UBER - Why did Uber's shares climb 5% Wednesday? Returning riders led to big bookings
- Uber Technologies ( NYSE: UBER ) shares added to their upbeat start to 2023 and rose more than 5% Wednesday as Wall Street responded positively to the ride-hailing company's fourth-quarter results.
- Before U.S. stock markets opened, Uber ( UBER ) reported earnings of 29 cents a share, on revenue of $8.6B for the period ending December 31. Investors keyed in on Uber's ( UBER ) bookings for the quarter, which climbed 19% from the fourth quarter of 2021, to $30.7B.
- Uber's ( UBER ) results included a strong performance from it mobility, or ride-haling business, which reported revenue of $4.14B, an 82% increase from a year ago. Delivery revenue rose 21% on a year-over-year basis, to $2.93B.
- Uber ( UBER ) also forecast first quarter bookings to be in a range of $31B to $32B, which would represent an increase of 20% to 24% from a year ago.
- With Wednesday's gains, Uber's ( UBER ) shares have risen almost 49% this year.
- On Wednesday, Uber ( UBER ) Chief Executive Dara Khosrowshahi said the company's performance illustrated what he called Uber's ( UBER ) "strongest quarter ever."
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Why did Uber's shares climb 5% Wednesday? Returning riders led to big bookings