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UBER Improves Q1 Outlook on Rides Recovery, Delivery Demand
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Uber Technologies (UBER - Free Report) raised its first-quarter 2022 outlook owing to significant improvement in mobility demand and strong delivery gross bookings.
Per a SEC filing, UBER now expects first-quarter adjusted EBITDA to be between $130 million and $150 million compared with $100 million-$130 million anticipated previously. The company said that its ride trips recovered by 90% in February from the 2019 (pre-pandemic) level, while gross bookings were just 5% below the February 2019 level. UBER’s mobility business has been struggling with low ride volumes since the beginning of the pandemic in 2020.
Uber CEO, Dara Khosrowshahi, said, “Our Mobility business is bouncing back from Omicron much faster than we expected.” The company’s airport gross bookings, which had fallen amid suppressed air-travel demand, increased 50% month on month in February. The metric is likely to see further improvement in the upcoming travel season.
While Uber’s Mobility business suffered a setback during the pandemic, its Delivery operations thrived as people stayed home, and ordered food and essential items online. Even as people begin venturing out with easing coronavirus-induced fears, the buoyancy in the Delivery segment continues, with gross bookings reaching an all-time high in February. The company expects sequential improvement in Mobility and Delivery adjusted EBITDA in the first quarter.
Apple (AAPL - Free Report) carries a Zacks Rank #2 (Buy). The company has an impressive earnings surprise history having outperformed the Zacks Consensus Estimate in three of the preceding four quarters (in-line in one), the average beat being 20.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Apple have rallied more than 31% in a year.
Arista Networks (ANET - Free Report) carries a Zacks Rank #2. The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 7.7%.
Shares of Arista Networks have gained more than 65% in a year.
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UBER Improves Q1 Outlook on Rides Recovery, Delivery Demand
Uber Technologies (UBER - Free Report) raised its first-quarter 2022 outlook owing to significant improvement in mobility demand and strong delivery gross bookings.
Per a SEC filing, UBER now expects first-quarter adjusted EBITDA to be between $130 million and $150 million compared with $100 million-$130 million anticipated previously. The company said that its ride trips recovered by 90% in February from the 2019 (pre-pandemic) level, while gross bookings were just 5% below the February 2019 level. UBER’s mobility business has been struggling with low ride volumes since the beginning of the pandemic in 2020.
Uber CEO, Dara Khosrowshahi, said, “Our Mobility business is bouncing back from Omicron much faster than we expected.” The company’s airport gross bookings, which had fallen amid suppressed air-travel demand, increased 50% month on month in February. The metric is likely to see further improvement in the upcoming travel season.
Uber Technologies, Inc. Price
Uber Technologies, Inc. price | Uber Technologies, Inc. Quote
While Uber’s Mobility business suffered a setback during the pandemic, its Delivery operations thrived as people stayed home, and ordered food and essential items online. Even as people begin venturing out with easing coronavirus-induced fears, the buoyancy in the Delivery segment continues, with gross bookings reaching an all-time high in February. The company expects sequential improvement in Mobility and Delivery adjusted EBITDA in the first quarter.
Zacks Rank & Key Picks
Uber carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Computer and Technology sector are as follows:
Apple (AAPL - Free Report) carries a Zacks Rank #2 (Buy). The company has an impressive earnings surprise history having outperformed the Zacks Consensus Estimate in three of the preceding four quarters (in-line in one), the average beat being 20.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Apple have rallied more than 31% in a year.
Arista Networks (ANET - Free Report) carries a Zacks Rank #2. The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 7.7%.
Shares of Arista Networks have gained more than 65% in a year.