Ride-hailing giant Uber Technologies (UBER) reported fourth-quarter earnings that handily beat estimates while revenue and gross bookings edged by views amid improving driver supply. Uber stock fell on the news.

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On the stock market today, Uber stock fell 3.1% to 68.31 in early trading.

Uber earnings for the quarter ending Dec. 31 were 66 cents a share on an adjusted basis, up 127% from a year earlier. Revenue climbed 15% to $9.9 billion.

Gross bookings grew 22% to $37.6 billion. Gross bookings are the total dollar value of fares charged to riders for transportation, food delivery and other services.

The company also reported adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, of $1.3 billion. Analysts expected Uber to report EBITDA of $1.26 billion.

Uber Stock: Q1 Guidance Issued

For the first quarter of 2024, Uber expects gross bookings in a range of $37 billion to $38.5 billion. It forecast EBITDA of $1.30 billion at the midpoint of guidance. Analysts expected gross bookings of $37.43 billion and adjusted EBITDA of $1.26 billion.

Heading into the Uber earnings report, the stock had climbed 13% in 2024. Uber stock had advanced 105% over the past 52 weeks.

Uber stock’s Relative Strength Rating score is at 97 out of a best-possible 99, indicating it is significantly outperforming the market.

Meanwhile, Uber stock holds an IBD Composite Rating of 87 out of 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one. The best growth stocks have a Composite Rating of 90 or better.

Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.

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