Dara Khosrowshahi, CEO of Uber, talking on CNBC’s Squawk Field on the World Financial Discussion board Annual Assembly in Davos, Switzerland on Jan. seventeenth, 2024.
Adam Galici | CNBC
Uber reported first-quarter outcomes on Wednesday that got here in barely above analysts’ estimates for income, however the ridesharing firm posted an sudden web loss.
Shares fell greater than 6% in premarket buying and selling Wednesday.
Here is how the corporate did:
- Loss per share: 32 cents. That won’t evaluate with the 23 cent earnings anticipated by LSEG
- Income: $10.13 billion vs. $10.11 billion anticipated by LSEG
Uber’s income grew 15% in its first quarter from $8.82 billion a yr prior. The corporate reported $37.65 billion in gross bookings for the interval, which is wanting the $37.93 billion anticipated by analysts, in response to StreetAccount.
The corporate’s web loss widened to $654 million, or a 32 cent loss per share, from a lack of $157 million, or an 8 cent loss per share, in the identical quarter final yr. Uber mentioned its web loss features a $721 million web headwind from unrealized losses associated to the reevaluation of its fairness investments.
Uber reported adjusted EBITDA of $1.38 billion, up 82% yr over yr and barely above the $1.31 billion anticipated by analysts polled by StreetAccount.
For its second quarter, Uber mentioned it expects to report gross bookings between $38.75 billion and $40.25 billion, in contrast with StreetAccount estimates of $40 billion. Uber anticipates adjusted EBITDA of $1.45 billion to $1.53 billion, in contrast with the $1.49 billion anticipated by analysts.
The variety of Uber’s month-to-month energetic platform customers reached 149 million in its first quarter, up 15% yr over yr from 130 million. There have been 2.6 billion journeys accomplished on the platform throughout the interval, up 21% yr over yr.
“Demand for Uber stays strong throughout our platform, supported by our bettering market expertise, the continued shift of shopper spending from items to providers, and the secular development in the direction of on-demand transportation and supply,” Uber CEO Dara Khosrowshahi mentioned in ready remarks Wednesday.
Here is how Uber’s largest enterprise segments carried out:
Mobility (gross bookings): $18.67 billion, up 25% yr over yr.
Supply (gross bookings): $17.7 billion, up 18% yr over yr.
Uber’s mobility section reported $5.63 billion in income, up 30% from the yr earlier and a pair of% quarter over quarter. StreetAccount analysts have been anticipating $5.52 billion. Uber mentioned “enterprise mannequin adjustments” negatively impacted its mobility income margin by 180 foundation factors throughout the interval.
“To drive consumer development and win extra of their day by day journeys, we’re centered on rising our penetration of core use circumstances, whereas additionally increasing into new shopper segments,” Khosrowshahi mentioned in his ready remarks.
The corporate’s supply section reported $3.21 billion in income, up 4% from the yr prior and three% quarter over quarter. Analysts have been anticipating $3.28 billion, in response to StreetAccount. Uber mentioned its supply income margin was negatively impacted by 230 foundation factors on account of “enterprise mannequin adjustments” within the first quarter.
The corporate’s freight enterprise booked $1.28 billion in gross sales for the quarter, a lower of 8% yr over yr and flat quarter over quarter.
Uber will maintain its quarterly name with traders at 8:00 a.m. ET.
