Ride-hailing giant UBER delivers strong quarter

[syamfx2020]

Shares of the American ride-hailing giant Uber (NYSE: UBER) extend the gains and surged another 6% on Wednesday after the company delivered stronger-than-expected financial results for the fourth quarter. Revenue and earnings came in above consensus estimates driven by growth in gross bookings and increase in demand for airport and office rides. Meanwhile, Uber rival Lyft shares ended 6% lower; the company is scheduled to report results on Thursday.

• Earnings per share: $0.29 vs. -$0.15 expected
• Revenue: $8.61 billion vs. $8.50 billion expected

Uber reported $8.6 billion in revenue in the last three months of 2022, a 49% increase from the same period a year ago and rideshare revenue surged 82%. The company stated that it expects to achieve operational income profitability later this year.

UBER also revealed that the number of gross bookings increased from 12% in the fourth quarter of 2021 to 17.7% in the fourth quarter of 2022. Uber expects to grow gross bookings by up to 24% in the current quarter, to between $31 billion and $32 billion.

“We ended 2022 with our strongest quarter ever, with robust demand and record margins,” Uber CEO Dara Khosrowshahi said. “Our delivery business continued to show resilience, growing at a healthy rate while meaningfully expanding profitability and improving our category position in a majority of our large markets,” he added.

$UBER technical outlook​

In the short-term, if the stock continues the bullish momentum, then the immediate resistance near $38.50 breaks then the stronger resistance is $41.80, which is important to be stable above it for a continuing rise to $47 and $49.50 levels. On the downside, $32 is the immediate support level, followed by $30. Further selling pressure will intensify only if the stock break below $28/27 levels.

Check out the original article with chart here - https://gulfbrokers.com/en/ride-hailing-giant-uber-delivers-strong-quarter