Uber Technologies, Inc. (UBER) has reported impressive fourth-quarter results that surpassed market expectations. On Wednesday, the company announced projections for increased gross bookings and adjusted EBITDA for the first quarter.
However, despite the positive financial outlook, Uber's shares dropped by approximately 7.1% in pre-market trading on the NYSE, reaching $64.79.
For the upcoming first quarter, Uber anticipates its gross bookings to be in the range of $42.0 billion to $43.5 billion, marking a year-over-year growth of 17% to 21% when adjusted for currency fluctuations.
The company also forecasts an adjusted EBITDA for the first quarter of between $1.79 billion and $1.89 billion. This reflects a significant increase of 30% to 37% from the previous year.
In the most recent fourth quarter, Uber's net income amounted to $6.883 billion or $3.21 per share, significantly higher than the $1.429 billion or $0.66 per share reported the previous year.
On average, analysts had anticipated the company to report earnings of $0.48 per share, usually excluding any special items.
Uber's revenue for the period showed a notable rise of 20.4%, reaching $11.959 billion, compared to $9.936 billion last year. Wall Street had forecasted revenues of $11.77 billion for the quarter.
