Services

Uber Just Can't Catch a Break in Q1

Uber Technologies Inc. (NYSE: UBER) reported fourth-quarter financial results after markets closed Thursday. The ride-sharing firm posted a net loss of $1.70 per share and $3.54 billion in revenue compared with consensus estimates that were calling for a net loss of $0.83 per share and $3.51 billion in revenue. In the same period last year, Uber reported a net loss of $2.23 per share and $3.04 billion in revenue.

During the latest quarter, gross bookings increased 8% year over year to $15.8 billion, up 10% in constant currency. Monthly Active Platform Consumers increased by 11% to 103 million, up from 93 million.

Also, the total number of trips increased 7% year over year to 1.66 billion, compared with the same period last year when Uber reported 1.55 billion trips.

Adjusted net revenue (ANR) growth accelerated to 18% year over year, or 19% on a constant currency basis, to $3.26 billion.

CEO Dara Khosrowshahi commented:

While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario. Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up. Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country.

Shares of Uber closed Thursday at $30.89, in a post-IPO range of $13.71 to $47.08. The consensus price target is $38.02. Following the announcement, the stock is initially down 3.5% at $29.80 in the after-hours session.