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Market Overview

Uber Stock Is Trading Lower After Q1 Earnings

Uber Stock Is Trading Lower After Q1 Earnings
  • Uber Technologies Inc (NYSE: UBERreported a first-quarter FY21 revenue decline of 24% year-on-year to $2.903 billion, missing the analyst consensus of $3.28 billion.
  • Mobility revenue declined 65% Y/Y to $853 million; Delivery revenue rose 230% Y/Y to $1.741 billion; Freight revenue rose 51% Y/Y to $301 million; All Other revenue was $8 million.
  • A $600 million accrual reduced the total revenue and Mobility revenue for the resolution of U.K. claims regarding drivers' classification.
  • Revenue excluding the accrual rose 8% Y/Y to $3.503 billion. Mobility revenue excluding the accrual fell 41% Y/Y.
  • Monthly Active Platform Consumers (MAPCs) declined 5% to 98 million; Trips declined 13% Y/Y to 1.447 billion.
  • Gross Bookings rose 24% Y/Y to $19.5 billion; Mobility Gross Bookings fell 38% Y/Y to $6.8 billion; Delivery Gross Bookings rose 166% Y/Y to $12.5 billion.
  • Revenue from U.S. and Canada declined 11% Y/Y to $1.849 billion; Latin American declined 37% Y/Y to $302 million; EMEA declined 52% Y/Y to $225 million, and Asia Pacific revenue rose 138% Y/Y to $527 million.
  • Adjusted EBITDA loss rose 41% Y/Y to $359 million.
  • Net loss declined 96% Y/Y to $108 million, benefiting from a $1.6 billion gain from the divestiture of ATG, partly offset by the $600 million in accruals.
  • Non-GAAP net loss per share of $0.06 beat the analyst consensus $0.54 loss.
  • The company held $5.647 billion in cash and equivalents and used $611 million in operating cash flow.
  • The company outperformed both in Gross Bookings and Adjusted EBITDA outlook, with Mobility trends improving through the quarter and continued elevated growth for the Delivery business, combined with disciplined operational execution, CFO Nelson Chai said.
  • CEO Dara Khosrowshahi said that April was the best month ever on Gross Bookings.
  • Price action: UBER shares traded lower by 4.18% at $49.04 in the premarket session on the last check Thursday.

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