This archive report was first published on 5 November 2021.
San Francisco, United States, November 5, 2021 - Uber's ride share and food delivery businesses have shown significant growth in the recently-ended quarter, as people began to venture out more but still opted for delivery services.
The company's quarterly earnings report revealed a net loss of $2.4 billion, despite a 72% increase in revenue to $4.8 billion, compared to the same period last year.
Most of the loss was attributed to write-downs and losses from Uber's investment in the Chinese ride-hailing service Didi.
“Not only did our Mobility business recover to pre-Covid margins this quarter, our core restaurant delivery business was profitable on an Adjusted EBITDA basis for the first time as well,” said Uber's chief financial officer, Nelson Chai.
Adjusted EBITDA refers to a company's earnings before depreciation and other financial adjustments.
Gross bookings grew 57% to $23.1 billion in the quarter, while the number of trips increased by 39% to 1.64 billion, or nearly 18 million trips per day on average.
Uber's efforts to lure drivers back to the platform have paid off, with the number of monthly active drivers and couriers in the United States growing by nearly 640,000 since January.
As a result, incidences of surge pricing have fallen by nearly half, and wait times are now below the five-minute mark, according to Uber's CEO, Dara Khosrowshahi.
