UBER Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31,2021. Gross Bookings grew 24% year-over-year (“YoY”) to $19.5 billion, or 22% on a constant currency basis, with Mobility Gross Bookings of $6.8 billion (-38% YoY) and Delivery Gross Bookings of $12.5 billion (+166% YoY).

• Gross Bookings grew 24% year-over-year (“YoY”) to $19.5 billion, or 22% on a constant currency basis, with Mobility Gross Bookings of $6.8 billion (-38% YoY) and Delivery Gross Bookings of $12.5 billion (+166% YoY).
• Revenue of $2.9 billion and Mobility Revenue of $853 million were reduced by a $600 million accrual made for the resolution of historical claims in the UK relating to the classification of drivers. Delivery Revenue of $1.7 billion grew 28% QoQ and 230% YoY.
• Revenue, excluding the UK accrual, of $3.5 billion grew 11% QoQ and 8% YoY, and Mobility Revenue, excluding the UK accrual, of $1.5 billion declined 1% QoQ and 41% YoY.
• Net loss attributable to Uber Technologies, Inc. was $108 million, which includes $281 million in stock-based compensation expense. Net loss benefited from a $1.6 billion gain from the divestiture of ATG, partly offset by the $600 million UK accrual.
• Adjusted EBITDA of $(359) million improved by $95 million QoQ and by $253 million YoY, representing a (1.8)% margin as a percentage of Gross Bookings and a (12.4)% margin as a percentage of revenue.
• Mobility Adjusted EBITDA of $298 million, up $5 million QoQ and down $283 million YoY, representing 4.4% margin as a percentage of Mobility Gross Bookings and a 34.9% margin as a percentage of Mobility Revenue (20.5% margin as a percentage of Mobility Revenue excluding the UK accrual).
• Delivery Adjusted EBITDA of $(200) million, down $55 million QoQ but up $113 million YoY, representing a (1.6)% margin as a percentage of Delivery Gross Bookings and a (11.5)% margin as a percentage of Delivery Revenue.
• Unrestricted cash, cash equivalents and short-term investments were $5.7 billion at the end of the first quarter.

“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” said Dara Khosrowshahi, CEO. “We will continue to innovate and find new ways to deepen engagement with our customers, as the only global platform that helps you go wherever you need and get whatever you want.”

CWEB Analyst’s have initiated a BUY Rating for   UBER Inc. (NYSE: UBER) and potential upside of $89 in 2021. The fundamentals of the company are to strong and even after the hard hit post pandemic recovery but numbers are really improving. Outside the US revenue is also improving and we see a major rebound post pandemic.