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UBER RISES, EXPECTED TO REACH KEY PROFITABILITY GOAL SOONER THAN EXPECTED - Capital Street FX

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    • UBER RISES, EXPECTED TO REACH KEY PROFITABILITY GOAL SOONER THAN EXPECTED
07-Feb
19:44 IST

In the Premarket trading session on Friday, Uber Technologies Inc. stock was trading at 39.48- higher by 6.42% as compared to its previous close.

The company reported its fourth-quarter earnings on Thursday. Stocks of UBER rose after the company reported a lower-than-expected loss for the fiscal fourth quarter.

The company generated a loss per share of $0.64 for the fourth quarter. The loss per share was below the consensus estimates of $0.68. Uber brought in $4.07 billion in revenue for the fourth quarter, 37% growth on an annualized basis. The revenue was above the market expectation of $4.06 billion.

The CEO of the company Dara Khosowshai said that the company successfully managed to move its EBITDA profitability target to Q4 of 2020 before its promised time target. After the announcement, the shares rose 10% in intraday.

The company estimated a loss of 1.35 billion losses in earnings before interest, taxes, depreciation, and amortization for 2020. The company’s forecast for net loss is below the market expectation of 2.83 billion.

On the technical front, the market is above 5, 20 and 50-days moving averages. The market has crossed the key resistance level of 37.82 and expected to move in a positive direction.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

TRADE SUGGESTION- BUY @ 39.50, STOPLOSS @ 38.90 TARGET@ 40.70

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