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Uber Surprises, Shares Slump

Uber (NYSE:UBER) reported fourth-quarter results Wednesday that beat analysts’ estimates on the top and bottom lines.

Earnings per share proved to be 66 cents vs. 17 cents expected. Revenue came in at $9.94 billion vs. $9.76 billion expected.

Uber reported net income of $1.4 billion, or 66 cents per share, compared with $595 million, or 29 cents per share, in the same quarter last year. Uber’s net income includes a $1 billion net tail wind thanks to “unrealized gains” from revaluations of its equity investments, according to a release.

The company’s revenue for the quarter was up 15% from the same quarter last year. Uber’s gross bookings came in at $37.6 billion, up 22% year over year.

CEO Dara Khosrowshahi said 2023 marked a year of “sustainable, profitable growth for Uber,” according to a prepared statement. He told reporters Wednesday the continued shift in consumer spending from retail to services has been a boon for the company.

“We continue to see consumer strength, and especially consumer strength as it relates to services,” Khosrowshahi said. “People are going out to dinner, they’re going out to concerts, sports events, etc. And when people go out and they spend money, or when they want anything delivered to their home, Uber benefits.”

UBER dropped $2.02, or 2.9%, in the early going to $68.44.