After an abysmal year for investors in 2022, when rising interest rates completely shut down interest in growth tech stocks, this year has brought some renewed optimism. The Nasdaq Composite Index is up 32% (as of Sept. 12). And (NYSE: UBER), which has typically been considered a more speculative company to own, has seen its shares skyrocket 94% this year.
The transportation-as-a-service business is experiencing strong momentum right now following impressive financial results. But the stock is trading at roughly the same levels it was at when it went public in May 2019. Does this present investors with a good opportunity to buy Uber shares right now? Let's take a closer look at the popular ride-hailing and food-delivery enterprise.
In the most recent quarter (the second quarter of 2023, which ended June 30), Uber's revenue of $9.2 billion was 14% higher than in the year-ago period. Unfortunately, this figure missed Wall Street estimates by $100 million. Additionally, the rate of growth continues a trend of decelerating top-line gains that Uber has posted during the past several quarters.
Source Fool.com