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Uber Technologies Inc. said Wednesday that fourth-quarter gross bookings rose 16% from the previous quarter, reflecting a continued ride-hailing recovery, but its revenue fell short of expectations.
Uber shares UBER, +5.99% were down more than 1.5% in after-hours trading, after rising more than 6% in the regular session to close at $63.18, an all-time high.
The company reported a fourth-quarter loss of $968 million, or 54 cents a share, compared with $1.1 billion, or 64 cents a share, in the year-ago period. Its adjusted loss was $454 million, adjusted for stock-based compensation and more. Revenue fell to $3.17 billion from $3.75 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 53 cents a share on revenue of $3.45 billion.
Fourth-quarter revenue from rides fell to $1.47 billion from $3.1 billion, a decline of 52% year over year. But delivery revenue surged 224% to $1.36 billion from $418 million in the year-ago period. Freight revenue rose 43% to $313 million from $219 million in the fourth quarter last year.
Analysts surveyed by FactSet had expected rides and delivery revenue of $1.76 billion and $1.49 billion, respectively.
For the full year, Uber reported a loss of $6.77 billion, or $3.86 a share, compared with a loss of $8.5 billion, or $6.81 a share, in 2019. Revenue fell to $11.14 billion from $13 billion in 2019. Analysts surveyed by FactSet had expected a loss of $6.8 billion, or $3.87 a share, on revenue of $12.5 billion.
Shares of Uber are up almost 23% so far this year. Like that of rival Lyft Inc. LYFT, +4.79%, which reported fourth-quarter results Tuesday, Uber stock has been on a winning streak lately. It has risen for nine of the past 10 days.
