“Uber May Add To Its 74% Run; Its 2024 Earnings Are Expected To Soar 119%”
July 4, 2023
“IBD 50 growth stock Uber (UBER) has gained 74% so far this year, and its chart suggests another run is in store…
Uber’s sales growth, though still strong, has tapered off over the past three quarters and losses are narrowing. For the first quarter, sales of $8.8 billion grew 29% while a loss of 8 cents per share was an impressive improvement from the $3.03 per-share loss a year ago.
That followed a slowing in sales growth from 136%, to 105%, 72% and 49%. But losses have narrowed and the company posted a profit for the fourth quarter, according to MarketSmith…
In fact, analysts expect Uber to have its first annual profit this year. And Wall Street estimates 119% earnings growth in 2024, according to FactSet…”
So sales are going down but earnings are going “up” because the company is beginning to turn a profit for the first time?