Uber Technologies (UBER) stock surged over 5% in pre-market trading on Friday, riding the wave of its impressive 227.4% profit growth in 2024.

According to fourth-quarter earnings reports, the ride-hailing and delivery giant significantly outpaced market expectations with its robust financial performance last year. Uber's adjusted earnings per share skyrocketed by over 227% compared to 2023, making it one of the top profit growth stories in the S&P 500 index.

Analysts attribute Uber's stellar 2024 results to a combination of factors, including increased ride demand, successful cost-cutting measures, and the company's strategic focus on its high-margin delivery services. With economies reopening and travel rebounding post-pandemic, Uber capitalized on the resurgence in mobility while simultaneously leveraging its delivery platform to drive growth.