Uber shares spike as company moves profit forecast forward

During the fourth quarter, Uber faced tighter regulations impacting its business in London and California and continued to slash costs.

With respect to guidance, Uber is forecasting a $1.35 billion loss at the middle of the range in terms of in earnings before interest, taxes, depreciation and amortization for 2020. The estimate is less than the FactSet analyst consensus of a $2.83 billion loss. Gross bookings from the Eats segment, including payments from restaurant and delivery partners, came in at $4.37 billion, up 71% and above analysts' $4.13 billion estimate.

Given those payouts to drivers, Eats adjusted net revenue clocked in at $1.38 billion for the year, up from $759 million in 2018. Rides adjusted net revenue hit $10.62 billion for 2019, versus $3.04 billion in 2018.

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