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May 6, 2022

Anna Murray 

Uber Technologies, Inc. (UBER) on May 4 reported US$6.9 billion in revenue in the first three months of 2022, exceeding analysts' estimates and increasing by 136 percent over the same period in 2021, when COVID-19 vaccines were limited, and people were not traveling as much. Even though Uber lost US$5.6 billion from investments in rival ride-sharing companies, particularly the Chinese service Didi, the corporation reported significant growth in its ride-hailing and delivery services and said it was continuing to bounce back from a pandemic fall as travel began to rebound.

Uber expects adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of between US$240 million and US$270 million in the second quarter of fiscal year 2022, as well as gross bookings of US$28.5 billion to US$29.5 billion. On May 4, the company's shares closed down more than 4%.

In addition, Chief Executive Officer of Uber Dara Khosrowshahi said the company's Uber Eats food delivery business has played a vital role in driving overall growth during a conference call after the financial results were revealed. Because drivers may switch between delivering meals and people to make money, Uber Eats has helped the company's ride-hailing business grow. On August 11, Uber is scheduled to announce its next earnings report for Q2 FY 2022.