Summary
Uber Technologies, Inc. reported its first quarter 2019 financial results, showcasing significant year-over-year growth in key operational metrics such as Gross Bookings and Monthly Active Platform Consumers (MAPCs), which increased by 34% and 33% respectively. However, this growth was accompanied by a substantial increase in the loss from operations, which widened to $1.03 billion from $478 million in the prior year quarter, and a net loss attributable to Uber Technologies, Inc. of $1.01 billion, compared to a net income of $3.75 billion in Q1 2018. The widening losses are primarily attributed to increased investments in sales and marketing, higher cost of revenue (driven by incentives), and ongoing investments in new initiatives like Uber Freight and New Mobility. The company also adopted new lease accounting standards, which impacted the balance sheet by adding operating lease right-of-use assets and liabilities. Notably, the period leading up to the Q1 2019 earnings report saw significant pre-IPO activity, including the closing of the IPO in May 2019 for $45.00 per share, raising approximately $8.0 billion in net proceeds. This filing provides crucial insights into Uber's operational expansion and investment strategy ahead of its public market debut.
Financial Highlights
52 data points| Revenue | $3.10B |
| R&D Expenses | $409.00M |
| Operating Expenses | $4.13B |
| Operating Income | -$1.03B |
| Interest Expense | $217.00M |
| Net Income | -$1.01B |
| EPS (Basic) | $-2.23 |
| EPS (Diluted) | $-2.26 |
| Shares Outstanding (Basic) | 453.54M |
| Shares Outstanding (Diluted) | 453.62M |
Key Highlights
- 1Revenue increased by 20% to $3.1 billion in Q1 2019 compared to $2.58 billion in Q1 2018.
- 2Gross Bookings grew significantly by 34% year-over-year to $14.6 billion.
- 3Monthly Active Platform Consumers (MAPCs) increased by 33% to 93 million.
- 4Loss from operations widened significantly to $1.03 billion in Q1 2019, compared to $478 million in Q1 2018.
- 5Net loss attributable to Uber Technologies, Inc. was $1.01 billion in Q1 2019, a reversal from a net income of $3.75 billion in Q1 2018.
- 6The company adopted new lease accounting standards (ASC 842) on January 1, 2019, resulting in the recognition of operating lease right-of-use assets and liabilities on the balance sheet.
- 7Uber Technologies, Inc. completed its Initial Public Offering (IPO) on May 14, 2019, raising approximately $8.0 billion in net proceeds.