Uber's first-quarter revenue increased 15% year-on-year to $10.1 billion, with a net loss of $650 million

Uber released its financial report for the first quarter of 2024: revenue was US$10.1 billion, a year-on-year increase of 15%; net loss attributable to Uber was US$654 million, compared with a net loss of US$157 million in the same period last year.

Third quarter results:

• Total orders (Gross Bookings) was US$37.7 billion, a year-on-year increase of 20%. Excluding the impact of currency changes, year-on-year growth would have been 21%.

• Among them, online ride-hailing service orders totaled US$18.7 billion, a year-on-year increase of 25%. Excluding the impact of currency changes, year-on-year growth would have been 26%.

• Delivery service orders totaled $17.7 billion, up 18% year over year. Excluding the impact of currency changes, year-on-year growth would have been 17%.

• Revenue was $10.13 billion, up 15% year-over-year and slightly above analysts’ average estimate of $10.11 billion.

• Among them, the total revenue of online ride-hailing services and delivery services was US$8.8 billion, a year-on-year increase of 19%.

• Operating profit was US$172 million, an increase of US$434 million year-on-year and a decrease of US$480 million sequentially.

• Uber’s net loss was $654 million, including a $721 million unrealized net loss related to the revaluation of its equity investment, compared with a net loss of $157 million in the same period last year.

• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.4 billion, up 82% year over year and above analysts' expectations of $1.32 billion.

• Operating cash flow was $1.416 billion, compared with $606 million in the year-ago period.

• Free cash flow was $1.359 billion, compared with $549 million in the year-ago period.

• As of the end of the first quarter, Uber had $5.8 billion in unrestricted cash, cash equivalents and short-term investments.

• In the first quarter, Uber had 149 million monthly active consumers, compared with 130 million in the same period a year earlier.

• The number of trips taken in the first quarter was 2.6 billion, an increase of 21% year-on-year, and an average of approximately 28 million trips per day.

Performance Outlook:

• Uber expects total orders to reach $38.75 billion in the second quarter of 2024 to $40.25 billion billion, a year-on-year increase of 18% to 23%.

• Adjusted EBITDA will be $1.45 billion to $1.53 billion, a year-over-year increase of 58% to 67%.

• As the total number of orders in the first quarter fell short of expectations and the guidance for the second quarter was lower than analysts’ expectations, Uber’s stock price fell by nearly 10% in pre-market trading today. %.

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