SAN FRANCISCO – Uber Technologies Inc. released its fourth-quarter earnings on Tuesday, reporting revenue of $11.96 billion, exceeding analysts' average estimate of $11.77 billion. However, the company's adjusted earnings per share of $0.23 fell short of the expected $0.50.

Revenue increased by 20% year-over-year, with the Mobility segment (ride-hailing) growing by 25% to $6.91 billion and the Delivery segment increasing by 21% to $3.77 billion. The Freight segment remained flat at $1.28 billion.

Gross profit surged to $6.9 billion, up from $1.4 billion in the same period last year. This includes a $6.4 billion benefit related to tax valuation and a $556 million pre-tax gain from the revaluation of equity investments, Uber said.

Gross bookings in Q4 reached $44.2 billion, surpassing analysts' forecast of $43.49 billion. For the first quarter of 2025, Uber expects gross bookings to be between $42 billion and $43.5 billion, below the consensus estimate of $43.51 billion.

Uber reaffirmed its partnership with Waymo, Alphabet Inc.'s self-driving car unit, to launch a robotaxi service in Austin, Texas. The companies first announced this collaboration in September 2024.

"Our results demonstrate the power of our rapid innovation and execution, particularly as we see the huge opportunity presented by autonomous vehicles," said Dara Khosrowshahi, CEO of Uber. "We will make this year a clear growth moment and continue to move forward with our long-term strategy."

Khosrowshahi added that while self-driving technology is advancing, widespread commercialization will still take time, partly due to complex regulatory hurdles.

Following the earnings release, Uber's stock price was down by around 7% in pre-market trading in New York.