Uber Technologies posted better than expected results in the final quarter of 2021. It is noteworthy that the meal delivery service (Uber Eats) generated more revenue than its usual taxi rides for the first time.
Second consecutive quarter of profit
The total turnover of the San Francisco-based company in the fourth quarter amounted to 5.78 billion dollars (5 billion euros), significantly exceeding analysts’ expectations. Of this amount, 2.28 billion dollars (2 billion euros) came from passenger transport. For the first time in the company’s history, the meal delivery business did even better, with sales of 2.42 billion dollars. Cargo transport tripled its revenues to 1.1 billion dollars (950 million euros), reports Belgian newspaper De Tijd.
Not only turnover but also the (adjusted) gross operating profit came out 86 million dollars (75 million euros) higher than expected, making the company profitable for the second consecutive quarter. The rise of Uber Eats within the group is also visible, as the division contributed to these profits for the first time. A year ago, there was still a loss of 454 million dollars (400 million euros).
With 118 million active users, a record-breaking amount of consumers were using the Uber platform in the fourth quarter, said CEO Dara Khosrowshahi. According to the chief executive, the company rebounds from the omikron restrictions. “In the last week alone, we saw a one-quarter increase in bookings compared to a month earlier.”
Uber Technologies expects an adjusted gross operating profit of between 100 and 130 million dollars (90 to 115 million euros) in the first three months of this year. This puts the company below the analyst estimate of 151 million dollars (130 million euros).