Cheddar News dived into its Stock of the Week, which is Uber, which topped estimates for its latest earnings report.

Closing Bell

Stock Of The Week: Uber

Time now for a stock of the week, we're talking about Uber after the ride hailing and delivery giant reported sales and profit growth in its fourth quarter. Uber accelerating past Wall Street's expectations. People paid up for rides and food delivery despite higher prices, sales jumping a whopping 49% from the same time a year ago when oh Macron was spreading around the holidays of 2021 and the company's chief executive showing optimism about the future following the beat ceo Darcos Russia, he's saying despite any macroeconomic uncertainty, I'm more confident than ever in our prospects. Uber continuing to push its subscription program, Uber one to help sales and increase user loyalty by offering perks for both rides and delivery through Uber eats platform industry insider and frequent guest on the show. Wedbush is dan Ives in a note Wednesday praising what he describes as Uber's monster earnings beat noting that after a quote transitional year of growth and cost cutting, Uber is now getting to an inflection of growth that Wall Street only dreamed of a few years ago, shares of Uber this week. On the move, let's take a look, performing much better than lift. This is a five day chart. Uber up about 3% lift down 40% lift of course tanking in today's session after its own earnings yesterday which revealed that it may be losing ground to Uber in the ride hailing space for this chart looks like a lot of ground, so we're going by market share in the ride hailing space, it's not even close really. Uber has 71% share of the U. S. Market, dwarfing lifts 29%. I mean these are your only two real options in the U. S. So fair to say Uber might have a monopoly really on this industry, but by all accounts Uber's business far more diversified than lifts. Both companies offer rides. Yes but lift its only other source of revenues from those bike share programs like city bikes. Uber has food delivery and freight services. And you may remember that Uber's delivery business did help prop up the company during the pandemic when its rideshare business went dark during lockdowns. Everyone needed food though. Right, so that food delivery service really did kind of take off. Then let's take a look at Uber sales breakdown for the fourth corridor, it's mobility sector which covers rides, accounting for 48% of sales at 4.1 billion delivery business, also very big at 34% on $2.9 billion of sales, freight services, accounting for about 18% or 1.5 billion in sales, definitely a growing business. And another advantage for Uber is its global presence operating in dozens of countries across six continents. While lift only operates in the U. S. And Canada Now in the fourth quarter. Uber, surpassing two billion rides globally for the first time ever. That's about a million rides an hour. Pretty impressive Year to date, stock up 35%. That is a healthy game to say the least, outperforming the broader market.