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UBER Q1 REVENUE IN LINE WITH ESTIMATES, STOCKS RISE -

08-May
20:17 IST

Uber Technologies Inc.’s stock is currently trading at 32.49-higher by 5.06% as compared to its previous close. In the Premarket trading session on Friday, the stock was trading higher by 5.27%. The stock has pared some of it’s earlier gains after the opening bell.

The ride-hailing company reported its first-quarter earnings after the market close on Thursday. Uber Technologies generated a loss per share of $1.70 for the first quarter. The market had expected a loss of $0.88 per share for the quarter. The company brought in $3.54 billion in revenue for the first quarter. The revenue was, however, in line with market expectations.

Uber posted a 14% increase in revenue for the first three months of the year due to a rise in food delivery orders at its Uber Eats business. The company on Wednesday said it would lay off 3,700 full-time employees. Uber reported a $612 million adjusted EBITDA loss for the quarter. The company disclosed that revenue from its Uber Eats business rose more than 50% in the first quarter. Stocks of Uber Technologies have risen about 9% Year-to-date.

On the technical front, the RSI is currently at 63.02% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 31% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT BUY AT 32.20 TAKE PROFIT AT 33.20 STOP LOSS AT 31.70

 

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