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 surprising 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 will not examine 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 12 months prior. The corporate reported $37.65 billion in gross bookings for the interval, which is in need of the $37.93 billion anticipated by analysts, in line with 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 12 months. Uber stated 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% 12 months over 12 months and barely above the $1.31 billion anticipated by analysts polled by StreetAccount.
For its second quarter, Uber stated 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% 12 months over 12 months from 130 million. There have been 2.6 billion journeys accomplished on the platform in the course of the interval, up 21% 12 months over 12 months.
“Demand for Uber stays strong throughout our platform, supported by our enhancing market expertise, the continued shift of client spending from items to providers, and the secular pattern in direction of on-demand transportation and supply,” Uber CEO Dara Khosrowshahi stated in ready remarks Wednesday.
Here is how Uber’s largest enterprise segments carried out:
Mobility (gross bookings): $18.67 billion, up 25% 12 months over 12 months.
Supply (gross bookings): $17.7 billion, up 18% 12 months over 12 months.
Uber’s mobility phase reported $5.63 billion in income, up 30% from the 12 months earlier and a couple of% quarter over quarter. StreetAccount analysts have been anticipating $5.52 billion. Uber stated “enterprise mannequin modifications” negatively impacted its mobility income margin by 180 foundation factors in the course of the interval.
“To drive consumer development and win extra of their each day journeys, we’re centered on rising our penetration of core use circumstances, whereas additionally increasing into new client segments,” Khosrowshahi stated in his ready remarks.
The corporate’s supply phase reported $3.21 billion in income, up 4% from the 12 months prior and three% quarter over quarter. Analysts have been anticipating $3.28 billion, in line with StreetAccount. Uber stated its supply income margin was negatively impacted by 230 foundation factors attributable to “enterprise mannequin modifications” within the first quarter.
The corporate’s freight enterprise booked $1.28 billion in gross sales for the quarter, a lower of 8% 12 months over 12 months and flat quarter over quarter.
Uber will maintain its quarterly name with traders at 8:00 a.m. ET.