Author: REINHARDT KRAUSE
Source
With international growth a bright spot amid stiff U.S. competition from rival Lyft (LYFT), ride-hailing giant Uber Technologies (UBER) reported first-quarter earnings and revenue that topped estimates. UBER stock rose as bookings came in above expectations.
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Before the market open, Uber reported a loss of 8 cents per share on revenue of $8.8 billion. Sales climbed 29% from a year earlier. Analysts expected Uber to report a loss of 9 cents on revenue of $8.7 billion.
A year earlier, Uber reported a loss of $3.04 per share on revenue of $6.85 billion.
Analysts say Uber has been losing U.S. market share recently to Lyft, which has been cutting prices for its services.
Uber Stock
Uber stock jumped 8% to 35.36 in early trading on the stock market today. The ride-hailing and food delivery giant gapped above its 50-day line on Monday. It’s working on a consolidation with a 37.68 buy point.
Uber stock is on IBD Leaderboard as an earnings options play.
Lyft stock climbed 3.1%. The Uber rival reports earnings on Thursday.
Bookings Top Views
Gross bookings in Q1 grew 19% to $31.4 billion versus estimates of $31.3 billion.
The company also reported adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, of $761 million. Analysts expected Uber to report EBITDA of $679 million.
For the June quarter of 2023, Uber expects gross bookings of $33.5 billion at the mid-point of guidance.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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The post Uber Earnings Top Views On Strong International Growth. The Stock Is Racing Higher. appeared first on Investor’s Business Daily.