Sales better than expected
Uber surprises analysts
2/10/2022 12:32 am
Last year, the driving service provider Uber suffered severe losses due to the pandemic, but now the taxi competitor’s business is doing better again. However, the company’s food delivery service remains the biggest source of revenue.
Uber is benefiting as its ride-hailing service picks up again while its food delivery business remains strong. In the past quarter, sales grew 83 percent year-on-year to $5.8 billion (5.07 billion euros), as the San Francisco-based company announced after the US stock market closed on Wednesday. That was more than analysts had expected. The stock rose a good five percent in after-hours trading – although the outlook is weaker than predicted.
Revenue from ride-hailing services rose 55 percent year over year to $2.28 billion. The area threw off an adjusted operating profit of 575 million dollars – almost twice as much as a year ago. In the corona pandemic, Uber’s previous core business collapsed due to home working and restrictions on going out. Uber booked 1.77 billion rides – 8 percent more than in the previous three months and 23 percent more than in the same quarter last year.
In the last quarter of 2020, delivery services remained the largest source of revenue with revenues of around $2.4 billion. That was an increase of 78 percent year over year. It reported adjusted operating income of $25 million, down from $145 million a year earlier. The bottom line is that Uber posted a profit of $892 million. But it also came thanks to a $1.4 billion pre-tax valuation gain on the company’s investments. In the same quarter last year, there were red numbers of 968 million dollars.