Uber vs Lyft: Who Won the First Round of Ride-Share Earnings?
Uber reported its first quarter financial results Thursday after the markets closed.
Uber Technologies Inc. (NYSE: UBER) reported its first-quarter financial results Thursday after the markets closed. The ride-sharing firm said that it had a net loss of $2.26 per share and $3.1 billion in revenue, while consensus estimates had called for a net loss of $1.46 per share and $3.08 billion in revenue.
During the quarter, gross booking grew 34% year over year to $14.65 billion. At the same time, revenues only increased by 20%.
Monthly active platform consumers totaled 93 million, an increase of 33% year over year from 70 million. Also in this quarter, the firm gave 1.55 billion rides, an increase of 36% from 1.14 billion last year.
Dara Khosrowshahi, CEO, commented:
Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce. In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $59 billion. Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve.
For the first time as a public company, Lyft Inc. (NASDAQ: LYFT) released its quarterly report earlier this month, and investors were not very keen on the results. It seems that Uber wins the first round of ride-share earnings.
Shares of Uber were last seen up about 3% at $40.99, in a 52-week range of $36.08 to $45.00. The consensus price target is $57.67.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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