Shares of Uber Technologies (NYSE: UBER) initially fell almost 5% early Wednesday, then recovered to close up around 0.6% after the ride-hailing company announced better-than-expected fourth-quarter 2023 results.

Uber's fourth-quarter 2023 revenue grew 15% year over year (13% at constant currency) to $9.936 billion, translating to net income of just over $1.429 billion, or $0.66 per diluted share (up from $0.29 per share in last year's fourth quarter). Analysts, on average, were only expecting earnings of $0.17 per share on revenue of $9.09 billion.

Meanwhile, gross bookings -- a key measure to help estimate future sales -- grew 22% year over year to $37.6 billion during the quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) nearly doubled year over year to $1.283 billion.

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Source Fool.com