Uber Technologies Inc. announced on Wednesday that its revenue for the fourth quarter jumped 20% year-over-year to land at $20 billion, exceeding expectations. Net income surged to $6.9 billion, which includes a $6.4 billion benefit from a tax valuation release, and diluted earnings per share (EPS) soared from $0.66 in the fourth quarter of 2023 to $3.21, a whopping 386% increase.
Gross bookings in the quarter amounted to $44.2 billion, growing 18% annually, while trips grew 18% to 3.1 billion, or approximately 33 million trips per day on average. For the full year, revenue clocked in $44 billion, marking an 18% increase, while EPS skyrocketed 424% from $0.87 in 2023 to $4.56. The company updated its outlook for the first quarter of 2025 to expect gross bookings growth of 17% to 21% annually.
"Uber ended 2024 with our strongest quarter ever, as growth accelerated across MAPCs, trips, and Gross Bookings," CEO Dara Khosrowshahi said. "We believe we remain undervalued despite these strong fundamentals, and plan to be active and opportunistic buyers of our stock," CFO Prashanth Mahendra-Rajah added. Uber's shares fell 7% in the premarket session at 7:21 ET following the release of the report.
