Uber beats estimates as revenue and bookings see double-digit growth

Published

1 year ago

February 7, 2024

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Uber CEO Dara Khosrowshahi looks on during the APEC CEO Summit at Moscone West on November 15, 2023 in San Francisco, California.

Justin Sullivan | Getty Images

Uber reported fourth-quarter results Wednesday that beat analysts’ estimates on top and bottom lines.

Shares fell about 3% in premarket trading.

Here’s how the company did:

Earnings per share: 66 cents vs. 17 cents expected by LSEG, formerly known as Refinitiv.
Revenue: $9.94 billion vs. $9.76 billion expected by LSEG.

Uber reported net income of $1.4 billion, or 66 cents per share, compared with a net income of $595 million, or 29 cents per share, in the same quarter last year. Uber’s net income includes a $1 billion net tailwind thanks to “unrealized gains” from revaluations of its equity investments, according to a release.

The company’s revenue for the quarter was up 15% from the same quarter last year. Uber’s gross bookings came in at $37.6 billion, up 22% year over year.

In a prepared statement, CEO Dara Khosrowshahi said 2023 marked a year of “sustainable, profitable growth for Uber” as consumer spending continues to shift from retail to services.

“I’m energized by the pace of innovation and the momentum I’m seeing across the company,” he wrote.

Uber reported adjusted EBITDA of $1.28 billion, up 93% year over year, which is slightly above the $1.23 billion expected by analysts polled by StreetAccount. Uber’s adjusted EBITDA also came in above the company’s guidance of $1.18 billion to $1.24 billion.

For the first quarter of 2024, Uber said it expects to report gross bookings between $37 billion and $38.5 billion, compared with StreetAccount estimates of $37.43 billion. Uber anticipates an adjusted EBITDA of $1.26 billion to $1.34 billion, compared to the $1.26 billion expected by analysts.

The number of Uber’s monthly active platform consumers reached 150 million in its fourth quarter, up 15% year over year from 131 million. There were 2.6 billion trips completed on the platform during the period, up 24% year over year.

Here’s how Uber’s largest business segments performed:

Mobility (gross bookings): $19.3 billion, up 29% year over year

Delivery (gross bookings): $17.0 billion, up 19% year over year

Uber’s mobility segment reported $5.5 billion in revenue, up 34% from the year earlier, while its delivery segment reported $3.1 billion, up 6% from the year prior.

The company’s freight business booked $1.28 billion in sales for the quarter, a 17% decline year over year. Freight continues to be a sticking point for Uber since consumers are spending more on services than on shipping goods following the pandemic. Last quarter, Uber’s freight business also reported $1.28 billion in revenue, which marked a 27% decline year over year.

“We are seeing some glimmers of light in terms of spot freight rates, but it’s far too soon to assume the glimmer will turn into a trend,” Khosrowshahi said in his prepared remarks.

Uber will host its quarterly call with investors at 8 a.m. ET.

Technology

Reddit stock jumps after company rolls out new AI advertising tools

Published

1 hour ago

June 17, 2025

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Reddit stock jumps after company rolls out new AI advertising tools

Thomas Fuller | Lightrocket | Getty Images

Reddit shares popped about 5% after the social media company debuted new artificial intelligence-powered advertising tools.

The two new features, announced Monday in a post during the Cannes Lions festival, will help brands better leverage discussions on the platform. The company said the tools are powered by an engine called Reddit Community Intelligence that turns “posts and comments into structured intelligence.”

Reddit announced a “listening tool” called Reddit Insights, which shares real-time insights with marketers to help them identify trends and launch campaigns. The other tool, called Conversation Summary Add-ons, allows brands to show “positive” user content under their ads.

“These are tools for a new era of community marketing, one where brands can tap into Reddit’s authenticity and connect meaningfully with high-intent communities around the world,” the company wrote.

Spotify’s Daniel Ek leads $694 million investment in defense startup Helsing

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4 hours ago

June 17, 2025

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Spotify's Daniel Ek leads 4 million investment in defense startup Helsing

Helsing uses AI to analyze large amounts of sensor and weapons system data from the battlefield.

Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images

European defense technology startup Helsing on Tuesday said that it’s raised 600 million euros ($693.6 million) in a bumper new round of funding.

The investment was led by Prima Materia, the venture capital firm founded by Spotify CEO Daniel Ek and by Shakil Khan, an early investor in the popular music streaming app. Ek is also chairman of Helsing.

Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst and Saab also put money in, alongside new investors BDT & MSD Partners.

Defense and the technology behind it have become a hot area for investors lately, amid major global conflicts, including the Ukraine war to Israel-Gaza. Last week saw a further escalation of war in the Middle East as Israel launched a series of airstrikes against Iran.

In 2024, venture funding in Europe’s defense, security and resilience sector reached an all-time high of $5.2 billion, according to a recent report from the NATO Innovation Fund. The sector grew 30% in the past two years, outperforming the broader VC market, which saw a 45% decline over the same period.

Founded in 2021, Helsing sells software that uses artificial intelligence technology to analyze large amounts of sensor and weapons system data from the battlefield to inform military decisions in real time. Last year, the startup also began manufacturing its own line of military drones, called HX-2.

Helsing, which operates in the U.K., Germany and France, said it would use the fresh cash to invest in Europe’s “technological sovereignty” — which refers to attempts to onshore the development and production of critical technologies, such as AI.

“As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” Ek said in a statement out Tuesday.

Helsing did not disclose its new valuation following the latest financing round, which is subject to “certain approvals,” according to a statement. The firm was previously valued at around 5 billion euros in a 450 million euro funding round led by General Catalyst last year.

90% of defense executives say the future will be dictated by software-defined products, says Accenture A&D Lead

Technology

Pain management startup Sword Health expands into mental health, raises $40 million

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5 hours ago

June 17, 2025

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Pain management startup Sword Health expands into mental health, raises million

Sword Health, a startup focused on helping people deal with pain through digital services, is expanding into mental health and has raised additional capital to fuel its growth.

The 10-year-old company is introducing Mind, which uses a combination of artificial intelligence, hardware and human mental health professionals to treat patients with mild depression and anxiety. Sword said Mind will help users access care whenever they need it, rather than during sporadic, hourlong appointments.

“It’s really a breakthrough in terms of how we address mental health, and this is only possible because we have AI,” Sword CEO Virgílio Bento told CNBC in an interview.

Also on Tuesday, Sword announced a $40 million funding round, led by General Catalyst, in a deal that values the company at $4 billion. The fresh cash will support Sword’s efforts to grow through acquisitions, as well as its global expansion and AI model development, the company said.

The round included participation from Khosla Ventures, Comcast Ventures and other firms. Sword had raised a total of more than $450 million as of September, according to PitchBook.

The financing lands as the digital health market shows signs of recovery following a difficult post-Covid stretch, when rising inflation, higher interest rates and a return to in-person activities led to a dramatic retreat in the industry.

Earlier this month, Omada Health, which offers virtual care programs to supports patients with chronic conditions such as diabetes and hypertension, held its Nasdaq debut, though the stock is trading below its initial public offering price. Weeks before that, digital physical therapy provider Hinge Health hit the New York Stock Exchange. The shares are trading a few dollars above their offer price.

Sword, which was founded in Portugal and is now based in New York, offers tools for digital physical therapy, pelvic health and movement health to help patients manage pain from home and avoid other treatments such as opioids and surgery. Patients can sign up for Sword if it’s supported by their employer or their health plan.

Mind users will receive a wrist wearable called the “M-band” that can measure environmental and physiological signals such as heart rate, sleep and the lighting in a user’s environment. Mind also includes access to an AI Care agent and human mental health professionals, who can deliver services such as traditional talk therapy.

Bento said a human is always involved with a patient’s care, and that AI is not making clinical decisions.

For example, if a patient has an anxiety attack, Sword’s AI will recognize that and could ask a clinician to approve some physical activity for later that day to help with recovery. The clinician would either approve the physical activity that the AI suggested, or override it and propose something else.

“You have an anxiety issue today, and the way you’re going to manage is to talk about it one week from now? That just doesn’t work,” Bento said. “Mental health should be always on, where you have a problem now, and you can have immediate help in the moment.”

Bento said Sword has some clients that have been on a waiting list for Mind, and the startup has been testing the offering with some of its design partners. He said early users have approved of Mind’s personalized approach and convenience.

“We believe that it is really the future of how mental health is going to be delivered in the future, by us and by other companies,” Bento said. “AI plays a very important role, but the use of AI — and I think this is very important — needs to be used in a very smart way.”

Disclosure: Comcast, the parent of Comcast Ventures, is the owner of NBCUniversal, parent company of CNBC.

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