News

Uber Reports First-Quarter Results

Uber has released data on its financial results for the first quarter of the current year.

Uber Reports First-Quarter Results

The mentioned figures exceeded preliminary expectations. At the same time, the company unexpectedly reported a net loss. After the data on Uber’s financial results for January-March of the current year were published, the price of the firm’s shares fell by more than 5%.

The company’s revenue for January-March 2024 amounted to $10.13 billion. This indicator increased by 15% compared to the result for the same period of last year. At the same time, LSEG analysts predicted that Uber’s revenue for the first quarter of 2024 would amount to $10.11 billion.

Published by Uber data indicates that the company’s gross bookings for January-March of the current year were fixed at $37.65 billion. It is worth noting that analysts surveyed by StreetAccount expected this figure to be $37.93 billion.

Uber’s net loss for January-March of the current year was recorded at $654 million. Over the same period last year, this figure amounted to $157 million.

Uber CEO Dara Khosrowshahi, during a conversation with media representatives, said that the loss had nothing to do with the operating business. According to him, the company had to mark down those equity stakes that resulted in a loss. He also noted that Uber cannot predict future market vectors.

The company’s adjusted EBITDA for the first quarter of 2024 was $1.38 billion. This figure grew by 82% year-on-year. Analysts surveyed by StreetAccount predicted that adjusted EBITDA would be fixed at $1.49 billion.

The number of monthly active users of the Uber platform in the first quarter of 2024 amounted to 149 million. This indicator showed an increase of 15% compared to the figure in January-March last year.

In the first quarter of 2024, 2.6 billion trips were made on the mentioned platform. This indicator increased by 21% year-on-year.

Dara Khosrowshahi says that the demand for the company’s services on the specified platform continues to demonstrate sustainability, as evidenced by the improvement of the firm’s experience in the market, the continued shift in consumer spending from goods to services, and a stable tendency towards on-demand transportation and delivery.

Uber’s mobile segment revenue for the first quarter of 2024 amounted to $5.63 billion. This indicator grew by 30% year-on-year and increased by 2% relative to the result for the last three months of 2023. Analysts surveyed by StreetAccount predicted that the company’s mobile segment revenue for the first quarter of 2024 would be $5.52 billion.

Uber said that changes in its business model harmed its mobile revenue margin by 180 basis points for January-March of the current year.

Dara Khosrowshahi stated that to stimulate an increase in the number of clients and improve the daily trip experience, the company is focused on expanding the penetration of the core use cases and developing new consumer segments.

The firm’s revenue from its delivery business for the first quarter of 2024 amounted to $3.21 billion. This indicator increased by 4% year-on-year and grew by 3% relative to the result for the last three months of 2023.

As we have reported earlier, Uber Eats Launches Live Location Sharing.

Serhii Mikhailov

2266 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.