Uber, a leading American digital ride-hailing and delivery services company, reported impressive revenue growth on Wednesday. Despite the global pandemic, Uber saw a significant increase in the number of users and trips within the first three months of this year. The company’s revenue increased by 15 percent compared to the same period last year, reaching $10.13 billion.
The growth in Uber’s transportation business was attributed to an increase in trips to airports and offices, while the service business saw growth from new customers and faster delivery times. The gross value of reservations also increased by 20 percent to $37.7 billion.
Despite this growth, Uber ended the quarter with a net loss of $654 million, which is three times higher than the previous year. However, adjusted basic profit surged by 82 percent to $1.38 billion. For the second quarter, Uber expects the value of reservations to be in the range of $38.75 to $40.25 billion.
Uber’s CEO Dara Khosrowshahi said that they are committed to providing safe and reliable services for their users during these challenging times.
“We are pleased with our strong financial performance so far this year,” said Khosrowshahi in a statement.
“Our focus remains on delivering value for our customers and stakeholders while prioritizing safety and reliability.”
Overall, Uber’s revenue growth is a positive sign for the future of the ride-hailing industry as more people continue to use these services during these challenging times.
In conclusion, Uber reported double-digit revenue growth on Wednesday due to an increase in user engagement and trips within the first three months of this year. While there were some challenges such as a net loss of $654 million in Q1 2021 compared to Q1 2020 but adjusted basic profit surged by 82%. The company expects value of reservations to be between $38.75-$40.25 billion for Q2 2021