Uber Earnings Report (Q3 2021)
Uber has been a loss making company for quite some time, but the company has been slowly creeping towards actually turning a profit. Uber believes profitability is still close but overall in Q3 they still reported a net loss with higher EBITDA profit.
- Revenue for Q3: $4.8 billion, higher than expected and up 72% year over year.
- Net loss of $2.4 billion, including a $2.0 billion net headwind (pre-tax) from revaluation of Uber’s equity investments.
- EBITDA Profit for Q3: $8 million, up from a loss of $507 million in the previous quarter.
- Gross Bookings up 57% year over year to $23.1 billion.
- Mobility Gross Bookings: $9.9 billion, up 67% year over year.
- Delivery Gross Bookings: $12.8 billion, up 50% year over year.
- 1.64 billion trips during Q3, up 39% year over year. Averaging around 18 million trips per day.
- Cash on hand and cash equivalents were $6.5 billion at the end of Q3.
Uber has said:
“Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience,” said Dara Khosrowshahi, CEO. “This is especially important as Mobility reignites. Mobility Gross Bookings are up 18 percent over just the last two months and this Halloween weekend surpassed 2019 levels.”
“While we recognize it’s just a step, reaching total-company Adjusted EBITDA profitability is an important milestone for Uber,” said Nelson Chai, CFO. “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, bringing the full Delivery segment close to breakeven.”
Uber expect an adjusted EBITDA of $25 million to $75 million for Q4 and Gross Bookings of $25 billion to $26 billion.
Since the start of 2021, Uber stock is up around 11.54%.
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