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Uber claimed it was “starting to shoot all cylinders” with the fourth-highest quarter of gross reserves, although its food delivery business continues to weigh heavily on flat reserves.
Uber recorded $ 19.5 billion in gross reserves, the total value of all transactions, 24% more than the same period last year, when the first effects of the pandemic had begun to stifle its business.
But bookings for shared travel fell marginally from the previous quarter and still 38% less than in the same period last year.
The shortage of available drivers has hindered the recovery of the sector. For the first time, Uber reported on Wednesday that it had 3.5 million active drivers and messengers working on its platform, 4% more than the previous quarter, but 22% year-on-year.
Quarterly revenue reached $ 2.9 billion, below analysts ’estimates. This included a $ 600 million accrual for costs it expects to incur in the future to settle historic wage demands related to a major judicial defeat on the classification of workers that will allow drivers in the country to obtain additional benefits.
Discounting the accrual, Uber said its total revenue was $ 3.5 billion, 8% more than the previous year, exceeding analysts ’estimates. As has been the case for most of the pandemic, its deliveries division accounted for most of the sales, at $ 1.7 million, 230% more than in the first quarter of 2020.
An exceptional $ 1.6 billion hit from the sale of its autonomous division helped Uber position itself at a profitable distance of a profitable quarter, recording a net loss of $ 108 million compared to $ 2.9 billion in the same quarter last year.
Uber’s preferred measure of performance, adjusted ebitda gains before depreciation and amortization, also exceeded analysts ’expectations, with a loss of $ 359 million, 41% higher than One year ago. Wall Street had expected a $ 452 million loss, according to FactSet.
“Uber is starting to shoot at all cylinders as more consumers come back with us as they continue to use our expanding delivery offerings,” Dara Khosrowshahi, chief executive, said in a statement accompanying the presentation.
On Tuesday the company announced it would partner with the fast app Gopuff distribution company to offer convenience items through the Uber Eats app, through Gopuff’s network of warehouses and delivery drivers. Uber receives an undisclosed commission for each sale.
Uber maintains its goal of a profitable quarter, based on adjusted EBITDA, at the end of the year. Demand for car-sharing shows signs of a strong return to regions that have loosened closures and vaccinated citizens.
As part of its profit launch, Uber shared data from Sydney and New York, two of its largest travel and delivery markets, suggesting that gross food delivery reserves still rose even after of the reopenings, which boosted the demand for car-sharing.
Rideshare workers have shown reluctance to take the job as economies reopen.
Last month, Uber announced an additional $ 250 million incentive package of additional incentives for drivers, which promoted higher organic wages as high demand raised fares. On Tuesday, rival Lyft announced higher earnings and a higher degree of social interaction for car-sharing drivers compared to leaving food.
There were 98 million active Uber users, either for attractions or food, 5% more than the previous quarter, but 5% less than in the same period last year.
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