WASHINGTON (dpa-AFX) - Ride-hailing and delivery platform Uber Technologies, Inc. (UBER) reported Wednesday a net profit for the fourth quarter soared nearly five-fold from last year, boosted by a huge benefit from a tax valuation release. Quarterly revenues topped analysts' estimates.
In Wednesday's pre-market trading, UBER is currently trading on the NYSE at $66.18, down $3.57 or 5.12 percent.
'Uber ended 2024 with our strongest quarter ever, as growth accelerated across MAPCs, trips, and Gross Bookings,' said Dara Khosrowshahi, CEO.
For the fourth quarter, net income attributable to Uber soared to $6.88 billion or $3.21 per share from $1.43 billion or $0.66 per share in the prior-year quarter.
The latest results included a $6.4 billion benefit from a tax valuation release and a $556 million benefit (pre-tax) due to net unrealized gains related to the revaluation of Uber's equity investments.
On average, 38 analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted EBITDA grew 44 percent to $1.84 billion from last year, while adjusted EBITDA margin as a percentage of Gross Bookings was 4.2 percent, up from 3.4 percent last year.
Revenue for the quarter increased 20 percent to $11.96 billion from $9.94 billion in the same quarter last year. Revenue also grew 21 percent on a constant currency basis. Analysts expected revenues of $11.77 billion for the quarter.
Combined Mobility and Delivery revenue grew 23 percent to $10.7 billion, or 24 percent on a constant currency basis.
Mobility revenues improved 25 percent to $6.91 billion and Delivery revenues were up 21 percent to $3.77 billion, while Freight revenues remained flat with last year at $1.28 billion.
Gross Bookings grew 18 percent to $44.20 billion, or 21 percent on a constant currency basis, from last year.
Gross bookings in Mobility of $22.80 billion climbed 18 percent, and Delivery gross bookings of $20.13 billion were up 18 percent from last year. Meanwhile, freight gross bookings remained flat with last year at $1.27 billion.
Trips during the quarter grew 18 percent to 3.07 billion, or approximately 33 million trips per day on average. Monthly Active Platform Consumers (MAPCs) improved 18 percent to 171 million from last year.
Looking ahead to the first quarter of fiscal 2025, the company anticipates adjusted EBITDA in a range of $1.79 billion to $1.89 billion, and gross bookings in a range of $42.0 billion to $43.5 billion, with gross bookings growth of 17 to 21 percent on a constant currency basis.
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