Time now for a stock of the week,
we're talking about Uber after the ride hailing and delivery
giant reported sales and profit growth in its fourth quarter.
Uber accelerating past Wall Street's expectations.
People paid up for rides and food delivery despite higher prices,
sales jumping a whopping 49% from the same time a year
ago when oh Macron was spreading around the holidays of 2021
and the company's chief executive showing
optimism about the future following the beat
ceo Darcos Russia, he's saying despite any macroeconomic uncertainty,
I'm more confident than ever in our prospects.
Uber continuing to push its subscription program,
Uber one to help sales and increase user
loyalty by offering perks for both rides and delivery
through Uber eats platform
industry insider and frequent guest on the show.
Wedbush is dan Ives in a note Wednesday
praising what he describes as Uber's monster earnings beat
noting that after a quote transitional year of growth and cost cutting,
Uber is now getting to an inflection of growth that
Wall Street only dreamed of a few years ago,
shares of Uber this week.
On the move, let's take a look, performing much better than lift.
This is a five day chart. Uber up about 3% lift
down 40%
lift of course tanking in today's session after its own earnings yesterday which
revealed that it may be losing ground to Uber in the ride hailing space
for this chart looks like a lot of ground,
so we're going by market share in the ride hailing space, it's not even close really.
Uber has 71% share of the U. S. Market,
dwarfing lifts 29%. I mean these are your only two real options in the U. S. So
fair to say Uber might have a monopoly really on this industry,
but by all accounts Uber's business far more diversified than lifts.
Both companies offer rides. Yes
but lift its only other source of revenues
from those bike share programs like city bikes.
Uber has food delivery and freight services.
And you may remember that Uber's delivery business did help prop up the
company during the pandemic when its
rideshare business went dark during lockdowns.
Everyone needed food though.
Right, so that food delivery service really did kind of take off. Then
let's take a look at Uber sales breakdown for the fourth corridor,
it's mobility sector which covers rides, accounting for 48% of sales at 4.1 billion
delivery business, also very big at 34% on $2.9 billion of sales, freight services,
accounting for about 18% or 1.5 billion in sales, definitely a growing business.
And another advantage for Uber is its global presence
operating in dozens of countries across six continents.
While lift only operates in the U. S. And Canada
Now in the fourth quarter.
Uber, surpassing two billion rides globally for the first time ever.
That's about a million rides an hour. Pretty impressive
Year to date,
stock up 35%. That is a healthy game to say the least,
outperforming the broader market.