Uber Technologies, Inc. - UBER STOCK NEWS

Uber Technologies reported robust financial results for Q4 2022, with Gross Bookings of $30.7 billion, a 19% YoY increase, driven by Mobility Gross Bookings of $14.9 billion (+31% YoY). Revenue soared 49% YoY to $8.6 billion, with a significant contribution from UK business model changes. Net income was $595 million, albeit slightly down from Q4 2021. Adjusted EBITDA surged to $665 million, marking a substantial increase. The company expects Q1 2023 Gross Bookings growth of 20-24% YoY. Despite a cash outflow due to HMRC VAT claims in the UK, unrestricted cash at quarter-end totaled $4.3 billion. Uber emphasizes strong demand and record margins heading into 2023.

Uber and the Local Initiatives Support Corporation (LISC) have launched the Black Restaurant Fund to provide flexible growth capital for Black restaurant owners, addressing systemic financial barriers. Announced in Atlanta, this fund will offer financing without fixed repayment terms, requiring repayment only after achieving targeted revenue growth. The initiative aims to assist 35 businesses over three years, focusing on restaurants generating between $250,000 and $3 million in revenue. By fostering economic opportunities, this program seeks to close the resource gap and support sustainable growth in Black communities.

Drizly, an Uber company (NYSE: UBER), has partnered with Gopuff to enhance on-demand delivery of beverage alcohol. This collaboration introduces Gopuff's complete assortment of beer, wine, and spirits to Drizly, significantly expanding delivery options for customers aged 21 and over across 26 states, including Florida, Texas, and New York. Additionally, Drizly will add nearly 20 new BevMo! stores and increase the availability of Liquor Barn stores, improving rapid delivery capabilities. The partnership aims to create a seamless shopping experience and solidify Drizly's leadership in the beverage alcohol e-commerce market.

Uber partners with It's On Us and IACLEA to enhance rideshare safety for students returning to college campuses. This initiative includes in-app safety tips provided to riders at over 2,000 US campuses. Key features include the 'Verify Your Ride' PIN system, 'Share My Trip' for real-time tracking, and an emergency button connecting users to 911. Additionally, vouchers for discounted rides will be distributed at selected colleges, encouraging safety awareness. This program aims to foster safer rideshare experiences and promote vigilance among students.

Uber for Business has announced integration with CDK Global, enhancing services for nearly 3,000 auto dealerships. This collaboration allows dealerships to request Uber rides for customers directly through CDK Hailer, improving the customer experience during vehicle repairs and purchases. The integration aims to elevate service efficiency and reduce costs related to shuttle services and loaner vehicles. Customers prefer rideshare options over traditional transport, which can lead to increased customer satisfaction and loyalty. This strategic move reflects Uber’s commitment to redefining the automotive dealership experience.

Uber Technologies, Inc. (NYSE: UBER) will host its quarterly conference call to discuss fourth quarter 2022 financial results on February 8th at 5:00 a.m. PT (8:00 a.m. ET). A live webcast will be available on the Investor Relations website, with a replay accessible for at least 90 days. The company emphasizes the use of its Investor Relations site for disclosing material nonpublic information, urging investors to monitor it along with press releases and SEC filings. Uber, established in 2010, aims to enhance mobility and opportunity, having facilitated over 35 billion trips globally.

Uber (NYSE:UBER) has partnered with Visa (NYSE:V) to support small and medium-sized businesses in adopting sustainable packaging solutions through a new program. Launched on January 16, 2023, in Davos, Switzerland, the initiative allocates $1 million in grants to qualifying Uber Eats restaurants in key cities including New York and Los Angeles. This effort follows the successful Grants for Growth program, which provided $10,000 microgrants to U.S. small business owners. Both companies aim to reduce packaging waste and address consumer demand for sustainability, a priority highlighted by research from the US National Restaurant Association.

Uber Technologies, Inc. (NYSE: UBER) announces a partnership with Meijer for on-demand grocery delivery across the Midwest, enhancing its grocery selection. Starting this week, customers in Michigan, Indiana, Illinois, Ohio, Wisconsin, and Kentucky can access delivery from nearly 250 Meijer locations via Uber Eats. Uber One members will enjoy $0 Delivery Fees and 5% off orders over $35, while all users can receive $10 off their first $40 order with code MEIJER10 until December 31. This initiative aims to meet growing consumer demand for effortless grocery delivery.

Uber Technologies, Inc. (NYSE: UBER) has partnered with Cartken to launch AI-powered sidewalk delivery robots in Miami. This initiative allows Uber Eats customers in the area to receive orders via automated robots, starting with select merchants in the Dadeland area. The partnership aims to expand throughout Miami-Dade and into other cities in 2023, enhancing delivery capacity, reducing traffic congestion, and providing faster, emission-free deliveries. This collaboration represents a significant step in Uber's efforts to innovate in automated delivery.