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Uber stock set for massive crash after missing earnings

Uber stock set for massive crash after missing earnings

After being one of the year’s top-performing S&P 500 stocks in the first months of 2024, Uber’s (NYSE: UBER) chart started forming a bow-like curvature with the most recent trend being downward.

The latest development, it would appear, has done little to reverse course and help UBER regain an upward momentum. Indeed, the earnings report covering the first trimester of 2024 proved worrying enough that it sent Uber shares plunging more than 8.52% in Wednesday’s pre-market.

Uber stock extended session performance on May 8. Source: TradingView

The negative reaction was the result of several factors. For starters, Uber beat revenue forecasts only slightly, recording $10.13 billion against the expected $10.11 billion.

Increasing the negative impact, earnings per share (EPS) – or, in this case, losses per share – came substantially worse than expected at $0.32 compared to $0.23.

The net losses for the trimester amounted to $654 million with the company explaining that the figure includes a $721 million in headwinds from unrealized losses related to Uber’s investments.

The figure constitutes a major increase from the $157 million net loss recorded in the first quarter of 2023.

Still, not all figures were negative, and the growth in the user base was substantial, with Uber recording 149 million monthly active platform consumers – a 15% year-over-year (YoY) rise from 130 million – demonstrating its continued market share-grabbing ability.

UBER stock price chart

Looking at Uber’s recent stock market performance, it becomes evident that the actual report published on May 8 substantially underperformed, given that though the last 30 did much to dampen the firm’s 2024 performance with a 6.13% drop, the latest full trading week showcases the optimism in the leadup to the release with a 6.63% rise.

Uber stock 1-month price chart. Source: Google

The strength of the reaction also becomes apparent given that the company’s latest closing price stood at $70.43% while Uber price today, at press time, is $64.43 following an 8.52% extended session fall.

Still, it is worth remembering that in the long term, Uber remains fairly strong as even with the recent downturn, it is 20.54% up year-to-date (YTD) and as much as 81.38% in the green in the last 52 weeks.

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