The company is well on its way to surpass pre-pandemic levels with travel picking up. CEO Dara Khosrowshahi said in a statement that April Mobility gross bookings exceeded 2019 levels across all sectors and use cases.
Uber also reported heavy losses due to its investments during this period. Shares fell more than 2% in premarket trading following the report.
Here are the prime numbers:
- Loss per share: $3.04 (GAAP), not comparable to analyst estimates
- Revenue: Estimates are $6.85 billion versus $6.13 billion, according to a Refinitiv survey of analysts.
For the second quarter, Uber is projected to have gross bookings between $28.5 billion and $29.5 billion. In addition, it expects adjusted EBITDA, or income before interest, taxes, depreciation, and amortization, of between $240 million and $270 million.
Uber said it expects to generate “meaningful positive cash flow” for the full year 2022, which will mark a first for the company.
The company reported a net loss of $5.9 billion for the first quarter, which it said was mainly due to equity investments in Southeast Asian mobility and distribution company Grab, autonomous vehicle company Aurora and Chinese ride-hailing 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. That’s up $527 million from the same quarter a year ago.
Uber’s revenue grew 136% year over year to $6.9 billion.
Here’s how Uber’s largest business segments fared in the first quarter of 2022:
- Mobility (Gross Booking): $10.7 billion, an increase of 58% year over year
- Delivery (Gross Booking): $13.9 billion, up 12% year over year
Uber relied on its delivery business, which includes Uber Eats, throughout the pandemic. However, the mobility revenue has surpassed the delivery revenue. Its mobility segment reported revenue of $2.52 billion, compared to $2.51 billion for deliveries. Revenue gross excludes additional taxes, tolls and fees from bookings.
Uber reported 1.71 billion trips on the platform during the quarter, up 18% from the same quarter a year ago. Monthly active platform subscribers reached 115 million, up 17% year over year. Drivers and couriers totaled $9 billion in the quarter, down slightly from the fourth quarter.
Uber said its driver base is at a post-pandemic high. Khosrowshahi said in prepared remarks, the company expects to continue without “significant incremental incentive investments.”
Rideshare companies have struggled with supply and demand since the Covid-19 pandemic took key drivers off the road. Companies including Uber had to rely heavily on driver incentives to bring back drivers, which ate up its financials.
It seemed stagnant in recent months, but the war in Ukraine caused fuel prices to rise significantly. Analysts feared that companies would have to spend lakhs of rupees to hire drivers. Uber is likely to add more color to driver incentives during its earnings call that is scheduled for 8 a.m. ET.
Driver incentives, coupled with lighter guidance, dented rival Lyft shares in extended trading on Tuesday. Lyft said during its analyst call that it will invest more in driver subsidies in the coming quarter, though it believes it will help “pay off in a healthier market.”
Read Uber’s earnings release here.
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