Uber’s first-quarter results, released Wednesday, edged slightly above analysts’ revenue estimates but came with an unexpected net loss, causing shares to drop over 6% in premarket trading.
Uber’s revenue increased by 15% in the first quarter compared to the previous year, reaching $8.82 billion. However, the reported $37.65 billion in gross bookings fell short of analysts’ expectations, which stood at $37.93 billion, according to StreetAccount.
The company’s net loss widened to $654 million, or 32 cents per share, compared to a loss of $157 million, or 8 cents per share, in the same quarter last year.
In an interview,” Uber CEO Dara Khosrowshahi clarified that the loss was unrelated to the operating business, emphasizing that it resulted from marking down equity stakes.
He expressed confidence that such losses wouldn’t persist in the future, although Uber couldn’t predict market fluctuations.
Uber reported adjusted EBITDA of $1.38 billion, an 82% increase year over year, slightly exceeding the $1.31 billion anticipated by analysts polled by StreetAccount.
For the second quarter, Adjusted EBITDA is projected to be between $1.45 billion and $1.53 billion, slightly lower than the expected $1.49 billion.
In terms of user metrics, Uber’s monthly active platform consumers reached 149 million in the first quarter, marking a 15% year-over-year increase from 130 million. The platform witnessed 2.6 billion trips completed during the period, a 21% year-over-year rise.
Uber’s mobility segment reported $5.63 billion in revenue, a 30% increase from the previous year and a 2% rise quarter over quarter. However, “business model changes” impacted its mobility revenue margin negatively by 180 basis points.
On the delivery front, Uber’s revenue amounted to $3.21 billion, up 4% from the previous year and 3% quarter over quarter. Similar to the mobility segment, delivery revenue margin was affected by “business model changes,” dropping by 230 basis points.
The company’s freight business booked $1.28 billion in sales for the quarter, witnessing an 8% year-over-year decrease and remaining flat quarter over quarter.
