Consequence: Uber says bookings improved within the fourth quarter, however income exceeded expectations
Uber Technologies Inc. announced on Wednesday that gross bookings were up 16% quarter over quarter in the fourth quarter, driven by an ongoing rebound, but that revenue fell short of expectations.
fell more than 1.5% in after-hours trading after rising more than 6% in the regular session to close at $ 63.18, an all-time high.
The company reported a loss of $ 968 million, or 54 cents per share, for the fourth quarter, compared to $ 1.1 billion, or 64 cents per share, for the same period last year. Adjusted loss was $ 454 million after adjusting for stock-based payments and more. Revenue decreased to $ 3.17 billion from $ 3.75 billion in the year-ago quarter. Analysts polled by FactSet had forecast a revenue share of 53 cents per revenue of $ 3.45 billion.
Fourth quarter trip revenue decreased from $ 3.1 billion to $ 1.47 billion, a decrease of 52% year over year. However, delivery revenue increased 224% to $ 1.36 billion from $ 418 million in the same period last year. Freight revenue increased 43% from $ 219 million in the fourth quarter last year to $ 313 million.
Analysts surveyed by FactSet expected trips and delivery revenues of $ 1.76 billion and $ 1.49 billion, respectively.
For the full year, Uber reported a loss of $ 6.77 billion, or $ 3.86 per share, compared to a loss of $ 8.5 billion, or $ 6.81 per share, in 2019. Revenue decreased from 13 billion . USD fell to USD 11.14 billion in 2019. The analysts surveyed by FactSet had expected a loss of $ 6.8 billion, or $ 3.87 per share on sales of $ 12.5 billion.
Uber's shares are up nearly 23% so far this year. Like that of rival Lyft Inc.
Uber stock, which reported fourth quarter results on Tuesday, has been on a winning streak lately. It's been going up for nine of the last 10 days.