Uber reports robust quarterly revenue, shares skyrocket 10%



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Uber reports robust quarterly revenue, shares skyrocket 10%

On Thursday, the 6th of February 2020, the San Francisco, CA-based ride-sharing pioneer, Uber Technologies Inc., one of the closely observed Silicon Valley titans of all times, had unveiled its earnings’ report for the quarter that ended on December 31st, 2019, while the ride-hailing giant had reported a solid growth in revenues, however cited a higher operational expense at its Uber Eats.

Nonetheless, despite a mixed earnings’ report with a fleshed-up revenue alongside a higher operational cost leading to a havoc-scale clamp down in operational profits, shares of Uber Technologies Inc. skyrocketed as much as 8 per cent on Thursday’s (February 6th) after-market trading, however, during preparation of the report, at morning US trading hours on Friday (February 7th), shares’ prices of the CA-based ride-sharing pioneer were trading 10.30 per cent higher to $40.93 per share, a level never seen since August 9th, 2019.

Besides, according to Uber Technologies Inc.’s quarterly earnings’ report for Q4, 2019, that revealed on Thursday (February 6th), Uber’s total revenues rose by 37 per cent to $4.07 billion compared to the same time a year earlier, beating an analysts’ estimate of $4.06 billion, IBES data from Refinitiv revealed.

Nonetheless, the ride-sharing pioneer’s net loss grew to $1.1 billion compared to a net loss of $887 million on a year-on-year basis.