Uber’s first quarter mixed earnings portray an evolving business – TechCrunch

Uber’s first quarter mixed earnings portray an evolving business – TechCrunch

Turning to numbers, here’s the company’s gross bookings data, which includes both segments: A number of things impacted Uber’s quarter. The first, of course, was COVID-19. The pandemic shows up in a host of ways across Uber’s results, but most critically it continued to negatively impact Uber’s ride business and positively impact its delivery business. Image Credits: Uber

Surprised by the revenue miss? Shocked by the profit beat? Startled by the sharp drop in the value of Uber’s stock? Let’s unpack the numbers. How did investors vet Uber’s performance? The company’s stock is off around 4% in after-hours trading.

Uber’s quarter Let’s start with the big numbers: Uber’s revenue missed sharply, while its profitability beat expectations. In numerical terms, Uber reported $2.9 billion in revenue for the three-month period, sharply under the $3.28 billion investors had expected. However, while the street had anticipated that the company would post a $0.54 loss per share, Uber’s GAAP results actually came to a far more modest $0.06 per-share loss.

Source techcrunch.com A few things to note. First, Uber’s total platform spend went up in aggregate on a year-over-year basis. That’s good. And as we look at the year-over-year changes, that delivery’s growth compared to the year-ago period was nearly legendary. (Postmates is in there, so take that into account.) The ride-hailing business’s decline feels somewhat modest in comparison. And we’d note that Uber’s freight efforts are very nearly material.

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