Uber shares show growth in value
In the last quarter of 2022, the taxi and food delivery platform Uber published its financial data. According to the report, its revenues showed a growth of almost 1.5 times. Such results were a good signal for optimistic forecasts for 2023. Already in the first months of 2023, Uber shares grew by 7.6%.
According to the official data, in the 4th quarter of 2022, the company’s revenues amounted to $8.6 billion. In the similar 3 months of 2021, the figure was $5.8 billion.
Previously, analysts had predicted growth of $8.5 billion. Uber was able to achieve this result due to an increase in the volume of orders – in total, it grew by almost 20% and amounted to $30.7 billion. For example, taxi orders grew 31% to $14.9 billion. Demand for food delivery rose 6% to $14.3 billion. The company’s trucking division reported a 42% increase in orders, bringing revenue to more than $1.5 billion.
For Q4 2022, the profit of the cab ordering platform was $595 million. In 2021 the value was in the range of 892 million dollars. In addition to net profit, in the given period Uber carried out a revision of the company’s valuation and increased investments. Thanks to this it was possible to get a one-time income, which amounted to $756 million. As for the forecasts, analysts expected the net loss of the business to be $0.15 per company’s paper.The operating margin was $665 million and was at $86 million in the last quarter of 2021. Analysts predicted it was expected to be $624 million.
Q4 was a record quarter for Uber in terms of the number of rides taken by taxi drivers registered on the platform. The figure was more than 2 billion trips, 19% more than in the previous period.
The forecast of the volume of orders for the first three months of 2023 was from 31 to 32 billion dollars, and the rate of return on business was from 660 to 700 million dollars. Most experts are leaning towards a figure of 31.3 billion dollars for the completed orders and 612 million dollars for the operating profitability.
As for the results of 2022, Uber was able to get a revenue of more than $31.8 billion, which is 1.8 times higher than in 2021. During the marked period, the volume of orders increased by 28% and amounted to $115.4 billion. The loss of the company amounted to 9.14 billion dollars. Overall, for 2022, Uber shares fell in price by 13%.