Uber Technologies (UBER) shares shares dropped in premarket trading Wednesday after the ridesharing giant reported fourth-quarter operating income well below analysts' estimates.
Uber registered net income of $6.88 billion, or $3.21 per share, on revenue of $11.96 billion. Analysts had expected profit of $1.04 billion, or $0.48 per share, on revenue of $11.76 billion, according to Visible Alpha.
The rideshare giant's profits were boosted by more than $6 billion from a "benefit from a tax valuation release," and another $556 million from a revaluation of the company's investments.
Uber's operating income of $770 million widely missed estimates of $1.21 billion. Its adjusted EBITDA of $1.84 billion came in a tick below expectations.
Uber shares fell almost 7% immediately after the report. They entered the day up 1% over the past 12 months.
The firm reported gross bookings of $44.2 billion and 3.07 billion trips, up 18%. Analysts were looking for $43.48 billion and 3.02 billion trips, respectively. Uber last quarter had guided Q4 gross bookings of $42.75 billion to $44.25 billion and year-over-year trips growth "similar compared to Q3," when they increased 17% to 2.9 billion.
Uber shares sank more than 9% following its third-quarter report after its gross bookings of $41.0 billion missed estimates.
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