By Justin Pei
Rochester — Despite a strong jobs report in January, stocks slumped on Friday in the U.S. The Dow Jones was down nearly 200 points or about 0.6% while the Nasdaq Composite and S&P 500 were both down 0.3% respectively.
Material and energy sectors were amongst the biggest drops as crude oil declined more than 1%.
However, Uber shares spiked on Friday after the ride-share company reported quarterly earnings earlier than expected. Uber Shares were up 9% on Friday morning, as the company forecasted reaching its profitability goal sooner than expected, exceeding Wall Street expectations.
According to CNBC, the stock is on track for its best day ever since opening in May. The move adds $5 billion to the company’s market value, bringing it up to around $68.8 billion. Uber has reported an accelerated growth revenue on an annualized basis of 37%, up 7% from the previous quarter.
Uber CEO Dara Khosrowshahi told CNBC in an interview that the company plans to put the majority of its revenue growth this year into the bottom line. “For every dollar of revenue growth, especially from Q4 to Q4, we expect to drop 50 cents to 55 cents to the bottom line,” Khosrowshahi said on CNBC’s “Squawk Box”.
