Uber lost $1 billion in first quarter as a public company
Uber published its first quarter financial results on Thursday, posting net losses of just over $1 billion. The report marked its first since going public earlier this month, and the results were in line with the ranges Uber shared in its IPO prospectus.
The company reported a net loss of $1.034 billion, or $2.26 per share, on total revenue of $3.1 billion for the quarter. Its adjusted net revenue came to $2.76 billion, up 14 percent.
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Uber shared a variety of figures to track the progress of its core platform, including customer engagement. The core platform contributed $2.62 billion in adjusted net revenue. The Core Platform Contribution Margin, as a percent of adjusted net revenue, was -4.5 percent. Additionally:
- Gross bookings in Q1 came to $14.65 billion, an increase of 34 percent over the year prior.
- Monthly Active Platform Consumers "MAPCs" reached 93 million, up from 70 million a year ago.
- Q1 trips totaled 1.55 billion, up 36 percent.
- Average trips per day was 17 million, higher than ever.
- Annualized gross bookings run rate is $59 billion.
In a statement, CEO Dara Khosrowshahi said Uber is "focused on executing our strategy to become a one-stop shop for local transportation and commerce." He added, "Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve."
CFO Nelson Chai said the company's investments continue to focus on the global expansion of its platform and long-term product and technology differentiation.
"But we will not hesitate to invest to defend our market position globally," he added. "We maintained stable regional ridesharing category position in the quarter and started to see signs of less aggressive pricing by some ridesharing competitors, which has continued into Q2 2019."
Uber breaks down its "core platform" revenue by segment: Ridesharing revenue brought in $2.376 billion, up 9 percent year-over-year. Uber Eats Revenue totaled $536 million, up 89 percent. Vehicle Solutions revenue totaled $10 million, a decrease of 82 percent. Other revenue was $32 million, up 23 percent.
Aside from its core platform, Uber reports "Other bets" revenue, which came to $145 million in Q1, up from $40 million a year prior. Other Bets in 2017 and 2018 consisted primarily of Uber Freight and in 2018 also included New Mobility.
By region, more than half of its core platform revenue, $1.75 billion, came from the US and Canada. EMEA revenue came to $487 million, up 26 percent. LATAM revenue was $450 million, down 13 percent. APAC revenue was $267 million, up 6 percent.
As for adjusted net revenue for the core platform, ridesharing contributed $2.34 billion, up 10 percent. Uber Eats contributed $239 million, up 31 percent. Other revenue was $42 million, down 48 percent. Adjusted net revenue for Other bets was $145 million, up 263 percent.
Among the highlights for the quarter, Uber noted the progress it's made in its "Other bets" category. Since launching about a year-and-a-half ago, Uber Freight has served 1,000 shippers, including enterprises like Anheuser-Busch InBev, Niagara, Land O'Lakes and Colgate-Palmolive.The service has contracted with more than 36,000 carriers with more than 400,000 drivers.
Meanwhile, in "New Mobility," Uber rolled out new JUMP bike hardware -- specifically a new eBike that launched in January 2019, featuring improved connectivity, more durability, and a swappable battery. Uber also launched its first public transit product in partnership with the City of Denver in the US.