UBER's Q1 Loss Wider Than Estimates, Revenues Increase Y/Y

Uber Technologies UBER reported a loss of 32 cents per share in the first quarter of 2024. The Zacks Consensus Estimate was pegged at 21 cents. In the year-ago quarter, UBER incurred a loss of 8 cents.

Total revenues of $10,131 million beat the Zacks Consensus Estimate of $10,076 million. The top line jumped 15% year over year.

In the reported quarter, the majority (55.6%) of the company's revenues came from Mobility. Revenues from this segment jumped 30% year over year to $5,633 million. Revenues from the Delivery segment increased 4% year over year to $3,214 million. Freight revenues fell to $1,284 million, down 8% from the year-ago period, due to lower revenue per load and volume and the challenging freight market cycle.

Adjusted EBITDA in the first quarter surged 82% to $1,382 million.

Uber Technologies, Inc. Price, Consensus and EPS Surprise

Uber Technologies, Inc. price-consensus-eps-surprise-chart | Uber Technologies, Inc. Quote

Gross bookings from Mobility improved 25% to $18,670 million. Gross bookings from Delivery augmented 18% to $17,699 million. Gross bookings from Freight came in at $1,282 million in the first quarter, down 8% from the year-ago quarter. Total gross bookings ascended 20% to $37,651 million.

Uber exited the first quarter with cash and cash equivalents of $5,019 million compared with $4,680 million at the prior-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $9,457 million compared with $9,459 million at the prior-quarter end.

Operating cash flow came in at $1,416 million in the reported quarter. The free cash flow was $1,359 million.

Q2 Guidance

For the second quarter of 2024, Uber expects gross bookings in the range of $38.75 billion-$40.25 billion. The adjusted EBITDA is estimated to be between $$1.45 billion and $1.53 billion, which reflects year-over-year growth of 58-67%.

UBER currently sports a Zacks Rank #1 (Strong Buy).

Let's take a look at the first-quarter performances of other companies from the same industry.

Lyft Inc. LYFT reported first-quarter 2024 earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 9 cents and improved year over year. Revenues of $1,277.2 million also outpaced the Zacks Consensus Estimate of $1,170.1 million and improved year over year.

Alphabet's GOOGL first-quarter 2024 earnings of $1.89 per share beat the Zacks Consensus Estimate by 26.8%. The figure rose 61.5% year over year. Revenues of $80.54 billion increased 15% year over year (16% at constant currency).

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