On Wednesday, ride hailing and food delivery company Uber reported its first quarter results of the year 2022. The results indicate that the company has recovered from its slump during the pandemic as mobility revenues are finally higher than delivery revenues. However, its equity investments in similar operations led to a net loss for the company. The company’s shares fell by 8 percent.
The loss per share was 18 cents ex-items vs a loss of 24 cents, as per the estimates of the analysts who were surveyed by Refinitiv. The reported revenue was $6.85 million vs $6.13 billion as per the Refinitiv survey.
In a statement, Uber CEO Dara Khosrowshahi said that mobility gross bookings in April were higher than 2019 bookings across all regions. The company is expecting to get “meaningful positive cash flows” throughout the year.
The company also reported a net loss of $5.9 billion in Q1, 2022, due to its equity investments in the following companies: Grab, Aurora and Didi.
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— Uber (@Uber) March 14, 2022
Uber reported the following results:
Adjusted EBITDA was $168 million, an increase of $527 million from Q1 2021
Revenue was $6.9 billion, increased by $136 percent, year-on-year
Mobility (gross bookings) was $10.7 billion, rose by 58 percent year on year
Delivery (gross bookings) was $13.9 billion, rose by 12 percent year on year
Mobility segment revenue was $2.52 billion while delivery segment was $2.51 billion
Number of trips on platform $1.71 billion, rose by 18 percent from Q1 2021
Monthly active platform consumers 115 million, rose by 17 percent year on year
Drivers and courier earnings $9 billion in Q1, slightly less than Q4, 2021.
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— Uber (@Uber) April 20, 2022
Uber used incentives to bring back drivers after the pandemic subsided but this had a financial impact. The war in Ukraine, which is continuing, to date is also having an economic impact, due to rise in fuel costs as well as inflationary costs that will arise due to shortages of cereals and other commodities. This could affect the revenues of not only Uber but almost all companies and industries as well as other companies in the mobility and delivery sectors.
