[ad_1]
Uber Technologies Inc. lost billions of dollars in the first quarter mostly due to its investments, but beat analysts’ estimates as it reported results earlier than planned Wednesday morning.
Uber
UBER,
shares fell as much as 2.7% in pre-market trading but were paring some of those losses, after falling 3% Tuesday to close at $29.47.
Uber reported a first-quarter net loss of $5.9 billion, or $3.04 a share, compared with a loss of $108 million, or 6 cents a share, in the year-ago period. The company attributed $5.6 billion of that loss to its investments in its stakes in Grab Holdings Ltd.
GRAB,
Aurora Innovation Inc.
AUR,
and Didi Global Inc.
DIDI,
The company also said the loss included $359 million in stock-based compensation costs.
Despite the whopping loss, Dara Khosrowshahi, chief executive of the ride-hailing and delivery giant, in a statement touted his company’s progress in “navigating out of the pandemic… In April, mobility gross bookings exceeded 2019 levels across all regions and use cases.”
The company reported overall gross bookings of $26.45 billion, beating analysts’ expectation of $25.96 billion. Mobility, or rides, gross bookings were $10.72 billion, compared with $6.77 billion in the year-ago period. Delivery gross bookings were $13.9 billion, up from $12.46 billion in the first quarter last year. Analysts expected $10.76 billion in rides gross bookings and $13.77 billion in delivery gross bookings.
Revenue more than doubled to $6.85 billion from $2.9 billion in the year-ago quarter.
Adjusted Ebitda was $168 million, exceeding analysts’ average estimate of $134 million. That compares with negative adjusted Ebitda of $359 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast an adjusted loss of 27 cents a share on revenue of $6.1 billion.
Uber was supposed to report results Wednesday after the markets closed, but it announced Tuesday night that it would move up its announcement and earnings call to Wednesday morning. Ride-hailing rival Lyft Inc.
LYFT,
had seen its shares clobbered after reporting results Tuesday, weighing on Uber’s stock.
See: Lyft stock plunges 26% after forecast, rider numbers come up short
For the second quarter, Uber expects gross bookings of $28.5 billion to $29.5 billion, and adjusted Ebitda of $240 million to $270 million.
Shares of Uber have fallen almost 30% year to date, while the S&P 500 index
SPX,
is down almost 13% so far this year.
[ad_2]
Source link
