Ride-hailing service Uber Technologies (NYSE:UBER) dropped in pre-market trading even as its Q4 results beat estimates. The company’s earnings more than doubled year-over-year to $0.66 per share in the fourth quarter, exceeding consensus estimates of $0.16 per share.
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Uber posted Q4 revenues of $9.9 billion, an increase of 15% year-over-year, beating analysts’ estimates of $9.76 billion. In addition, the firm’s gross bookings surged 22% year-over-year to $37.6 billion. Uber defines gross bookings as the total dollar value of mobility rides and delivery orders.
The company’s Monthly Active Platform Consumers (MAPCs) reached 150 million in the fourth quarter, up by 15% year-over-year.
Looking forward to the first quarter, Uber has projected gross bookings in the range of $37 billion to $38.5 billion, with an adjusted EBITDA between $1.26 billion and $1.34 billion.
What Is a Good Price for Uber Stock?
Analysts remain bullish about UBER stock with a Strong Buy consensus rating based on 33 Buys and two Holds. UBER has skyrocketed by more than 100% over the past year, and the average UBER price target of $69.38 implies a downside potential of 1.55% at current levels.
