Uber Technologies UBER reported fourth-quarter 2023 earnings of 66 cents per share, which surpassed the Zacks Consensus Estimate of 15 cents and improved more than 100% year over year. Total revenues of $9,936 million beat the Zacks Consensus Estimate of $9,746.5 million. The top line jumped 15.4% year over year.

In the reported quarter, the majority (54.5%) of the company’s revenues came from Mobility. Revenues from this segment jumped 34% year over year to $5,537 million. Revenues from the Delivery segment increased 6% year over year to $3,119 million. Freight revenues fell to $1,280 million, down 17% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.

Adjusted EBITDA in the fourth quarter surged 93% to $1,283 million. The actual figure was higher than our estimate of $1,196 million.

Uber Technologies, Inc. Price, Consensus and EPS Surprise

Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote

Gross bookings from Mobility improved 29% to $19,285 million. Gross bookings from Delivery augmented 19% to $17,011 million. Gross bookings from Freight were $1,279 million in the fourth quarter, down 17% from the year-ago quarter. Total gross bookings ascended 22% to $37,575 million.

Uber exited the fourth quarter with cash and cash equivalents of $4,680 million compared with $4,448 million at the third-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $9,459 million compared with $9,252 million at the prior-quarter end.

Operating cash flow came in at $823 million in the reported quarter. The free cash flow was $768 million.

Q1 Guidance

For the first quarter of 2024, Uber expects gross bookings of $37 billion-$38.5 billion. The adjusted EBITDA is estimated to be between $1.26 billion and $1.34 billion.

UBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Let’s take a look at the fourth-quarter performances of other companies from the broader Zacks Computer and Technology sector.

Carrier Global CARR reported fourth-quarter 2023 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate by 3.92%. The figure increased 32.5% year over year.

Net sales of $5.10 billion missed the Zacks Consensus Estimate by 2.82% but remained unchanged year over year.

Flex Ltd FLEX reported third-quarter fiscal 2024 adjusted earnings per share of 71 cents, which beat the Zacks Consensus Estimate by 14.5%. The bottom line grew 14.5% year over year.

Revenues decreased 8% year over year to $7.1 billion. However, it beat the consensus mark by 5.5%. The downtick was caused by weakness across the Agility and Reliability Solutions segments.

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