Uber, the largest transportation service provider, released its quarterly figures tonight. Here are the key figures.
Sales amounted to 3.81 billion Dollars (previous year’s quarter 2.94/expected 3.7).
The net loss was $1.16 billion (prior-year quarter: $-986 million). Even though the loss was expected to be greater, it still increased year-on-year!
The share closed the day at -5.5%. Since the IPO in May at 45 Dollars as the IPO price (first price 42 Dollars), the share has now dropped sharply to 29.37 Dollars. What a flop!
So, the losses are rising, but sales are also continuing to rise noticeably. And customer trips rose by 31% year-on-year from 1.35 billion to 1.77 billion.
Uber says about the current figures that they know about the expectations of the stock market in terms of profitability. And they assume that they will reach the profit zone in 2021. Here is Uber’s headline statement:
“Our results this quarter decisively demonstrate the growing profitability of our Rides segment,” said Dara Khosrowshahi, CEO. “Rides Adjusted EBITDA is up 52% year-over-year and now more than covers our corporate overhead. Revenue growth and take rates in our Eats business also accelerated nicely. We’re pleased to see the impact that continued category leadership, greater financial discipline, and an industry-wide shift towards healthier growth are already having on our financial performance.”