- Uber’s gross bookings for 1Q 2024 hit $37.65 billion, marking a 20% year-over-year (y/y) increase, marginally missing the estimate of $37.97 billion.
- Mobility bookings were $18.67 billion, up 25% from the previous year, slightly below the estimated $19.15 billion.
- There was a surge in delivery bookings, with a total of $17.70 billion, up by 18% y/y, surpassing the estimate of $17.54 billion.
- Freight bookings, however, showed a downward trend, declining 8.5% y/y to $1.28 billion, which meets the estimate.
- Uber’s revenue for the quarter was $10.13 billion, a 15% y/y increase, marginally beating the estimate of $10.11 billion.
- The Adjusted EBITDA stood at $1.38 billion, marking an impressive growth of 82% y/y, overtaking the estimated $1.32 billion.
- Uber reported a net loss of $654 million, considerably higher than the previous year’s loss of $157 million.
- Trips reached 2.57 billion, a 21% increase from the previous year, narrowly missing the estimated 2.60 billion.
- The number of monthly active platform consumers increased by 15%, reaching 149 million.
- Uber’s second-quarter forecast sees gross bookings between $38.75 billion and $40.25 billion, and adjusted Ebitda between $1.45 billion and $1.53 billion.
- Uber’s multi-year growth framework is on track, with audience and frequency increasing by 15% and 6% respectively during 1Q.
- Uber has started a collaboration with Tesla to accelerate the shift to electric vehicles, offering incentives to Uber drivers for purchasing certain Tesla models.
- Uber remains on a clear and dedicated path towards achieving an investment-grade credit rating, underlining its focus on capital structure.
Uber Technologies on Smartkarma
Analysts on Smartkarma are bullish on Uber Technologies, with Baptista Research highlighting the company’s strong performance in Q4, showcasing a 24% year-on-year trip growth that outpaced gross bookings growth for the fourth consecutive quarter. In another report, Baptista Research noted Uber’s acceleration in user engagement and frequency, exceeding earnings expectations and achieving an adjusted EBITDA margin surpassing 3%, signaling positive growth prospects. Brian Freitas discussed Uber’s inclusion in the S&P 500 INDEX, estimating around US$18bn of purchases by passive index trackers, further emphasizing investor interest in the company.
These reports underscore Uber’s ability to drive new audiences, enhance user experience, and deliver profitable growth, positioning the company favorably in the market. Analyst sentiment remains optimistic regarding Uber’s trajectory, with a focus on its increasing user engagement, profitability, and strategic market positioning.
A look at Uber Technologies Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 1 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.0 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Uber Technologies Inc, a prominent player in the ride-hailing industry, is poised for a positive long-term outlook based on the Smartkarma Smart Scores. With a strong score of 4 in Growth and an impressive Momentum score of 5, the company appears to be on a path towards significant expansion and continued success in the future. Additionally, Uber Technologies demonstrates resilience with a score of 3, indicating its ability to withstand market challenges.
While the company may have room for improvement in terms of its Value and Dividend scores, the high ratings in Growth and Momentum suggest that Uber Technologies has the potential for continued growth and innovation in the ride-hailing sector. With its global reach and focus on developing cutting-edge transportation solutions, Uber Technologies is well-positioned to capitalize on emerging opportunities and solidify its position in the market.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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