Uber Eats grew like hell in the first quarter but Uber lost nearly $ 3 billion again – TechCrunch


Before reporting on results, Uber’s actions rose approximately 11%, supported by a combination of financial results and promises for Lyft’s future that were highly rated by investors. This optimism spilled over to the edges of Uber.

Today after the bell, however, the global carpooling giant announced its own financial results. Analysts had expected a loss of $ 0.83 per share from $ 3.51 billion in revenue, although revenue estimates ranged from $ 2.31 billion to $ 4.33 billion – a unusually high range due to uncertainty caused by COVID-19.

Uber reported a loss of $ 1.70 a share in the first quarter and revenues of $ 3.54 billion, which gives a mixed set of results compared to expectations. The company lost $ 2.94 billion in the quarter including all costs, a figure that even for Uber seems excessively high.

Here are the key figures from the Uber earnings report, starting with spending on the platform and moving down to profitability and remaining cash at the end of the first quarter of 2020:

  • Gross bookings (the value of goods and services sold on the Uber platform) increased by 8% compared to Q1 2019 to reach $ 15.8 billion.
  • Gross trip bookings fell somewhat, while Uber’s food delivery service recorded gross sales growth of 54%.
  • Uber’s sales increased 14% from $ 3.1 billion to $ 3.51 billion in the year-over-year quarter.
  • Uber’s net loss of $ 2.94 billion was worse than its other profit metrics, including its adjusted EBITDA for the quarter, which resulted in a loss of $ 612 million. (Recall that it was the adjusted EBITDA that Uber previously promised to enter positive territory in the fourth quarter of this year before COVID-19 increased its market.)
  • Uber ended the first quarter with $ 9 billion in cash and cash equivalents, and the company’s operations burned $ 463 million in cash in the first quarter.

Do you have all that? The headline in the Uber neighborhood is that its car pooling activity has declined and Uber Eats, its food delivery service, has grown like hell. Here are the figures for the latter:

  • Gross bookings of $ 4.68 billion, up from $ 3.07 billion in the prior year quarter, or 52%
  • GAAP revenues of $ 819 million, up from $ 536 million in the prior year quarter, or 53%
  • Adjusted net revenues of $ 527 million, up from $ 239 million in the prior year quarter, or 121%
  • Adjusted EBITDA resulting from a loss of $ 313 million, worse than its result of $ 309 million a year ago

It’s mainly bullish. Huge reservation gains are good, big GAAP revenue gains are good, adjusted net income gains are very good and, for Uber, don’t lose more money as it evolves – heavily adjusted losses for Uber Eats remained stable over one year. annual basis – is good.

The company, however, will have to lose less money overall, as its business struggles more in Q2 than in Q1. We will know more during his impending revenue call.

Uber has about 14% of its staff this week, and has made an investment in Lime, a scooter company in which it intends to offload its own micromobility efforts.

Uber stocks are down about 2% in after-hours trading. Shorter after his call.


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