2% outpaced revenue estimates.
At present, our estimate has shown that total earnings of the S&P 500 Index will likely decline 8.2% year-over-year on 0.8% higher revenues. The second-quarter earnings decline would follow the 3.4% decline in the first quarter and a 5.4% drop in fourth-quarter 2022.
Major companies of most of the sector have already reported with the notable exception of the retail sector. Aside from the retail sector, a handful of corporate behemoths of other sectors will also report this month.
Our Top Picks
We have narrowed our search to three stocks that are set to declare earnings results next week. The combination of a possible earnings beat and a favorable Zacks Rank should drive their stocks in the near future. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy) and has a positive Earnings ESP. You can see the complete list of today’s Zacks #1 Rank stocks here.
Our research shows that for stocks with the combination of a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, the chance of an earnings beat is as high as 70%. These stocks are anticipated to appreciate after their earnings release. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
NVIDIA Corp. is gaining from the strong growth of artificial intelligence, high-performance computing and accelerated computing, which is boosting its Compute & Networking revenues. A surge in Hyperscale demand and a solid uptake of artificial intelligence-based smart cockpit infotainment solutions are acting as tailwinds for NVDA.
Zacks Rank #1 NVIDIA has an Earnings ESP of +5.56%. It has an expected earnings growth rate of more than 100% for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 30 days.
NVIDIA recorded earnings surprises in two out of the last four reported quarters, with an average beat of 0.3%. The company is set to release earnings results on Aug 23, after the closing bell.
Workday Inc.’s revenue growth continues to be driven by high demand for its HCM and financial management solutions. WDAY’s cloud-based business model and expanding product portfolio have been the primary growth drivers. Strong emphasis on the integration of generative AI in WDAY’s products and the development of various AI-driven applications to drive more value is a tailwind.
Zacks Rank #1 Workday has an Earnings ESP of +2.01%. It has an expected earnings growth rate of 45.9% for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 30 days.
Workday recorded earnings surprises in the last four reported quarters, with an average beat of 13.1%. The company is set to release earnings results on Aug 24, after the closing bell.
Coty Inc. has been benefiting from its focus on six strategic pillars aimed at sustainable growth. These include stabilizing Consumer Beauty brands, strengthening e-commerce and establishing a solid skincare portfolio, among others. COTY made several strategic partnerships to enhance its brand portfolio. Management raised its like-for-like sales view for fiscal 2023.
Zacks Rank #2 Coty has an Earnings ESP of +20.00%. The Zacks Consensus Estimate for current-year earnings has improved 2.1% over the last 30 days. Coty recorded earnings surprises in three out of the last four reported quarters, with an average beat of 10%. The company is set to release earnings results on Aug 22, before the opening bell.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index.Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.