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• Uber’s revenue rose 136% year over year to $6.9 billion
Uber’s (NYSE: UBER) first-quarter earnings showed a healthy return to normality after the disruption caused by the pandemic but the stock fell during early morning trade after rival Lyft (NASDAQ: LYFT) warned of increasing driver costs.
The company also reported a $5.9 billion loss during the period due to the revaluation of equity investments in South-East Asian mobility firm Grab, autonomous vehicle company Aurora and Chinese ride-hailing giant Didi. The company’s shares were down more than 9%.
Uber’s revenue rose 136% year over year to $6.9 billion, as compared to analysts’ estimate of $6.13 billion. Revenue was also helped by high ride prices
Adjusted earnings per share were reported as $8.58 per share, versus the $5.21 per share estimated by analysts.
Delivery arm to the rescue
Uber said that its grocery delivery arm allowed its drivers to move to deliver food during the pandemic. As a result, its post-pandemic driver count was high and unlike Lyft, which does not have a delivery business, it did not need to put in “significant” investments to maintain its driver base.
CEO Dara Khosrowshahi said in a statement that April mobility gross bookings exceeded 2019 levels across all regions and use cases.
For the second quarter, Uber anticipates gross bookings of between $28.5 billion and $29.5 billion. In addition, it expects adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, of between $240 million and $270 million.
Source - Uber, with inputs from Wall Street Journal
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