Uber (UBER) 2024 Q1 earnings
Uber report First quarter results Revenue on Wednesday was slightly higher than analysts expected, but the ride-hailing company posted a surprise net loss.
Uber stock fell 5% in early trading Wednesday.
The company's initiatives include:
- Loss per share: 32 cents compared to LSEG's expected profit of 23 cents.
- Revenue: $10.13 billion vs. LSEG's expected $10.11 billion
Uber's first-quarter sales rose 15% from $8.82 billion in the same period last year. According to Street Accounts, the company reported gross bookings of $37.65 billion in the period, falling short of analysts' estimates of $37.93 billion.
The company's net loss widened to $654 million, or a loss of 32 cents per share, from $157 million, or a loss of 8 cents per share, in the year-ago period. Uber said its net loss included a net $721 million headwind from unrealized losses related to the revaluation of equity investments.
In an interview with CNBC:squawk boxOn Wednesday, Uber CEO Dara Khosrowshahi said the company's slide into the red had “nothing to do with our commercial operations.”
“We had to write down the equity stake that caused the loss,” he said. “We don’t expect that to continue in the future.”
But Uber can't predict the market, Khosrowshahi added.
Uber reported adjusted EBITDA of $1.38 billion, up 82% year-over-year, and slightly ahead of the $1.31 billion expected by analysts surveyed by Street Account.
Uber said it expects total second-quarter bookings to be between $38.75 billion and $40.25 billion, compared with Street Accounts' forecast of $40 billion. Uber expects adjusted EBITDA to be between $1.45 billion and $1.53 billion, compared to analysts' expectations of $1.49 billion.
Uber's monthly active platform users reached 149 million in the first quarter, an increase of 15% from 130 million in the same period last year. The number of trips completed on the platform during the period was 2.6 billion, an increase of 21% year-on-year.
In prepared remarks on Wednesday, Khosrowshahi said: “Our company's “Demand for Uber remains strong across platforms.”
Here's how Uber's largest business units performed:
Mobility (total number of reservations): 18.67 billion dollars, an increase of 25% from the same period last year.
Distribution (total number of reservations): 17.7 billion dollars, an 18% increase from the same period last year.
Uber's mobility division had revenue of $5.63 billion, up 30% year-over-year and 2% sequentially. Analysts on Street Accounts expected revenue of $5.52 billion. Uber said “business model changes” negatively impacted its mobility revenue margin by 180 basis points in the period.
“To drive user growth and capture more daily trips, we are increasing penetration of our core use cases while also focusing on expanding into new consumer segments.”Khosrowshahi he said in his prepared remarks.
The company's shipping division reported revenue of $3.21 billion, up 4% year-over-year and 3% sequentially. Analysts had expected $3.28 billion, according to Street accounts. Uber said delivery revenue margins were negatively impacted by 230 basis points in the first quarter due to “business model changes.”
The company's cargo business had revenue of $1.28 billion in the quarter, down 8% year-over-year and flat from the previous quarter.
Summarize this content to 100 words Uber report First quarter results Revenue on Wednesday was slightly higher than analysts expected, but the ride-hailing company posted a surprise net loss.Uber stock fell 5% in early trading Wednesday.The company's initiatives include:Loss per share: 32 cents compared to LSEG's expected profit of 23 cents.Revenue: $10.13 billion vs. LSEG's expected $10.11 billionUber's first-quarter sales rose 15% from $8.82 billion in the same period last year. According to Street Accounts, the company reported gross bookings of $37.65 billion in the period, falling short of analysts' estimates of $37.93 billion.The company's net loss widened to $654 million, or a loss of 32 cents per share, from $157 million, or a loss of 8 cents per share, in the year-ago period. Uber said its net loss included a net $721 million headwind from unrealized losses related to the revaluation of equity investments.In an interview with CNBC:squawk boxOn Wednesday, Uber CEO Dara Khosrowshahi said the company's slide into the red had “nothing to do with our commercial operations.””We had to write down the equity stake that caused the loss,” he said. “We don’t expect that to continue in the future.”But Uber can't predict the market, Khosrowshahi added.Uber reported adjusted EBITDA of $1.38 billion, up 82% year-over-year, and slightly ahead of the $1.31 billion expected by analysts surveyed by Street Account.Uber said it expects total second-quarter bookings to be between $38.75 billion and $40.25 billion, compared with Street Accounts' forecast of $40 billion. Uber expects adjusted EBITDA to be between $1.45 billion and $1.53 billion, compared to analysts' expectations of $1.49 billion.Uber's monthly active platform users reached 149 million in the first quarter, an increase of 15% from 130 million in the same period last year. The number of trips completed on the platform during the period was 2.6 billion, an increase of 21% year-on-year.In prepared remarks on Wednesday, Khosrowshahi said: “Our company's “Demand for Uber remains strong across platforms.”Here's how Uber's largest business units performed:Mobility (total number of reservations): 18.67 billion dollars, an increase of 25% from the same period last year.Distribution (total number of reservations): 17.7 billion dollars, an 18% increase from the same period last year.Uber's mobility division had revenue of $5.63 billion, up 30% year-over-year and 2% sequentially. Analysts on Street Accounts expected revenue of $5.52 billion. Uber said “business model changes” negatively impacted its mobility revenue margin by 180 basis points in the period.“To drive user growth and capture more daily trips, we are increasing penetration of our core use cases while also focusing on expanding into new consumer segments.”Khosrowshahi he said in his prepared remarks.The company's shipping division reported revenue of $3.21 billion, up 4% year-over-year and 3% sequentially. Analysts had expected $3.28 billion, according to Street accounts. Uber said delivery revenue margins were negatively impacted by 230 basis points in the first quarter due to “business model changes.” The company's cargo business had revenue of $1.28 billion in the quarter, down 8% year-over-year and flat from the previous quarter.
https://www.cnbc.com/2024/05/08/uber-uber-q1-2024-earnings.html Uber (UBER) 2024 Q1 earnings
