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Uber Technologies Inc (NYSE:UBER) filed a Form S-4 with the U.S. Securities and Exchange Commission in connection to its Postmates Inc acquisition deal on Friday, disclosing the food-delivery company's financials.
In a best-case scenario, the management forecasts Postmates revenue growth from $997 million in 2021 to $1,496 million in 2023, and the EBITDA from $17 million in 2021 to $109 million in 2023.
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What Happened: In the SEC filing, Uber reported that the Postmates revenue for the quarter ended June 30 was $160 million, which compares with the $71.39 million posted in the same period a year ago.
The net loss for the quarter was $32 million, down about 72.4% year-over-year from $116 million. At the end of Q2, Postmates held an $88 million cash position.
In the first six months this year, revenue grew almost 100% higher than the revenue for H1 2019.
Why Does It Matter: The SoftBank Corp (OTC:SFTBY)-backed tech company could turn profitable once the Postmates agreement is realized, according to Forbes. Through the deal, Uber can gain more market share in the fast-growing food delivery business and expand its outreach to more customers.
Uber announced its plans to acquire Postmates on July 5 for approximately $2.65 billion through an all-stock deal. The ridesharing company is already in the food-delivery business with Uber Eats, and combining the two could produce significant cost benefits and synergies — up to $200 million based on Uber’s estimates.
Price Movement: UBER stock gained 3.33% during Friday’s trading session at $34.46 per share.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.