Uber's Q1 2024 earnings show growth and profitability with record adjusted EBITDA

From Barchart: 2024-05-08 14:14:00

Uber Technologies, Inc. (NYSE: UBER) recently released its earnings report for Q1 2024, showing continued growth and profitability despite challenges in the transportation sector. Uber’s Gross Bookings reached $37.7 billion, with Mobility up 25% and Delivery up 18%. Revenue grew by 15% to $10.1 billion, with adjusted EBITDA hitting $1.4 billion.

Uber’s operational metrics highlight growth and engagement, with Monthly Active Platform Consumers at 149 million and trips completed reaching 2.6 billion. Driver and courier earnings rose by 22%. The company also introduced strategic initiatives like expanding Uber Taxi and partnering with OEMs for electric vehicles.

Technological innovation is a key focus for Uber, with partnerships in autonomous driving and delivery services. Artificial intelligence and data analytics optimize the platform for safety and efficiency. The company’s sustainability efforts include promoting electric vehicles and sustainable packaging options for food deliveries.

Investor sentiment initially saw a decline in Uber’s stock price post-earnings report due to unexpected net loss and guidance. However, record adjusted EBITDA and strong cash flow generation demonstrate a healthy core business. With investments in technology, expansion, and sustainability, Uber is positioned for sustained growth in the future.



Read more at Barchart: Uber Accelerates: Q1 2024 Earnings Reveal Strong Performance