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Uber Technologies UBER reported solid fourth-quarter 2024 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Quarterly earnings per share (EPS) of $3.21 outpaced the Zacks Consensus Estimate of 50 cents and improved more than 100% on a year-over-year basis.
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Total revenues of $11.9 billion beat the Zacks Consensus Estimate of $11.7 billion. The top line jumped 20.4% year over year on a reported basis and 21% on a constant currency basis.
Uber Technologies, Inc. Price, Consensus and EPS Surprise
Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote
In the reported quarter, the majority (57.7%) of the company’s revenues came from Mobility. Revenues from this segment jumped 25% year over year on a reported basis and 26% on a constant currency basis to $6.91 billion, owing to an increase in Mobility gross bookings due to a rise in trip volumes. The actual segmental sales figure was above our expectations of $6.74 billion.
Revenues from the Delivery segment increased 21% year over year on a reported basis and 20% on a constant currency basis to $3.77 billion, owing to an increase in delivery gross bookings due to an increase in trip volumes and a rise in advertising revenues. The actual segmental sales figure was above our expectations of $3.56 billion.
Freight revenues were $1.27 billion, down 0.4% year over year on a reported basis and constant currency basis due to a decrease in revenue per load due to the challenging freight market cycle, partially offset by an increase in volume. The actual segmental sales figure was below our expectations of $1.30 billion.
Adjusted EBITDA in the fourth quarter surged 44% to $1.84 billion. The reported figure lies above the guided range of $1.78-$1.88 billion.
Gross bookings from Mobility improved 18% year over year on a reported basis and 24% on a constant currency basis to $22.7 billion. Gross bookings from Delivery augmented 18% year over year on a reported basis and constant currency basis to $20.1 billion. Gross bookings from Freight came in at $1.27 million in the fourth quarter, down 0.5% year over year on a reported basis and constant currency basis.
Total gross bookings ascended 18% year over year on a reported basis and 21% on a constant currency basis to $44.1 billion. The reported figure was within the guided range of $42.75 billion-$44.25 billion.
Uber exited the fourth quarter with cash and cash equivalents of $5.89 billion compared with $6.15 billion at the end of the prior quarter. Long-term debt, net of the current portion, at the end of the reported quarter was $8.34 billion compared with $10.98 billion in the previous quarter.