Uber Technologies, Inc. (NYSE: UBER) has reported its financial results for the first quarter of 2024, showcasing substantial year-over-year growth across several key metrics.
The company’s performance indicates a robust demand for its services, with notable operational efficiency and profitability improvements. This quarter’s achievements underscore Uber’s ongoing commitment to expanding its global footprint while enhancing user experience and driver partner benefits.
Uber experienced a remarkable uptick in its operational metrics, with trips growing by 21% year-over-year. Gross bookings saw a 20% year-over-year increase, reaching $37.7 billion, or a 21% rise on a constant currency basis. This growth was driven by a 25% increase in Mobility Gross Bookings and an 18% rise in Delivery Gross Bookings.
Uber’s EPS Falls Short of Expected in Q1 with Surprise Loss, Revenue Beats Expectations
Revenue for the quarter stood at $10.1 billion, marking a 15% increase from the previous year. Despite facing business model changes that negatively impacted year-over-year growth by eight percentage points, the company managed to maintain a steady revenue flow.
Additionally, Uber reported an income from operations of $172 million, a significant improvement from the prior year, and an adjusted EBITDA of $1.4 billion, up 82% year-over-year.
Comparing Uber’s current performance against expectations, the company has demonstrated a robust financial standing that slightly exceeds market forecasts for revenue. Analysts had anticipated an EPS of $0.22 and revenue of $10.09 billion for the quarter. Uber’s reported revenue of $10.1 billion aligns closely with these expectations, indicating the company’s ability to meet and marginally surpass analyst projections. However, its reported EPS of -$0.32 is significantly shorter than expected.
This performance highlights Uber’s effective strategy execution and resilience in navigating market challenges, including the impact of currency fluctuations and evolving consumer behavior post-pandemic.
Uber Predicts Gross Bookings of $38.75 to $40.25 Billion for Q2 2024
Uber has provided optimistic guidance for Q2 2024, projecting gross bookings of $38.75 billion to $40.25 billion. This forecast suggests an 18% to 23% year-over-year growth on a constant currency basis despite anticipating a currency headwind. Adjusted EBITDA is expected to range between $1.45 billion and $1.53 billion, representing a 58% to 67% year-over-year growth.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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