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Uber beats expectations – the stock is up

3 May 2023 By Klavs Valters

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Uber Technologies Inc. (NYSE: UBER) announced first quarter results before the market open in the US on Tuesday.

World’s largest ridesharing company beat analyst expectations for the quarter, sending the stock price higher.

Company overview

  • Founded: March 2009
  • Headquarters: San Francisco, California, United States
  • Number of employees: 32,800 (2022)
  • Industry: Transportation
  • Key people: Ronald Sugar (Chairman), Dara Khosrowshahi (CEO)

The results

Uber reported revenue of $8.823 billion (up by 29% vs Q1 2022) vs. $8.703 billion expected.

The company reported loss per share of -$0.08 per share vs. estimate of -$0.087 loss per share.

CEO commentary

“We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement,” Dara Khosrowshahi, CEO of Uber said in a letter to shareholders.

“Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023,” Khosrowshahi added.

The stock was up +11.55% on Tuesday at $36.53 a share.

Stock performance

  • 1 month: +16.34%
  • 3 months: +18.07%
  • Year-to-date: +47.67%
  • 1 year: +23.92%

Uber price targets

  • Wedbush: $44
  • Needham: $54
  • RBC Capital: $46
  • Deutsche Bank: $44
  • JMP Securities: $55
  • Wolfe Research: $45
  • UBS: $48
  • JP Morgan: $52
  • Wells Fargo: $53

Uber is the 196th largest company in the world with a market cap of $73.54 billion, according to CompaniesMarketCap.

You can trade Uber Technologies Inc. (NYSE: UBER) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

Sources: Uber Technologies Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Wikipedia

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