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Uber, which posted its first full-year profit on net basis, is
expanding initiatives like memberships, corporate travel and
advertising. Coupled with a pickup in travel, this is helping
the company improve user retention.
After a drop during the COVID years, travel demand picked up
last year as people stepped out more and many companies called
their employees to work from offices.
Uber had said in September it was considering buybacks and
dividend but did not announce a plan in its earnings statement.
Shares of the company fell 3% in premarket trading.
"Uber's platform advantages and disciplined investment in new
growth opportunities resulted in record engagement and
accelerating Gross Bookings in Q4," Chief Financial Officer
Prashanth Mahendra-Rajah said.
The company expects adjusted earnings before interest, taxes,
depreciation, and amortization of $1.26 billion to $1.34 billion
in the quarter ending March, compared with expectations of $1.26
billion, according to LSEG data.
Uber's gross bookings forecast of $37 billion to $38.5 billion
came in higher than expectations of $37.33 billion.
The outlook follows strong results in the seasonally strong
October-December period. Revenue increased 15% to $9.9 billion
and gross bookings rose 22% to $37.6 billion in the fourth
quarter, exceeding Wall Street targets.
Its net profit nearly tripled to $1.43 billion, thanks to a $1
billion net pre-tax benefit from re-evaluation of the company's
equity investments.
Uber said revenue from its core ride-share business grew 34%,
driven in part from "outsized trip growth" in Latin America and
Asia Pacific markets.
Delivery business revenue grew 6%, while gross bookings growth
for the segment was the highest in two years.
"An increasing percentage of our Delivery Gross Bookings growth
is coming from trip and audience growth this year versus pricing
last year," Chief Executive Officer Dara Khosrowshahi said.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Arun Koyyur)
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