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☆ Uber names semiconductor executive Mahendra-Rajah as CFO
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 27 (Reuters) - Uber Technologies (UBER.N) on Wednesday named Analog Devices (ADI.O) CFO Prashanth Mahendra-Rajah as its finance chief at a time when the ride-hailing company is gearing up for growing competition in the industry. At semiconductor firm Analog Devices, Mahendra-Rajah oversaw the roughly $21-billion acquisition of rival Maxim Integrated Products. Mahendra-Rajah was previously the CFO at vehicle technologies supplier WABCO Holdings and has held other financial leadership roles at Applied Materials (AMAT.O), Visa (V.N) and United Technologies. Still, with more than $1 billion in free cash flow in the second quarter, Uber said it was increasingly considering share repurchases and shareholder dividends.

Persons: Arnd, Prashanth Mahendra, Rajah, Mahendra, Nelson Chai, Uber, Deborah Sophia, Shounak Dasgupta Organizations: REUTERS, Technologies, Devices, Maxim Integrated Products, WABCO Holdings, Materials, Visa, United Technologies, Los Angeles Yellow Cab, Thomson Locations: Davos, Switzerland, San Francisco, Nelson, Europe, Asia, Bengaluru

☆ Uber Looks for New CFO as Nelson Chai Plans to Step Down in January
▼ + stars: | 2023-08-01 | by ( Mark Maurer | Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

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The San Francisco-based company's shares rose about 4% in premarket trading, while rival Lyft's shares increased 2%, as Uber also reported a surprise second-quarter profit. However, Uber reported second-quarter revenue of $9.23 billion, missing analysts' estimates of $9.33 billion, according to Refinitiv IBES data, as a weak freight market pinches. Trips across Uber's markets during the quarter grew 22% to 2.3 billion, representing an average of 25 million trips per day. Uber reported a profit of 18 cents per share in the second quarter, while analysts were expecting a loss of 1 cent per share. The company's quarterly net profit of $394 million included a $386 million pre-tax benefit due to unrealized gains stemming from the revaluation of Uber's equity investments.

Persons: Uber, Dara Khosrowshahi, Nelson Chai, Lyft, Khosrowshahi, Gross, Akash Sriram, Peter Henderson, Shounak Organizations: Technologies, Reuters Graphics Reuters, Thomson Locations: San Francisco, United States, U.S, Canada, Bengaluru

☆ Uber stock slumps despite first quarterly operating profit ever
▼ + stars: | 2023-08-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Uber reported its first operating profit ever in the second quarter. CEO Dara Khosrowshahi said the company achieved its first quarter of free cash flow over $1 billion. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyUber stock is tumbling on Tuesday despite the company reporting its first-ever quarterly operating profit. Uber has slashed hundreds of jobs this year— about 3% of staff — across its human resources, freight, and food-delivery divisions. "I'm incredibly proud of the progress we've made, and Uber is well positioned to drive tremendous value for shareholders in the coming years."

Persons: Uber, Dara Khosrowshahi, —, Nelson Chai, Chai Organizations: Service Locations: Wall, Silicon

☆ Uber's finance chief to exit in January next year
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: 1 min

Aug 1 (Reuters) - Uber Technologies (UBER.N) said on Tuesday Chief Financial Officer Nelson Chai will leave the ride-hailing company in January next year. Reporting by Akash Sriram in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Nelson Chai, Akash Sriram, Shinjini Organizations: Technologies, Thomson Locations: Bengaluru

☆ Uber shares rise on rosy guidance and operating profit, despite revenue miss
▼ + stars: | 2023-08-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Uber CEO Dara Khosrowshahi addresses the audience during the keynote at the start an Uber products launch in San Francisco, California on September 26, 2019. Shares of Uber rose 4% in premarket trading Tuesday after the company reported second-quarter results that missed analysts' expectations for revenue but offered rosy guidance. The company reported adjusted EBITDA of $916 million, up 152% year over year. Gross bookings for the quarter came in at $33.6 billion, up 16% year over year. Here's how Uber's largest business segments performed:Mobility (gross bookings): $16.73 billion, up 25% year-over-yearDelivery (gross bookings): $15.60 billion, up 12% year-over-yearUber's mobility segment reported $4.89 billion in revenue, compared with delivery's $3.06 billion.

Persons: Dara Khosrowshahi, Uber, Nelson Chai, Khosrowshahi, Gross Organizations: Revenue, Mobility Locations: San Francisco , California, Refinitiv

☆ Uber’s next CFO has one simple task
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 11 (Reuters Breakingviews) - Uber Technologies (UBER.N) boss Dara Khosrowshahi has an opening to shift into higher gear. His eventual replacement can dial back on spending even more and really open up a spigot of cash flow. And this year, Uber might finally start making profit, with analysts polled by Refinitiv expecting full-year earnings of some $26 million. Uber shares have nearly doubled over the year, handily beating the S&P 500 Index (.SPX), as profit pulls into view. Ensuring that Uber keeps its eyes on that prize is a worthy task for future executives.

Persons: Dara Khosrowshahi, Nelson Chai, Travis Kalanick’s, Uber, Refinitiv, Tesla, Jennifer Saba, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Technologies, –, Twitter, Thomson Locations: U.S, China

☆ Uber CFO Nelson Chai plans to step down - Bloomberg News
▼ + stars: | 2023-07-10 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) -Uber Technologies Chief Financial Officer Nelson Chai is planning to leave the ride-hailing company, Bloomberg News reported on Monday, citing people familiar with the matter. Chai informed Uber CEO Dara Khosrowshahi of his intentions to move on, though a decision on the timing of his departure hasn’t been made, according to the report. Chai was brought in at Uber as finance chief in 2018 and he shepherded the company through its IPO a year later. Before Uber, Chai had served in senior roles at the New York Stock Exchange, Merrill Lynch and CIT Group. Uber is cutting costs even as it rides an upswing in its business as commuters return after COVID restrictions eased.

Persons: Nelson Chai, Chai, Uber, Dara Khosrowshahi, hasn’t, Uber’s, Merrill Lynch Organizations: Technologies, Bloomberg, Uber, New York Stock Exchange, CIT Locations: Postmates

☆ Finance Chiefs, Facing Another Year of Persistent Inflation, Prioritize Cost Savings
▼ + stars: | 2023-02-10 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Finance chiefs are pushing their companies to do more with less as they face another year of rising costs. Obviously, we’re dealing with a very unique environment right now with the unprecedented level of cost inflation. But we’re not in that environment right now. Ideally, we can grow as the demand environment hopefully normalizes. And that’s going to give us more optionality as we better understand our demand for AI over time.

☆ Premarket stocks: Welcome to the 'rolling recession' economy
▼ + stars: | 2023-02-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Yet US manufacturing has likely already contracted into a recession, housing sales have plummeted, tech layoffs keep coming and corporate earnings growth is souring. “We continue to think the economy will suffer from rolling recessions, evidenced by the fact that corporate earnings growth is now entering its downturn,” wrote Sonders in a note on Wednesday. For five straight weeks, the bank’s clients have been big buyers of individual stocks and sellers of ETFs, she wrote. Disney revenue in the quarter rose 8% to $23.5 billion, edging past estimates of $23.4 billion from analysts surveyed by Refinitiv. The company reported revenue of $8.6 billion for the quarter, beating Wall Street’s estimates and marking a 49% increase from the prior year.

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