Despite Huge Q1 Profit Share from Uber Eats, Parent Loses Nearly $3 Billion

Despite Huge Q1 Profit Share from Uber Eats, Parent Loses Nearly $3 Billion

Ahead of its earnings report at this time, shares of Uber rose around 11%, buoyed by a set of financial outcomes and guarantees about the future from Lyft that have been rated highly by investors. That optimism lapped over the sides onto Uber.

Despite Huge Q1 Profit Share from Uber Eats, Parent Loses Nearly $3 Billion

Today after the bell, nevertheless, the global ride-hailing titan reported its own financial results. Analysts had anticipated a loss of $0.83 per share against $3.54 billion in income, although top-line estimates varied from $2.31 billion to $4.33 billion — an unusually giant vary driven by COVID-19-led ambiguity.

Uber posted a Q1 per-share loss of $1.70 and revenues of $3.54 billion, making for a mixed set of outcomes when compared to expectations. The corporate lost a staggering $2.94 billion in the quarter, counting all costs, a figure that even for Uber feels excessively big.

That is mostly bullish. Huge bookings gains are good, huge GAAP revenue gains are good, the adjusted net revenue gains are superb, and, for Uber, not losing more money because it scales — heavily adjusted losses for Uber Eats have been effectively flat on a yearly basis.

The corporate will need to lose less money overall, however, as its enterprise is struggling more in Q2 than it did in Q1.

Uber sacked about 14% of its staff this week and led an investment in Lime, a scooter firm into which it intends to offload its own micromobility efforts.

Uber stock is down about 2% in after-hours trading.