Uber Q1 earnings: gross bookings soar 20% to $37.7 B even as net loss comes in at $654 M
Uber Technologies, Inc. has announced a strong performance for the first quarter of fiscal year 2024, highlighting substantial growth in gross bookings and revenue, despite facing a net loss due to revaluation of equity investments.
Uber sees growth in bookings and revenue
As of the first quarter of FY24, Uber’s gross bookings have surged by 20% year-over-year, reaching $37.7 billion, or a 21% increase on a constant currency basis.
The mobility sector alone accounted for $18.7 billion of the total gross bookings. This growth has propelled the company’s revenue up by 15% compared to the same period last year, totaling $10.1 billion.
Financial outcomes and projections
Despite the revenue growth, Uber reported a net loss of $654 million for the quarter. This loss includes a $721 million pre-tax net headwind stemming from unrealized losses related to the revaluation of the company’s equity investments.
However, Uber’s Adjusted EBITDA saw an impressive rise, up 82% to $1.4 billion, with the Adjusted EBITDA margin as a percentage of Gross Bookings increasing to 3.7% from 2.4% in the first quarter of FY23.
Cash flow and financial stability
Uber’s financial health remains strong, with net cash provided by operating activities reported at $1.4 billion and free cash flow also standing at $1.4 billion.
The company concluded the quarter with unrestricted cash, cash equivalents, and short-term investments totaling $5.8 billion.
Future expectations
Looking ahead to the next quarter, Uber anticipates gross bookings to be in the range of $38.75 billion to $40.25 billion and expects an adjusted EBITDA between $1.45 billion and $1.53 billion.
This projection underscores the company’s positive outlook and its strategy to maintain profitable growth.
Uber’s CEO, Dara Khosrowshahi, expressed satisfaction with the quarterly results, emphasizing the company’s capability to deliver consistent, profitable growth at scale.
“More than 7 million people now choose to earn flexibly on Uber every month, with driver earnings of $16.6 billion continuing to grow faster than our topline.”
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