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Jim Cramer is bullish on Uber stock after a surprise Q4 profit

Uber Technologies Inc (NYSE: UBER) is trading up this morning after reporting a surprise profit for its fourth financial quarter.

Uber stock up on strong guidance

Shareholders are also rewarding the ride-hailing giant’s guidance for the future. For its current quarter, Uber now forecasts $31.5 billion of gross bookings and $660 million to $700 million in adjusted EBITDA.

In comparison, experts had forecast $31.3 billion and $612 million, respectively. Reacting to the earnings print, Jim Cramer said on CNBC’s “Squawk on the Street”:

This was the breakout quarter, the strongest quarter. Even the Freight business which I’ve loved did $1.5 billion. This stock is going to go to $40 today. This was a remarkable quarter, a clean, good beat.

His constructive view is in line with Wall Street that also recommends buying Uber stock.

CEO Khosrowshahi’s remarks on CNBC

Uber’s delivery business also did great this quarter. Gross bookings in that segment went up from $13.4 billion lasts year to $14.3 billion. On CNBC’s “Squawk Box”, CEO Dara Khosrowshahi said:

We’re seeing strength across the board. What’s happening is that during the pandemic, you saw a huge shift of spend to retail, and now you’re seeing shift into services. What that translates into for Uber is record audience.

Trips were up 19% year-on-year in Q4, as per the earnings press release. Uber stock is now up more than 40% year-to-date.

Uber Technologies’ Q4 financial highlights

Earned $595 million versus the year-ago $892 million

Per-share earnings slipped from 44 cents to 29 cents

Revenue jumped 49% year-on-year to $8.6 billion

Consensus was 15 cents loss on $8.5 billion revenue

Gross bookings up 19% were in line with estimates

Uber Technologies Inc reported $665 million in adjusted EBITDA this quarter – also ahead of expectations. CEO Khosrowshahi added:

We have looked and looked but we’re not seeing any signs of consumer weakness at this point. We’re strongly free cash flow positive for the year and we will be free cash flow positive for the foreseeable future.

The post Jim Cramer is bullish on Uber stock after a surprise Q4 profit appeared first on Invezz.

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