On Wednesday, Uber reported revenue growth in the first quarter when rideshare said it was recovering from a minimum of coronavirus and would not make “significant” investments to keep drivers on the platform.

The company seems to be on its way to surpassing the level before the pandemic as travel accelerates. CEO Dara Khosrovshahi said that gross bookings in April exceeded the level of 2019 in all regions and uses.

Uber also reported a big loss due to its investments over the period. After the report, stocks fell more than 2% in pre-market auctions.

Here are the key figures:

  • Loss per share: $ 3.04 (GAAP), not comparable to analysts ’estimates
  • Income: According to a poll by Refinitiv analysts, $ 6.85 billion versus $ 6.13 billion.

In the second quarter, Uber expects gross bookings to range from $ 28.5 billion to $ 29.5 billion. In addition, he expects adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, to be $ 240 million to $ 270 million.

Uber said it expects to generate “significant positive cash flows” for the entire 2022 year, which will be the first for the company.

The company reported a net loss of $ 5.9 billion in the first quarter, which it said was due primarily to its capital investment in the Southeast Asian Mobility and Delivery Company Grab, the autonomous company Aurora and the Chinese giant Didi. Uber CFO Nelson Chai said in prepared remarks that the company has the liquidity to maintain its position and wait for a better time to sell.

Its adjusted EBITDA was $ 168 million. This is $ 527 million more than in the same quarter last year.

Uber’s revenue increased 136% year-over-year to $ 6.9 billion.

Here’s how Uber’s largest business segments worked in the first quarter of 2022:

  • Mobility (gross bookings): $ 10.7 billion, up 58% from a year
  • Shipping (gross booking): $ 13.9 billion, up 12% over the year

Throughout the pandemic, Uber relied on its delivery business, which includes Uber Eats. However, revenue from mobility has finally exceeded revenue from shipping. Its mobility segment reported $ 2.52 billion in revenue, compared with shipping of $ 2.51 billion. Income excludes additional taxes, fees and charges from gross booking.

Uber reported 1.71 billion trips on the platform during the quarter, up 18% from the same quarter last year. The monthly number of active consumers of the platform reached 115 million, which is 17% more than a year ago. In total, drivers and couriers earned $ 9 billion in the quarter, slightly less than in the fourth quarter.

Uber said its driver base is at its peak since the pandemic. The company expects this to continue without “significant additional incentive investments,” Khosravshahi said in a prepared remark.

Rideshare companies are struggling with supply and demand as the Covid-19 pandemic knocks drivers off the road. Companies, including Uber, have had to rely heavily on incentives for drivers to get drivers back, which has eaten away at its financial results.

It seemed that in recent months it has stabilized, but the war in Ukraine has led to a significant increase in fuel prices. Analysts feared that companies would have to pour in millions to retain drivers. Uber is likely to add more paint in driver incentives during the earnings call, which is scheduled for 8 a.m. ET.

Incentives for drivers along with light recommendations led to shares of rival Lyft crashing in extended trading on Tuesday. Lyft said during a call by an analyst that next quarter will invest more in subsidies for drivers, although he believes this will help “pay off in a healthier market.”

Read the release about Uber’s earnings here.

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