Uber's Stock Is On A Ride Wednesday - Here's Why
Portfolio Pulse from Anusuya Lahiri
Uber Technologies, Inc (NYSE:UBER) announced a stock repurchase program of up to $7 billion, following a strong fourth-quarter FY23 performance with a 15% year-on-year revenue growth to $9.94 billion, surpassing the consensus of $9.76 billion. Its GAAP EPS of $0.29 also beat the consensus of $0.17. Meanwhile, Lyft, Inc (NASDAQ:LYFT) reported a 4% year-on-year increase in quarterly sales to $1.225 billion, exceeding the consensus of $1.220 billion, with a 26% growth in rides and an EPS of $0.18, beating the consensus of $0.08. Uber's stock traded higher by 12.01% at $77.27.
February 14, 2024 | 4:18 pm
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POSITIVE IMPACT
Lyft reported a 4% year-on-year increase in quarterly sales to $1.225 billion, exceeding consensus estimates, with a 26% growth in rides and an EPS of $0.18, beating the consensus of $0.08.
Lyft's positive earnings report, showing growth in sales and rides as well as beating EPS estimates, is likely to foster investor optimism, potentially leading to a short-term positive impact on Lyft's stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Uber announced a $7 billion stock repurchase program and reported strong fourth-quarter FY23 results, with revenue growth and EPS beating consensus estimates.
The announcement of a significant stock repurchase program and better-than-expected quarterly results are strong positive signals for investors, likely leading to increased investor confidence and a short-term positive impact on Uber's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100