Uber Q4 Results: Revenue up 83% on year to $5.8 billion, beat estimates

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Revenue - The revenue reported by Uber for Q4 was $5.8 billion, a growth of 83% YoY and 82% growth on a constant currency basis. The revenue was higher than the analyst's estimate of $5.34 billion.

Net Income - The net income reported by the company was $892 million. It includes a $1.4 billion net benefit relating to Uber's equity investments, primarily due to aggregate unrealized gains related to the revaluation of Uber’s Grab and Aurora equity investments. Additionally, net income includes $334 million in stock-based compensation expenses. The Earning Per Share was 44 cents against the expectation of 35 cent loss per share.

EBITDA - Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) was $86 million. That’s up to $540 million from the same quarter a year ago. Adjusted EBITDA margin as a percentage of Gross Bookings was 0.3%, up from (2.6)% in Q4 2020. Mobility Adjusted EBITDA was $575 million, up to $282 million YoY. Mobility Adjusted EBITDA margin as a percentage of Mobility Gross Bookings was 5.1%, up from 4.3% in Q4 2020.

Uber Eats update - UberEats business continues to hold up as food delivery becomes a part of regular life. The number of delivery merchants grew to more than 825,000. Delivery revenue of $2.42 billion outperformed the $2.28 billion generated by its core ride-hailing business. Freight revenue was up 245% year-over-year to $1.08 billion.

Other updates - Uber reported 1.77 billion trips on the platform during the December quarter, a rise of 8% from the prior quarter and 23% from 2020. Monthly active platform consumers reached 118 million, also up 8% in the quarter. Drivers and couriers earned an aggregate of $9.5 billion in the quarter.

Outlook for Q1 2022 - The company expects gross booking value to be between $25 billion and $26 billion. Adjusted EBITDA will be around $100 million to $130 million.

Target price - The 40 analysts offering 12-month price forecasts for Uber Technologies Inc have a median target of $68, with a high estimate of $82 and a low estimate of $48. 

Uber Q4 Results Review

Uber has given a good set of numbers for the December quarter. The company beat analyst estimates on revenue for the quarter and it has started to bounce back from trouble caused by the omicron coronavirus surge. It outperformed its quarterly guidance and delivered $540 million of Adjusted EBITDA improvement compared to Q4 of last year.

Uber's share price closed 4.83% higher on Wednesday at $40.19 per share.

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