UBER TECHNOLOGIES Reports Record Fourth Quarter Earnings for FY2022

Earnings Overview

UBER TECHNOLOGIES ($NYSE:UBER) released their financial results for Q4 FY2022 on February 8, 2023. For the quarter that ended on December 31, 2022, their total revenue was USD 595.0 million, a dip of 33.3% year-on-year. Meanwhile, their net income rose by 49.0%, coming in at USD 8607.0 million compared to the prior year.

Transcripts Simplified

Uber Technologies acted decisively in April 2020 when their Mobility business was down 80%, taking over $1 billion of costs out of their infrastructure and shutting down businesses, while having to let go over 20% of their headcount. Since then, they have been focused on efficiency and have remained relatively flat on headcount and achieved the metrics of EBITDA profitability, free cash flow positivity, and GAAP operating profit at some point later in the year. They have grown their headcount 10% and gross bookings from $62 billion to $115 billion and have raised their guidance for the first quarter.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Uber Technologies. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Uber Technologies. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Uber Technologies. More…

Key Ratios Snapshot

Some of the financial key ratios for Uber Technologies are shown below. More…

Market Price

On Wednesday, UBER TECHNOLOGIES reported record fourth quarter earnings for FY2022 with its stock opening at a high of $37.4 and closing at $36.8 – a 5.5% rise from its previous closing price of $34.9. The impressive profit margin has been credited to the company’s strategic investments in their core technologies and business operations. This includes their foray into the self-driving car industry, as well as their partnerships with other tech companies such as Google and Microsoft. Uber’s fleet of autonomous vehicles and its mobile app have also contributed to their success, allowing customers to access services faster and more conveniently. This jump in earnings is a testament to the leadership of Dara Khosrowshahi, current CEO of Uber.

He has also implemented drastic changes within the company, such as introducing transparency in the workforce and implementing safety protocols for drivers and passengers alike. Overall, UBER TECHNOLOGIES’ record fourth quarter earnings proves that the company is on the right track to becoming a major force in the ride-sharing industry. With its aggressive investments in technology and emphasis on customer service, the company is sure to continue seeing even higher profits in the years to come. Live Quote…

Analysis

At GoodWhale, we recently conducted an analysis of UBER TECHNOLOGIES’s wellbeing. According to our Risk Rating, UBER TECHNOLOGIES is a high risk investment in terms of financial and business aspects. Our analysis revealed four risk warnings in their income sheet, balance sheet, cashflow statement, and financial journal. To access the full report and evaluate these risks further, simply register as a user on our site. More…

Peers

As the world progresses, new technologies are constantly emerging and reshaping the way we live. One of the most recent and influential technological advancements is the rise of ride-sharing apps, such as Uber Technologies Inc. These apps have changed the way we travel, and have had a profound impact on the taxi industry. While Uber has become the most well-known and successful ride-sharing app, it faces stiff competition from other companies, such as Trend Innovations Holding Inc, Waitr Holdings Inc, and Where Food Comes From Inc.

– Trend Innovations Holding Inc ($OTCPK:TREN)

Innovative Holding Inc is a publicly traded holding company with a focus on technology investments. The company’s market cap as of 2022 was 58.02M and its ROE was 81.69%. Innovative Holding Inc’s portfolio includes investments in companies such as AppDirect, Cloud Elements, and Icertis. These companies provide software that helps businesses manage their operations, customers, and suppliers.

– Waitr Holdings Inc ($NASDAQ:WTRH)

Waitr Holdings Inc is a food delivery service company. It operates in the United States and has a market cap of 26.59M as of 2022. The company has a Return on Equity of -127.21%.

Waitr Holdings Inc was founded in 2013 and is headquartered in Lake Charles, Louisiana. The company operates in the restaurant industry and provides food delivery services to its customers. It delivers food from local restaurants to its customers through its app. The company has a fleet of drivers who pick up and deliver food to its customers.

– Where Food Comes From Inc ($NASDAQ:WFCF)

Food Comes From Inc. is a company that helps farmers and food producers to connect with consumers and sell their products. The company has a market cap of 70.04M as of 2022 and a Return on Equity of 17.04%. The company has a strong focus on sustainability and works to promote sustainable practices among its farmers and food producers. The company also works to educate consumers about where their food comes from and the importance of supporting sustainable agriculture.

Summary

Uber Technologies reported their fourth quarter FY2022 earnings on February 8, 2023 with total revenue of USD 595.0 million and net income of USD 8607.0 million. This represented a 33.3% decline in revenue from the same period in the prior year, and a 49.0% increase in net income. From an investing perspective, this quarter highlighted Uber Technologies’ ability to generate a healthy bottom line despite a decline in revenue.

Investors will be looking for the company to continue to demonstrate its financial discipline and prudent cost management measures moving forward. With a stock price that moved up the same day as their earnings announcement, it appears the market is optimistic about Uber’s future prospects.