Uber, an American digital ride-hailing and delivery services company, has announced that it saw impressive double-digit revenue growth in the first quarter of this year. The company experienced a 15 percent increase in revenue compared to the same period last year, totaling $10.13 billion.
Revenue from transportation services grew by 29 percent to $5.6 billion, while revenue from delivery services increased by four percent to $3.2 billion. During the quarter, the number of active users on the platform increased by 15 percent and the number of trips taken by 21 percent.
Despite this growth, Uber reported a net loss of $654 million, which was three times higher than the previous year due to reduced investments in non-listed stocks. However, adjusted basic profit saw an increase of 82 percent to $1.38 billion.
Looking forward to the second quarter, Uber expects the value of reservations to be between $38.75 and $40.25 billion. CEO Dara Khosrowshahi expressed optimism about the company’s performance and highlighted the strategies that drove growth in both the transportation and service divisions.
In addition to increasing trips to airports and offices, Uber attributes its positive results in the transportation business to new customers who joined during this time period.
For its service business, new customers and faster delivery times played a key role in driving growth.
Overall, Uber’s impressive revenue growth is a testament to its success as a digital ride-hailing and delivery services company.
Moving forward into Q2 2023, Uber expects continued growth with reservation values ranging from $38.75-$40.25 billion.
CEO Dara Khosrowshahi expressed optimism about their future performance and highlighted their strategies for success in both their transportation and service businesses.
