Uber (NYSE:UBER) on Wednesday reported surging revenue during the first quarter as the rideshare company said it’s recovering from its coronavirus lows and wouldn’t have to put up “significant” investments to keep drivers on the platform.
But it also reported a $5.9-billion loss during the period due to investments.
The loss per share proved to be 18 cents compared to a projected loss of 24 cents. Revenue was $6.85 billion as opposed to $6.13 billion estimated, according to a survey of analysts.
For the second quarter, Uber anticipates gross bookings of between $28.5 billion and $29.5 billion. In addition, it expects adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, of between $240 million and $270 million.
Uber said it expects to generate “meaningful positive cash flows” for full-year 2022, which would mark a first for the company. CEO Dara Khosrowshahi said in a statement that April mobility gross bookings exceeded 2019 levels across all regions and use cases.
The company reported a net loss of $5.9 billion for the first quarter, which it said was primarily due to its equity investments in Southeast Asian mobility and delivery company Grab, autonomous vehicle company Aurora and Chinese ride-hailing giant Didi. Uber CFO Nelson Chai said in prepared remarks the company has the liquidity to maintain its positions and wait for a better time to sell.
Its adjusted EBITDA was $168 million. That’s up $527 million from the same quarter a year ago.
Uber’s revenue was up 136% year-over-year to $6.9 billion
UBER shares were in reverse $3.02, or 10.3%, to $26.45.
