Uber’s quarterly figures were released yesterday after market close. Here are the key figures.
Sales amounted to 3.17 billion Dollars (previous year’s quarter 2.77/expected 3.3). This represents growth of only 14% year-on-year. This is probably a more serious problem for an “aspiring” company than the following loss figures?
The loss is 4.72 Dollars per share (previous year -2.01/expected -3.1). In three months more than 5.2 billion Dollars have been burned. What an achievement! However, in order to “rescue” Uber, it should be mentioned that $3.9 billion of this amount was spent on share-based payments that were incurred in the course of the IPO. The adjusted EBITDA loss increased year-on-year from $292 million to $656 million.
The share finally closed post-market at -6%. Although the minus was up to 10% during market trading hours.
The number of trips rose year-on-year from 1.24 to 1.68 billion.
The head of Uber hardly talks about this loss, but only about its “great” growth. Quote:
“Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year,” said Dara Khosrowshahi, CEO. “In July, the Uber platform reached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and more integral part of everyday life in cities around the world.”
“While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction,” said Nelson Chai, CFO. “In Q2, Adjusted Net Revenue grew 26% year-over-year in constant currency and excluding our Driver Appreciation Award, which is an acceleration from Q1. Adjusted EBITDA also improved meaningfully from Q1, driven by a $337 million sequential improvement in Core Platform Contribution.”