Uber's Remarkable Turnaround From Market Tumbles To Record Highs - Exceeding Earnings Expectations

• Uber reported excellent fourth-quarter results, with earnings per share of $0.29.
• The company's gross bookings surged to $37.6 billion, a 22% increase from the previous year.
• Uber's stock risen by 12% so far for 2024.

Uber Technologies Inc UBER has delivered fourth-quarter results, exceeding expectations. With an impressive earnings per share of $0.29, the company surpassed the estimated $0.17 earnings. Their revenue also experienced substantial growth, reaching $9.94 billion, a 15% increase from the same quarter last year.

Uber's financial report reveals a surge in gross bookings that reached $37.6 billion, showing a 22% increase year over year. Equally noteworthy is the growth in Uber's user base, with the number of monthly active platform consumers reaching 150 million in the fourth quarter, which marks a 15% increase from the previous year's 131 million.

Their stock market journey has been a turbulent ride. In 2022, the stock experienced a sharp 33% decline, causing concern among investors. However, 2023 brought a remarkable turnaround, with the stock rising by 142%. This momentum carried into 2024, as the stock has seen a 12% increase so far, with 6% of that growth occurring in February alone.

In February 2021, Uber's stock reached a record high of $64. In January 2024, the stock price moved past this level, highlighting strong investor confidence in Uber's growth prospects.

Despite the positive earnings report, Uber's stock opened down 4% after the release. If the stock keeps moving up, the daily 20 simple moving average could act as a strong support level, potentially helping the stock climb higher.

After the closing bell on Tuesday, February 6, the stock closed at $70.47, trading down by 2.24%.

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