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Uber Records $3.1 Billion Revenue In Q1

image: Uber

For the first time ever as a public company, Uber reported its financial results yesterday (or on the 30th of May to be precise). The report shows $3.1 billion revenue for the first three months of the year, up 20% from $2.6 billion in the same period last year, but with a $1 billion loss, up from $478 million in the same period last year.

Uber recorded $14.6 billion in Q1 gross bookings, up 34% from $10.9 billion last year, and 93 million monthly active users, up 33% from 70 million last year. Also in the quarter, roughly 1.55 billion trips were made on Uber, up from 1.14 billion in the same period last year.

Other key takes from Uber's financial results for the quarter include:
  • $2.4 billion revenue from ride-sharing, $536 million from Uber Eats, and $145 million from "other bets" in Q1.
  • $7.6 billion current cash and cash equivalents, up from $6.3 billion for the same period in 2018.
  • $1.75 billion revenue from the U.S. and Canada, $1.2 billion from other countries.
  • $11.4 billion ridesharing gross bookings, up 22% from $9.4 billion last year.
  • $3.07 billion Uber Eats gross bookings, up -- an impressive -- 108% from $1.47 billion last year.
  • Growth in Uber Freight, now with more than 400,000 drivers and 36,000 carriers serving 1,000 shippers.
  • Expansion of Uber Pro, the company's driver rewards program in 10 cities during the quarter.
  • Acquisition of Careem expected to close in January 2020.

An Uber driverless vehicle

image: Uber

Uber is experiencing more growth in areas like food delivery although ridesharing still accounts for a bulk of revenue. The company is expanding its other businesses like freight delivery and bike sharing, proven by a recent pilot of Jump Bikes in London. With impressive growth in Uber Eats, analysts have predicted the company may control 25% of the global food delivery market by 2023.



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