Uber Technologies Q4 Loss Narrows Driven By Delivery Revenues

(RTTNews) - Uber Technologies Inc. (UBER) Wednesday reported a fourth-quarter loss that narrowed from last year, despite revenues dropping 16% that was partially offset by a surge in delivery revenues. The ride-hail service's fourth-quarter loss was narrower than Wall Street estimates, but revenues fell short of expectations.

For the fourth-quarter, Uber reported net loss of $968 million or $0.54 per share, compared with last year's loss of $1.10 billion or $0.64 per share. On average, 26 analysts polled by Thomson Reuters estimated loss of $0.55 per share for the quarter.

Revenues for the quarter dropped 16% to $3.17 billion from $3.75 billion last year. Analysts had a consensus revenue estimate of $3.58 billion.

Mobility revenues declined 52% year-over-year to $1.47 billion from last year, but delivery revenues surged 224% year-over-year to $1.36 billion from last year.

Gross Bookings dropped 5% to $17.2 billion from last year, with Delivery Gross Bookings growing 128% YoY and Mobility Gross Bookings declining 47% YoY.

"While 2020 certainly tested our resilience, it also dramatically accelerated our capabilities in local commerce, with our Delivery business more than doubling over the year to a nearly $44 billion annual bookings run-rate in December," said Dara Khosrowshahi, CEO.

UBER closed Wednesday's trading at $63.18, up $3.57 or 5.99%, on the Nasdaq. The stock further gained $0.18 or 0.28% in the after-hours trade.