Uber has announced its earnings for the first quarter of 2022, and some of its metrics show a healthy return to normality after years of pandemic-induced disruption. Those highlights for Q1 2022 include:
- Gross Bookings: Gross bookings rose 35% year-over-year to $26.4 billion.
- Mobility Gross Bookings: These were up a 58% YOY to $10.7 billion.
- Delivery Gross Bookings: Deliveries grew, too, but at a lower 12% YOY to $13.9 billion.
- Revenue: Q1 2022 revenue grew 136% to $6.9 billion.
Yet despite the healthy growth in several categories, Uber has a Q1 2022 net loss of $5.9 billion. Most of that ($5.6 billion) was due to “aggregate unrealized losses” from Uber’s equity investments in delivery and rideshare companies Grab, Aurora, and Didi.
Uber’s results will be a relief to investors’ ears after competitor Lyft saw its stock get pulverized yesterday. Lyft shares sank 25% after the company forecast less-than-expected Q2 2022 revenue. The poor forecast by Lyft sent Uber shares down as much as 10% in its wake yesterday, before recovering to a 3% drop, reported MarketWatch.
But Uber’s Q1 results today seem to have stemmed any Lyft-like fall. As of the time of this writing, Uber shares are up about 1% in pre-market trading. For the Q2 2022 ahead, Uber is forecasting:
- Gross Bookings: $28.5 billion to $29.5 billion
- Adjusted EBITDA: $240 million to $270 million
Announcing Uber’s Q1 2022 results, Uber CEO Dara Khosrowshahi said, “Our results demonstrate just how much progress we’ve made navigating out of the pandemic and how the power of our platform is differentiating our business performance. In April, Mobility Gross Bookings exceeded 2019 levels across all regions and use cases. There’s never been a more exciting time to innovate at Uber and we’re focused on executing our strategy to grow our platform profitably.”