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UBER has an unimpressive surprise history. Its earnings surpassed the Zacks Consensus Estimate in only one of the preceding four quarters and missed thrice, the average negative surprise being 369.66%.
Given this backdrop, let’s see how things are shaping up for Uber this earnings season.
We expect Uber’s delivery business to have performed impressively in first-quarter 2023. Online order volumes are expected to have surged. Our estimate for revenues from the Delivery segment is currently pegged at $2,801.5 million, implying an uptick of 11.5% from first-quarter 2022 actuals.
Moreover, with economies reopening and more people traveling to work and other places, ride-hailing services are expected to have seen buoyant demand, in turn, benefiting Uber’s mobility business. Our estimate for revenues from the Mobility segment is currently pegged at $3,082.5 million, suggesting an increase of 22.4% from first-quarter 2022 actuals.
On the flip side, high sales and marketing expenses, and costs associated with paying incentives to drivers due to changes in the business model in some countries, are likely to have affected Uber’s bottom line in the March quarter.
What Our Model Says
Our proven model predicts an earnings beat for Uber this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Here are a few other stocks that investors may consider from the Computer and Technology sector, as our model shows that these too have the right combination of elements to beat on first-quarter 2023 earnings.
PerkinElmer has an Earnings ESP of +1.52% and presently carries a Zacks Rank #3. It will release first-quarter 2023 results on May 11.
PerkinElmer is likely to have been well-served by its growth-by-acquisition strategy. PKI has outshined the Zacks Consensus Estimate for earnings in each of the past four quarters. The average beat is 8.65%.
Garmin (GRMN - Free Report) has an Earnings ESP of +5.79% and presently carries a Zacks Rank #3. It will release first-quarter 2023 results on May 3.
Garmin is expected to have benefited from solid momentum in the Outdoor segment. GRMN has outshined the Zacks Consensus Estimate for earnings in three of the past four quarters (missed once). The average beat is 7.27%.
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UBER Set to Report Q1 Earnings: Here's What You Should Know
Uber Technologies (UBER - Free Report) is scheduled to report first-quarter 2023 results on May 2, before market open.
UBER has an unimpressive surprise history. Its earnings surpassed the Zacks Consensus Estimate in only one of the preceding four quarters and missed thrice, the average negative surprise being 369.66%.
Given this backdrop, let’s see how things are shaping up for Uber this earnings season.
We expect Uber’s delivery business to have performed impressively in first-quarter 2023. Online order volumes are expected to have surged. Our estimate for revenues from the Delivery segment is currently pegged at $2,801.5 million, implying an uptick of 11.5% from first-quarter 2022 actuals.
Moreover, with economies reopening and more people traveling to work and other places, ride-hailing services are expected to have seen buoyant demand, in turn, benefiting Uber’s mobility business. Our estimate for revenues from the Mobility segment is currently pegged at $3,082.5 million, suggesting an increase of 22.4% from first-quarter 2022 actuals.
On the flip side, high sales and marketing expenses, and costs associated with paying incentives to drivers due to changes in the business model in some countries, are likely to have affected Uber’s bottom line in the March quarter.
What Our Model Says
Our proven model predicts an earnings beat for Uber this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Uber has an Earnings ESP of +40.99% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks to Consider
Here are a few other stocks that investors may consider from the Computer and Technology sector, as our model shows that these too have the right combination of elements to beat on first-quarter 2023 earnings.
PerkinElmer has an Earnings ESP of +1.52% and presently carries a Zacks Rank #3. It will release first-quarter 2023 results on May 11.
PerkinElmer is likely to have been well-served by its growth-by-acquisition strategy. PKI has outshined the Zacks Consensus Estimate for earnings in each of the past four quarters. The average beat is 8.65%.
Garmin (GRMN - Free Report) has an Earnings ESP of +5.79% and presently carries a Zacks Rank #3. It will release first-quarter 2023 results on May 3.
Garmin is expected to have benefited from solid momentum in the Outdoor segment. GRMN has outshined the Zacks Consensus Estimate for earnings in three of the past four quarters (missed once). The average beat is 7.27%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.