UBER - Uber Surprises With A 15% Revenue Jump To A Sharp 8% Stock Drop And A Slashed Year-To-Date Gain | Benzinga
- Uber's revenue increased by 15% in the first quarter of 2024 compared to the same period last year.
- The company reported a substantial net loss of $654 million.
- Following the release of these financial results, Uber’s stock price dropped by 8%, reducing its year-to-date gains.
For Q1 of 2024, Uber Technologies Inc (NYSE: UBER) revealed that the company performed better than expected in terms of revenue, seeing a 15% growth compared to last year, but its operating profit didn't hit its target.
Analysts were looking for an operating profit of $600 million, but Uber only made $172 million. This miss showed up in Uber's earnings per share, too, coming in at -$0.32 when analysts expected $0.23.
They ...