Uber on Wednesday reported revenue growth during first quarter as stated by rideshare, it recovers after a minimum of coronavirus and will not have to make “significant” investments to keep drivers on the platform.
But he also reported a loss of $ 5.9 billion over the period, largely due to a revaluation of equity investments. Shares fell more than 11% after markets opened.
Here are the key figures:
- Loss per share: According to a survey by analysts at Refinitiv, 18 cents are still against a loss of 24 cents.
- Income: According to a poll by Refinitiv analysts, $ 6.85 billion versus $ 6.13 billion.
In the second quarter, Uber expects gross bookings to range from $ 28.5 billion to $ 29.5 billion. In addition, he expects adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, to be $ 240 million to $ 270 million.
Uber said it expects to generate “significant positive cash flows” for the entire 2022 year, which will be the first for the company. CEO Dara Khosravshahi said that gross bookings in April exceeded the level of 2019 in all regions and uses.
The company reported a net loss of $ 5.9 billion in the first quarter, which it said was primarily due to its capital investment in Southeast Asia’s mobility and delivery company Capture, Aurora standalone cars and Chinese giant Didi. Uber CFO Nelson Chai said in prepared remarks that the company has the liquidity to maintain its position and wait for a better time to sell.
Its adjusted EBITDA was $ 168 million. This is $ 527 million more than in the same quarter last year.
Uber’s revenue grew 136% year-over-year to $ 6.9 billion.
Here’s how Uber’s largest business segments worked in the first quarter of 2022:
- Mobility (gross bookings): $ 10.7 billion, up 58% from a year
- Shipping (gross booking): $ 13.9 billion, up 12% over the year
Throughout the pandemic, Uber relied on its delivery business, which includes Uber Eats. However, revenue from mobility has now exceeded revenue from shipping. Its mobility segment reported $ 2.52 billion in revenue, compared with shipping of $ 2.51 billion. Income excludes additional taxes, fees and charges from gross booking.
Uber reported 1.71 billion trips on the platform during the quarter, up 18% from the same quarter a year ago. The monthly number of active consumers of the platform reached 115 million, which is 17% more than the same period last year. In total, drivers and couriers earned $ 9 billion in the quarter, slightly less than in the fourth quarter.
Uber said its driver base is at its peak since the pandemic. The company expects this to continue without “significant additional incentive investments,” Khosravshahi said in a prepared remark.
“Our need to increase the number of drivers on the platform is nothing new and not surprising … we have a lot of work to do, but it is a moving car,” he said later during a conference with investors.
Rideshare companies have been struggling with supply and demand since the Covid-19 pandemic took drivers off the road. Uber had to rely on incentives for drivers to bring back drivers that ate up financial results.
It seemed that in recent months it has stabilized, but the war in Ukraine has led to a significant increase in fuel prices. Analysts feared that companies would have to pour millions into driver maintenance.
Encouraging drivers, together with a light guidecaused shares of a competitor Elevator plunge into extended trading on Tuesday. Lyft said during a call by an analyst that next quarter will invest more in subsidies for drivers, although he believes this will help “pay off in a healthier market.”
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