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Uber Technologies, Inc (NYSE:UBER) reported fiscal fourth-quarter 2024 revenue growth of 20% year-on-year to $11.96 billion, beating the analyst consensus of $11.77 billion.
Uber reported adjusted EPS of 23 cents, which missed the analyst consensus of 50 cents. The stock plunged after the report.
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Revenue from Mobility grew to $6.91 billion, up 25% year over year. Delivery was $3.77 billion, up 21%, and Freight was $1.28 billion, flat year over year.
Gross Bookings grew 18% year-over-year to $44.2 billion. Mobility Gross Bookings of $22.8 billion, up 18% year-over-year; Delivery Gross Bookings of $20.1 billion, up 18%; and Freight Gross Bookings of $1.27 billion, flat year-over-year.
Trips grew 18% year-over-year to 3.1 billion, or 33 million per day. Uber’s Monthly Active Platform Consumers reached 171 million, up 14% year-over-year.
Margins: Uber clocked an Adjusted EBITDA of $1.84 billion, up 44% Y/Y, driven by Mobility. The Adjusted EBITDA margin as a percentage of Gross Bookings was 7.8%, up from 7.5% Y/Y, primarily driven by better cost leverage from higher volume.
Uber held $7.0 billion in unrestricted cash and equivalents and generated $1.7 billion in free cash flow as of December 31, 2024.
CEO Dara Khosrowshahi noted Uber ended 2024 with its strongest quarter ever, as growth accelerated across MAPCs, trips, and Gross Bookings powered by rapid innovation, including autonomous vehicles.
CFO Prashanth Mahendra-Rajah said demand in both Mobility and Delivery helped grow Gross Bookings faster than the high end of its guidance and closed out 2024 exceeding its three-year outlook for Gross Bookings, Adjusted EBITDA, and free cash flow.
Outlook: Uber expects fiscal first-quarter 2025 gross bookings of $42.0 billion—$43.5 billion and adjusted EBITDA of $1.79 billion—$1.89 billion.
Price Action: UBER stock is down 4.85% at $66.37 premarket at the last check on Wednesday.
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This article Uber Q4 Earnings: Revenue Beat, Growth In Rides, Delivery And Autonomous Tech, CEO Calls It Strongest Quarter originally appeared on Benzinga.com
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