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Uber Technologies Inc. reported its Q1 results for FY22 with its revenues and bookings seeing significant growth as recovery from pandemic-induced disruptions continued during the three months ended in March 2022.
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The revenues of the company grew 136% YoY, beating the estimated figure of $6.1 billion to reach $6.9 billion. Gross bookings grew 35% YoY to $26.4 billion with Mobility gross bookings surging 58% to $10.7 billion & Delivery gross bookings growing to $13.9 billion, up 12%. This gives an approximate 19 million trips per day.
Uber's Mobility Segment saw a growth of 195% YoY. This segment of Uber covers all its ride-hailing products and services, as well as its financial partnership offerings. This shows how the economy is opening up and people are willing to use the company's ride-hailing services.
Despite posting such impressive growth, the company has reported a net loss of $5.9 billion equating to a loss of $3.03 per share, greatly surpassing the estimated figure of $0.41 per share.
The main cause of such a heavy loss was a $5.6 billion loss in Uber's equity investments, most noticeably the revaluation of Uber's stake in Didi, Grab & Aurora. A further loss of $359 million was on account of stock-based compensation expenses.
The stock of Uber has been declining for the past three trading sessions. After the results, the stock witnessed a full gap-down opening and fell 4.65% in a single day.
The stock touched a low of $25.9 per share, a level the stock hadn't reached since April 2020. Yesterday's decline marked a 10.72% fall in the stock in a span of four days. After yesterday's trading session, the stock closed at $28.10 per share.
Article by Aman Agarwal.
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