Summary
Uber Technologies, Inc. reported strong revenue growth of 29% year-over-year to $8.8 billion for the first quarter of 2023. This growth was driven by a significant increase in Mobility revenue, particularly in the UK due to business model changes, and steady growth in Delivery. Despite the revenue increase, the company reported a net loss attributable to common stockholders of $157 million. However, this loss narrowed significantly from the prior year's $5.9 billion loss, partly due to a substantial unrealized gain on investments. The company also saw a considerable improvement in Adjusted EBITDA, which rose to $761 million, driven by strong performance in both the Mobility and Delivery segments. The company ended the quarter with a healthy cash position of $4.2 billion in unrestricted cash, cash equivalents, and short-term investments.
Financial Highlights
52 data points| Revenue | $8.82B |
| R&D Expenses | $775.00M |
| Operating Expenses | $9.09B |
| Operating Income | -$262.00M |
| Interest Expense | $154.00M |
| Net Income | -$157.00M |
| EPS (Basic) | $-0.08 |
| EPS (Diluted) | $-0.08 |
| Shares Outstanding (Basic) | 2.01B |
| Shares Outstanding (Diluted) | 2.01B |
Key Highlights
- 1Revenue increased 29% year-over-year to $8.8 billion.
- 2Mobility revenue saw a significant 72% increase, partly due to business model changes in the UK.
- 3Delivery revenue grew 23% year-over-year.
- 4Freight revenue declined 23% year-over-year, reflecting macroeconomic headwinds.
- 5Net loss attributable to common stockholders narrowed significantly to $157 million from $5.9 billion in the prior year.
- 6Adjusted EBITDA improved substantially to $761 million, up from $168 million in the prior year.
- 7The company ended the quarter with $4.2 billion in unrestricted cash, cash equivalents, and short-term investments.