Uber Technologies Inc. reported record growth in revenues and bookings in its first quarter results as the economy shows signs of recovery from the pandemic induced disruptions.
The revenues beat estimated figures to reach $6.9 billion as revenues grew 136% YoY as gross bookings surged 35% YoY to $26.4 billion. During the quarter, Uber’s mobility segment reported the strongest growth, a whole 195% YoY.
Even though the company managed to best street estimates, the company reported a net loss of $5.9 billion or Loss per share of $3.03 per share, much higher than the estimated figure of $0.41 per share.
The losses were not on account of operations. A loss of $5.6 billion was on account of lower revaluation of Uber’s stake in Didi, Grab and Aurora. A further loss of $359 million was on account of stock-based compensation expense.
The day after the result, the stock witnessed a full gap-down opening and fell 4.65%. It touched a low of $25.90 per share, a level the share hadn’t reached since April 2020. It has been declining for a while as it closed at $26.07 per share yesterday.
Highlight by Aman Agarwal.