Dan Ives Says Uber's Q4 Results Were Better Than Feared

Uber Technologies, Inc UBER reported net income of $892 million for the fourth quarter, while sales exceeded views. The company expects first-quarter adjusted EBITDA to be between $100 million and $130 million.

On CNBC’s "Closing Bell," Dan Ives of Wedbush Securities said the latest quarterly results from Uber were better than feared. He said balanced strength was the key, especially coming in amid a lot of fears surrounding the COVID-19 pandemic.

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Ives said Uber is an oversold stock and a recovery name. With deliveries looking stable and everything the company is showing here gives increased confidence during 2022, he commented.

Wedbush has an Outperform rating on Uber with a price target of $57.

Price Action: Shares of Uber gained 5.8% to $42.50 in after-hours trading following the release of quarterly results.