Uber beats expectations – the stock is up

Uber Technologies Inc. (NYSE: UBER) announced first quarter results before the market open in the US on Tuesday.

World’s largest ridesharing company beat analyst expectations for the quarter, sending the stock price higher.

Company overview

• Founded: March 2009
• Headquarters: San Francisco, California, United States
• Number of employees: 32,800 (2022)
• Industry: Transportation
• Key people: Ronald Sugar (Chairman), Dara Khosrowshahi (CEO)

The results

Uber reported revenue of $8.823 billion (up by 29% vs Q1 2022) vs. $8.703 billion expected.

The company reported loss per share of -$0.08 per share vs. estimate of -$0.087 loss per share.

CEO commentary

“We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement,” Dara Khosrowshahi, CEO of Uber said in a letter to shareholders.

“Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023,” Khosrowshahi added.

The stock was up +11.55% on Tuesday at $36.53 a share.

Stock performance

• 1 month: +16.34%
• 3 months: +18.07%
• Year-to-date: +47.67%
• 1 year: +23.92%

Uber price targets

• Wedbush: $44
• Needham: $54
• RBC Capital: $46
• Deutsche Bank: $44
• JMP Securities: $55
• Wolfe Research: $45
• UBS: $48
• JP Morgan: $52
• Wells Fargo: $53

Uber is the 196^th largest company in the world with a market cap of $73.54 billion, according to CompaniesMarketCap.

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Sources: Uber Technologies Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Wikipedia