Uber trips up 24% to 2.1 bn in Q1, sales grow 29% to $8.8 bn

SAN FRANCISCO: Ride-hailing major Uber reported a 24 per cent increase in trips to 2.1 billion during the first quarter of 2023, or approximately 24 million trips per day on average.

According to Uber CEO Dara Khosrowshahi, the company significantly accelerated Q1 trip growth to 24 per cent from 19 per cent last quarter, with "mobility trip growth of 32 per cent as a result of improved earnings and consumer engagement".

"Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023," he said during the company's quarterly earnings call late on Tuesday.

Gross bookings grew 19 per cent year-over-year to $31.4 billion, or 22 per cent on a constant currency basis, with mobility gross bookings of $15 billion (40 per cent increase YoY).

Revenue grew 29 per cent YoY to $8.8 billion and the net loss was $157 million, which includes a $320 million net benefit (pre-tax) primarily due to net unrealised gains related to the revaluation of Uber's equity investments, the company informed.

"We delivered record profitability and free cash flow in Q1, and we are poised to expand profitability again in Q2," said Nelson Chai, CFO.

"We continued to actively manage our balance sheet, exiting our equity position in Yandex. Taxi and refinancing our term loans, and remain focused on disciplined capital allocation over the coming years," he added.

For Q2 2023, Uber anticipates gross bookings of $33 billion to $34 billion and adjusted EBITDA of $800 million to $850 million.

Ride-hailing major Uber last month sold its stake worth $400 million in Careem, the Middle East-based ride-hailing company that it bought in 2019, to boost its super app business.