From Nasdaq: 2024-05-03 12:08:00

Uber Technologies (UBER) is gearing up to announce its first-quarter 2024 results on May 8. Investors are debating whether to buy the stock now or wait for a better entry point. The company’s stock has grown by 42.4% in the last six months, outperforming the industry’s 24.9% growth.

With the return to normal economic activities post-pandemic, Uber’s Mobility business expects strong demand, leading to impressive gross bookings. The company’s Delivery segment is also projected to perform well in the first quarter, with total trips soaring by 23.6% year over year.

Despite positive estimate revisions and a high Momentum Score, Uber’s earnings beat is uncertain this time. While it holds a Zacks Rank #1, its Earnings ESP is -5.46%. Long-term investors may focus on Uber’s strong fundamentals, including diversification into food delivery and freight services.

Uber’s strategic and disciplined investments in international markets have bolstered its growth opportunities. The company’s focus on expanding services and cost-cutting measures is expected to contribute to bottom-line growth. Analysts project a 41.4% earnings growth in 2024, making Uber a potential strong investment choice.

In comparison to other tech stocks, consider companies like Crexendo (CXDO) and Alphabet (GOOGL). Crexendo’s 2024 earnings estimate has risen by 35.3% recently, while Google’s parent company, Alphabet, boasts consistent earnings beats. These stocks, along with Uber, provide potential opportunities for investors.

For those seeking high returns, Bitcoin remains a lucrative investment, outperforming other asset classes in the past presidential election years. Zacks predicts a significant surge in Bitcoin’s value in the coming months. Investors can download a free special report on promising stocks with Zacks Investment Research for more insights.



Read more at Nasdaq: Should You Add UBER to Your Portfolio Ahead of Q1 Earnings?