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Uber was originally a technology startup, which was a platform for searching and ordering cabs. The project attracted the attention of venture capital funds and quickly gathered investments for its development. Now Uber shares can be used for short- and long-term investments. Analysts believe that the asset is quite promising, given the company's good financial results and impressive capitalization, which in mid-2022 was more than $44.
Uber Technologies Inc. - is an American company known for developing a mobile app to find and call a cab. It was founded by Travis Kalanick and Garrett Camp in 2009. Over the years, the company has expanded geographically to almost every continent. The platform is available in Asia, Europe, North and South America, Australia, and Africa.
Uber is considered one of the most successful startups in the United States. At the beginning of its development, the project attracted about $ 11.5 billion in venture capital investment during the 14 rounds of investment. Uber had its stock floated on the NYSE in May 2019. At the time of the IPO, the asset was available to investors at $45.
Uber owns a mobile platform of the same name for calling cabs and ordering food deliveries. This app allows you to book a car and track it to a waiting point online. The service can be used both by taxi fleets and private drivers with their vehicles. In most countries, more than 60% of the profit from trips is taken by the driver, and the rest is transferred to Uber as payment for using the app.
Initially, the platform was used by drivers of executive cars. However, since 2012 the mobile app has been available to owners of economy cars. On the platform, you can also order services for pet transportation, food delivery, and car rental.
The latest news on the stock price
Uber Technologies' stock rose 19% on August 2, 2022, after the company released its financial report for the second quarter of this year. Such growth in quotes was due to an increase in revenue by 105%. This figure significantly exceeded analysts' forecasts. After the platform's revenue decline in 2020, business is gradually recovering, so Uber shares are once again becoming an attractive asset for investors.
In the second half of August, the Uber share price sagged slightly. However, the drop in quotations was not as critical as that of other growth stocks. Securities of even the largest companies are becoming cheaper amid rising Fed rates, expectations of recession, and increased inflation.
Uber's revenue in the second quarter of 2022 reached $8.1 billion. This figure exceeded analysts' forecasts by $700 million. The platform's net loss was $2.6 billion. Such expenses are partly due to an equity investment. Uber's net loss per share is $1.33. Net income on an adjusted EBITDA basis in the second quarter of 2022 was $364 million, compared to a net loss of $509 million in the first quarter of this year.
Analysts' forecasts for the company's revenue in the coming years look quite optimistic. So, by the end of 2022, this figure may grow by 80% to $31.4 billion. If the platform continues to grow and increase the number of active users, its revenue may reach $36.4 billion in 2023. In this case, this figure will increase by another 16%. Adjusted EBITDA is expected to be $1.5 billion by the end of 2022, and could rise to $3.3 billion by 2023.
We used an AI-based technical analysis program to predict Uber stock. Based on our research, we can assume that this asset will trade at an average price of $29 in 2023. In 2025, Uber's stock price could drop to $26. By 2030, analysts expect the quotes to rise to $30 again. Technical analysis data shows a likely decline in the value of Uber stock in the coming years from the $30 price level at the time of writing (September 22, 2022).
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