Uber Q4 Results Beat Market, Sees Growth In Q1; But Stock Drops In Pre-market - Update

(RTTNews) - Uber Technologies, Inc. (UBER), while reporting higher fourth-quarter results above market estimates, on Wednesday said it sees higher gross bookings and adjusted EBITDA in its first quarter.

Meanwhile, the shares were losing around 7.1 percent in the pre-market activity on the NYSE to trade at $64.79.

For the first quarter, the company projects reported Gross Bookings of $42.0 billion to $43.5 billion, and gross bookings growth of 17 percent to 21 percent year-over-year on a constant currency basis.

Adjusted EBITDA for the first quarter would be $1.79 billion to $1.89 billion, which represents 30 percent to 37 percent increase from last year.

In its fourth quarter, the company's bottom line totaled $6.883 billion or $3.21 per share, higher than $1.429 billion or $0.66 per share last year.

Analysts on average had expected the company to earn $0.48 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 20.4 percent to $11.959 billion from $9.936 billion last year. The Street was looking for revenues of $11.77 billion for the quarter.

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