Uber Analysts Increase Their Forecasts After Q4 Results
Portfolio Pulse from Avi Kapoor
Uber Technologies, Inc. (NYSE:UBER) reported Q4 FY23 revenue of $9.94 billion, a 15% increase year-on-year, surpassing the consensus of $9.76 billion. GAAP EPS was 29 cents, beating the 17 cents consensus. Revenue growth was seen across Mobility (34% increase to $5.54 billion), Delivery (6% increase to $3.12 billion), while Freight revenue fell by 17% to $1.28 billion. Gross Bookings grew 22% to $37.58 billion. Uber anticipates Q1 gross bookings between $37.0 billion and $38.5 billion, with adjusted EBITDA of $1.26 billion to $1.34 billion. Following the report, Uber shares rose 2% to $645.41, and analysts from Needham, JP Morgan, and Roth MKM raised their price targets on Uber.
February 08, 2024 | 2:20 pm
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Uber Technologies, Inc. reported strong Q4 FY23 results with revenue and EPS beating consensus estimates, leading to a 2% increase in share price. Analysts from Needham, JP Morgan, and Roth MKM have raised their price targets on Uber.
Uber's better-than-expected Q4 FY23 results and the subsequent increase in analyst price targets suggest a positive short-term outlook for the stock. The reported growth in key segments and the optimistic projections for Q1 bookings further reinforce this view. The increase in share price following the earnings report indicates market confidence in Uber's performance and future prospects.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100