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CTOnews.com, February 8 (Xinhua)-- Uber released its results for the fourth quarter of 2022, beating analysts' revenue and profit expectations. The share price rose more than 7% in pre-market trading. Uber reported fourth-quarter revenue of $8.6 billion (currently about 58.394 billion yuan), up 49 per cent from a year earlier. Net profit attributable to Uber was $595 million (currently about 4.04 billion yuan), compared with $892 million (currently about 6.057 billion yuan) in the same period last year.

Tuyuan PexelsUber CEO Dara Khosrowshahi said Uber ended 2022 with "the strongest quarter ever", putting an end to its "strongest year". On a fixed exchange rate basis, total orders are expected to grow 20-24 per cent year-on-year in the first quarter of 2023, Uber said.

Uber CEO said the impact of the outbreak on its mobile business was "now completely over", with active drivers hitting an all-time high this quarter. He pointed out that the company has also reached a new milestone, achieving 2 billion trips in a single quarter for the first time, an average of about 1 million trips per hour.

Uber earned 29 cents a share, while analysts expected a loss of 18 cents. Uber had revenue of $8.6 billion and analysts expected a loss of $8.49 billion. Revenue in the quarter rose 49% from a year earlier. The earnings of 29 cents per share include a huge investment income. Uber noted that net income for the quarter was $595 million, of which $756 million was due to net income from unrealized equity investments.

Uber reported adjusted EBITDA (earnings before tax, interest, depreciation and amortisation) of $665 million, higher than analysts' expectations of $620 million. Total bookings for the quarter were $30.7 billion, up 19% from a year earlier.

On a fixed exchange rate basis, total orders are expected to grow 20-24 per cent year-on-year in the first quarter of 2023, with an adjusted EBITDA of $660 million-$700m, Uber said.

The following is the performance of Uber's largest business unit during the quarter:

Mobile (total bookings): actual $14.9 billion, analysts expect $14.8 billion

Delivery (total orders): actual $14.3 billion, analysts expect $14.3 billion.

CTOnews.com learned that Uber relied heavily on the growth of its Eats takeout business during the outbreak, but its mobile division exceeded Eats takeout revenue in the first, second and third quarters of 2022 as passengers began to travel more. This trend continued in the fourth quarter as the company's mobile division reported revenue of $4.1 billion and delivery reports of $2.9 billion.

Sales of Uber's freight business were $1.5 billion in the quarter.

The number of consumers of Uber's monthly active users climbed to 131 million in the fourth quarter, up 11% from a year earlier. During this period, the platform completed 2.1 billion trips, an increase of 19% over the same period last year.

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