Uber Technologies Inc. (NYSE:UBER) announced Q4 2022 financial results before the market open on Wall Street on Wednesday.

The US company posted better-than-expected results for the quarter, beating both revenue and earnings per share (EPS) forecasts.

Uber reported revenue of $8.607 billion (up by 47% year-over-year or 59% in constant currency) vs. $8.513 billion estimate.

EPS reported at $0.29 per share for the quarter. Analysts were expecting a loss per share of -$0.154.

It’s the first time since Q4 2021 that the company has reported higher-than-expected EPS.

CEO and CFO commentary

”We ended 2022 with our strongest quarter ever, with robust demand and record margins,” Dara Khosrowshahi, CEO of Uber.

”Our global scale and unique platform advantages position us well to accelerate this momentum into 2023.”

“In 2022, we significantly exceeded our profitability outlook, with an incremental margin of 10%,” Nelson Chai, CFO of the company added.

”Our outlook for a Gross Bookings and Adjusted EBITDA step up in Q1 builds on that progress, and sets us up for yet another record year.”

Stock reaction

Share price of Uber rose by around 2% on Wednesday and was trading at around $35.91 a share – the highest level since April 2022.

Stock performance

• 1 month: +26.77%
• 3 months: +35.37%
• Year-to-date: +45.33%
• 1 year: -10.57%

Uber stock price targets

• Wedbush: $38
• Needham: $54
• Wolfe Research: $42
• Wells Fargo: $46
• Piper Sandler: $33
• Truist Securities: $60
• Cowen & Co.: $70
• Morgan Stanley: $54
• Mizuho: $46
• UBS: $36
• Barclays: $54

Uber is the 204^th largest company in the world with a market cap of $71.61 billion.

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