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Uber Reports Strong Q4 Earnings

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Uber Technologies has announced its fourth-quarter earnings, surpassing expectations from Wall Street. The company reported earnings of 66 cents per share on revenue of $9.94 billion. In comparison, analysts predicted earnings of 16 cents per share on revenue totaling $9.76 billion. This is a significant improvement from the same period last year when Uber earned 29 cents per share on revenue worth $8.61 billion.

One notable highlight is the remarkable 22% growth in bookings, reaching a staggering $37.6 billion for the quarter. This exceeds the consensus estimate of $37.1 billion. Such exceptional performance prompted Chief Executive Dara Khosrowshahi to describe 2023 as an inflection point for Uber, demonstrating the company’s ability to achieve strong and profitable growth even at scale.

Despite these positive results, Uber’s stock price showed a slight decline of 3% in premarket trading, currently standing at $67.99. However, it is essential to note that over the past year, the stock has experienced substantial growth, rising by an impressive 91%. Moreover, Uber’s recent inclusion in the S&P 500 index further solidifies its success. This inclusion was possible due to the company’s previous four quarters of profitability based on generally accepted accounting principles.

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