Uber Q1 Net Loss Sharply Widens, Misses Estimates

(RTTNews) - Ride-hailing and delivery platform Uber Technologies, Inc. (UBER) reported Wednesday a net loss for the first quarter that sharply widened from last year, hurt by a huge net unrealized loss related to the revaluation of Uber's equity investments. Loss per share for the quarter missed analysts' expectations, while quarterly revenues topped it.

In Wednesday's pre-market trading, UBER is currently trading on the NYSE at $64.52, down $5.91 or 8.39 percent.

"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," said Dara Khosrowshahi, CEO.

For the first quarter, net loss attributable to Uber sharply widened to $654 million or $0.32 per share from $157 million or $0.08 per share in the prior-year quarter.

The latest results included a $721 million net headwind (pre-tax) due to net unrealized losses related to the revaluation of Uber's equity investments.

On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA surged 82 percent to $1.4 billion from last year, while adjusted EBITDA margin as a percentage of Gross Bookings was 3.7 percent, up from 2.4 percent last year.

Revenue for the quarter grew 15 percent to $10.13 billion from $8.82 billion in the same quarter last year. Revenue also grew 15 percent on a constant currency basis. Analysts expected revenues of $10.11 billion for the quarter.

Mobility revenues improved 30 percent to $5.63 billion and Delivery revenues were up 4 percent to $3.21 billion, while Freight revenues declined 8 percent to $1.28 billion from last year.

Gross Bookings grew 20 percent to $37.7 billion, or 21% on a constant currency basis, from last year.

Gross bookings in Mobility of $18.67 billion climbed 25 percent, and Delivery gross bookings of $17.70 billion were up 18 percent from last year. Meanwhile, freight gross bookings declined 8 percent to $1.28 billion from last year.

Trips during the quarter grew 21 percent to 2.57 billion, or approximately 28 million trips per day on average. Monthly Active Platform Consumers (MAPCs) improved 15 percent to 149 million from last year.

Looking ahead to the third quarter, the company anticipates adjusted EBITDA in a range of $1.45 billion to $1.53 billion, and gross bookings in a range of $38.75 billion to $40.25 billion.

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