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Uber Technologies Inc's (NYSE:UBER) management team deserves credit for getting "its act together" and this could result in a sooner-than-expected profit, according to CNBC's Jim Cramer.
Uber's "phenomenal" earnings report is highlighted by a better-than-expected loss and better-than-expected revenue growth, Cramer said Monday on "Mad Money." Perhaps most notably, the company's report makes it evident Uber finally cares about showing a profit. Uber CEO Dara Khosrowshahi has a simple strategy as the company looks to exit money-losing markets in exchange for ownership stakes in leaders.
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Why It's Important
Uber is building a portfolio of global assets, which Cramer said makes it "no longer just a taxi service." In fact, each time Uber acquires a stake in an international company, it simultaneously exits the market which makes it easier for the former-rival company to gain share.
Uber is certainly not perfect and any positives are at least partially offset by negative headwinds, including a "constant war" against regulators who typically align with local taxi companies, Cramer said.
Uber's stock is trading near $40 per share, which is still below its IPO price of $45. The only difference is Uber was a "much worse company back then," Cramer said.
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What's Next
Uber revised its EBITDA profit timeline from 2021 to the fourth quarter of 2020. Cramer said the current management team has what it takes to "make the numbers" and hit its targets.
"I'm betting this stock can sail past $45," he said.
Uber's stock traded around $40 per share at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.