Uber's revenue surged in the first quarter of the year, underpinned by a recovery in its ride-hailing and delivery businesses in the January to March period.
The California-based company’s revenue in the three months to the end of March soared 136 per cent on an annualised basis to more than $6.9 billion, surpassing analysts’ estimate of $6.1bn, as gross bookings grew 35 per cent annually to $26.4bn.
Uber was trading almost 7 per cent down at $27.5 a share in premarket trading on Tuesday. The company’s stocks are down more than 33 per cent since the start of the year.
The company reported adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $168 million during the quarter, compared with a loss of $359m in the prior year period. The results marked the company’s third profitable quarter.
Net loss in the quarter soared to $5.9bn compared to $108m in the same period in 2021. That includes a $5.6bn headwind relating to Uber’s equity investments, primarily due to unrealised losses related to the revaluation of Uber’s Grab, Aurora and Didi stakes, the company said on Wednesday.
“Our results demonstrate just how much progress we have made navigating out of the pandemic and how the power of our platform is differentiating our business performance,” said Dara Khosrowshahi, chief executive of Uber.
Throughout the Covid-19 pandemic, Uber’s overall business primarily relied on its delivery unit, which includes Uber Eats. However, its mobility division's revenue slightly surpassed delivery sales in the last quarter.
Mobility business accounted for about 36.7 per cent of the company's overall revenue in the quarter, with mobility sales surging 195 per cent annually to more than $2.5bn.
Uber's delivery business grew 44 per cent annually to $2.5bn in the three-month period, while its freight division jumped 505 per cent to $1.8bn.
“In April, mobility gross bookings exceeded 2019 levels across all regions and use cases. There has never been a more exciting time to innovate at Uber and we are focused on executing our strategy to grow our platform profitably,” Mr Khosrowshahi said.
Uber’s delivery gross bookings increased 12 per cent yearly during the first quarter to $13.9bn and mobility gross bookings surged 58 per cent to $10.7bn.
Airport gross bookings represented 13 per cent of mobility gross bookings in the quarter, compared to 15 per cent before the pandemic, outpacing the segment’s recovery as consumer travel trends improved, the company said.
Uber's revenue in the US and Canada accounted for 66.6 per cent of the company's total sales in the first quarter, jumping almost 147 per cent yearly to more than $4.6bn.
Sales grew 43 per cent in Latin America to $432m and nearly 400 per cent in Europe, the Middle East and Africa to $1.1bn. Sales in the Asia-Pacific region increased about 39 per cent to $733m.
“We are pleased with our first-quarter results, with outperformance of our quarterly guidance and strong incremental margins,” said Nelson Chai, Uber’s chief financial officer.
“With free cash flow approaching breakeven in the first quarter, we now expect to generate meaningful positive free cash flows for full-year 2022.”
The company said unrestricted cash and cash equivalents were at $4.2bn as of March 31, a quarterly drop of almost 2.3 per cent. Uber’s net cash provided by operating activities stood at $15m.
Uber expects gross bookings of $28.5bn to $29.5bn with an adjusted Ebitda of $240m to $270m in the current quarter ending June 30.
The number of monthly active platform consumers reached 115 million from January to March, jumping 17 per cent annually but dropping 2.5 per cent compared with the previous quarter.
Trips during the first quarter period grew 18 per cent year-on-year to 1.71 billion, or about 18.9 million trips per day on average, Uber said.
Drivers and couriers earned nearly $9bn in the quarter, up 39 per cent on an annual basis.
UAE currency: the story behind the money in your pockets
Brief scores:
Day 1
Toss: South Africa, field first
Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48
South Africa (1st innings) 123-2: Markram 78; Masood 1-4
ANALYSTS’ TOP PICKS OF SAUDI BANKS IN 2019
Analyst: Aqib Mehboob of Saudi Fransi Capital
Top pick: National Commercial Bank
Reason: It will be at the forefront of project financing for government-led projects
Analyst: Shabbir Malik of EFG-Hermes
Top pick: Al Rajhi Bank
Reason: Defensive balance sheet, well positioned in retail segment and positively geared for rising rates
Analyst: Chiradeep Ghosh of Sico Bank
Top pick: Arab National Bank
Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Brief scores:
QPR 0
Watford 1
Capoue 45' 1
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
Scoreline
Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
UAE currency: the story behind the money in your pockets
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Charlotte Gainsbourg
Rest
(Because Music)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
