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Uber Technologies | 10-Q: Quarterly report

SEC announcement ·  May 9 04:13
Summary by Futu AI
Uber Technologies reported a robust financial performance for the first quarter of 2024, with significant year-over-year growth. Revenue increased by 15% to $10.1 billion, driven by a 20% rise in Gross Bookings, which reached $37.7 billion. The company's Mobility Gross Bookings grew by 26%, primarily due to higher Trip volumes, while Delivery Gross Bookings saw a 17% increase. However, Freight Gross Bookings declined by 9% due to a challenging market. Net loss widened to $654 million, including a substantial unrealized loss on investments. Adjusted EBITDA soared by 82% to $1.4 billion, reflecting improved profitability in both Mobility and Delivery segments. Uber ended the quarter with $5.8 billion in unrestricted cash and equivalents. In terms of business development, Uber divested its JUMP business to Lime in 2020 and acquired a minority...Show More
Uber Technologies reported a robust financial performance for the first quarter of 2024, with significant year-over-year growth. Revenue increased by 15% to $10.1 billion, driven by a 20% rise in Gross Bookings, which reached $37.7 billion. The company's Mobility Gross Bookings grew by 26%, primarily due to higher Trip volumes, while Delivery Gross Bookings saw a 17% increase. However, Freight Gross Bookings declined by 9% due to a challenging market. Net loss widened to $654 million, including a substantial unrealized loss on investments. Adjusted EBITDA soared by 82% to $1.4 billion, reflecting improved profitability in both Mobility and Delivery segments. Uber ended the quarter with $5.8 billion in unrestricted cash and equivalents. In terms of business development, Uber divested its JUMP business to Lime in 2020 and acquired a minority stake in Moove in 2021. The company has not exercised its option to purchase additional Moove stock as of March 31, 2024. Uber's future plans include continued investment in technology to power movement and connect consumers with various services, as well as addressing driver classification challenges and potential additional expenses related to employee status.

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