Uber (UBER) Q1 2024 Earnings | Wilnesh News

Uber report First quarter results Revenue slightly topped analysts’ expectations on Wednesday, but the ride-sharing company reported an unexpected net loss.

The stock fell more than 6% in premarket trading Wednesday.

Here’s what the company does:

• Loss per share: 32 cents.That may not compare to LSEG’s expected earnings of 23 cents
• income: US$10.13 billion, compared with US$10.11 billion expected by LSEG

Uber’s first-quarter revenue grew 15% from $8.82 billion in the same period last year. The company’s total bookings during the reporting period were $37.65 billion, below analysts’ expectations of $37.93 billion, according to StreetAccount.

The company’s net loss widened to $654 million, or 32 cents a share, from a loss of $157 million, or 8 cents a share, a year earlier. Uber said its net loss included a $721 million net headwind from unrealized losses arising from the revaluation of equity investments.

Uber CEO Dara Khosrowshahi told CNBC’s “Squawk Box” on Wednesday that the company’s losses “have nothing to do with its operating business.”

“We do have to write down those equity interests that are causing losses,” he said. “We don’t expect this to continue to happen.”

However, Khosrowshahi added that Uber cannot predict the market.

Uber reported adjusted EBITDA of $1.38 billion, an increase of 82% year-on-year, slightly higher than the $1.31 billion expected by analysts polled by StreetAccount.

Uber said it expected total bookings in the second quarter to be between $38.75 billion and $40.25 billion, while StreetAccount expected $40 billion. Uber forecast adjusted EBITDA of $1.45 billion to $1.53 billion, compared with analysts’ expectations of $1.49 billion.

The number of monthly active consumers on the Uber platform reached 149 million in the first quarter, an increase of 15% from 130 million in the same period last year. During the period, the platform completed 2.6 billion trips, an increase of 21% compared with last year.

“Supported by our improving marketplace experience, the continued shift in consumer spending from goods to services, and the long-term trend toward on-demand transportation and delivery, the overall platform-wide support for Uber is strong,” Khosrowshahi said in prepared remarks Wednesday. demand remains strong.

Here’s how Uber’s largest business units performed:

Liquidity (total bookings): 18.67 billion US dollars, an annual increase of 25%.

Delivery (Total Booking): US$17.7 billion, an annual increase of 18%.

Uber’s mobile travel business revenue was US$5.63 billion, an increase of 30% from the same period last year and an increase of 2% from the previous quarter. StreetAccount analysts expected $5.52 billion. Uber said “changes in its business model” had a negative impact of 180 basis points on its mobility revenue margin during the period.

“To drive user growth and win more daily rides, we are focused on increasing penetration of core use cases while expanding into new consumer groups,” Khosrowshahi said in prepared remarks.

The company’s delivery segment reported revenue of $3.21 billion, up 4% annually and 3% quarterly. Analysts expect the company’s revenue to reach $3.28 billion, according to StreetAccount. Uber said its delivery revenue margins were negatively impacted by 230 basis points due to “business model changes” in the first quarter.

The company’s freight business had sales of US$1.28 billion in the quarter, a year-on-year decrease of 8% and a quarter-on-quarter decrease.

Uber will hold its quarterly conference call with investors at 8:00 a.m. Eastern Time.