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Uber reports increased revenue with driver returns but significant investment loss
Uber on Wednesday reported an increase in first-quarter revenue as the ride-hailing company said it was recovering from low coronavirus levels and did not need to make "significant" investments to keep drivers on the...
Updated: 49 months ago2 min read
Revenue: $6.85 billion versus $6.13 billion, according to research by Refinitiv analysts.
Uber on Wednesday reported an increase in first-quarter revenue as the ride-hailing company said it was recovering from low coronavirus levels and did not need to make "significant" investments to keep drivers on the platform.
But it also reported a loss of $5.9 billion for the period, mainly due to a revaluation of holdings. As a result, stakes of the company fell more than 4% on Wednesday.
Here is the key number:
Loss per share: 18 cents from the previous position versus a loss of 24 cents, according to a study by Refinitiv analysts.
Uber expects gross bookings to be between $28.5 billion and $29.5 billion for the second quarter. It also expects Adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, to be between $240 million and $270 million.
Uber said it expects to generate "significant positive cash flow" for the entire year of 2022, which will be a 1st for the company. In addition, CEO Dara Khosrovshahi said that gross mobility reservations in April exceeded 2019 levels across all regions and uses.
The company documented a net loss of $5.9 billion in the first quarter. In a prepared note, Nelson Chai, Uber's CFO, said that the company had the liquidity to maintain its position and was waiting for better times to sell.
Adjusted EBITDA was $168 million. That's $527 million more than in the same quarter last year. Uber's revenue grew 136% year over year to $6.9 billion.
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