Uber reported revenue for the first time since its public market debut earlier this month, reporting revenue on top of its preliminary estimates and roughly similar analysts' net loss estimates.
Here, the figures Uber reported for the first quarter of 2019:
- Net loss: $ 1.01 billion, against $ 1.01 billion estimated, according to Refinitv
- Revenue: $ 3.10 Billions, against $ 3.04 billion estimated, according to Refinitiv
Uber's revenue came to the high end of the expected range delivered in an unaudited filing in front of its IPO. It marks an increase of 20% from the same period last year when Uber reported sales of $ 2.58 billion. Uber's net revenue was negative compared to the net income of $ 3.75 billion in the first quarter of last year.
Uber reported gross quarterly orders of $ 1
For the second quarter in a row, Uber reported a negative core platform contribution margin, defined as how much profit it derives from its core business divided by adjusted net income. In the quarter, it fell to negative 4.5%, compared to 17.9% in the same period last year.
Analysts and investors have left signs that Uber's loss one day could turn around. Uber has blamed competition pressures in the equestrian market and the cost of registering drivers and paying restaurants in the case of Uber Eats for its decline in net revenue and take rate, representing Uber's core platform-adjusted net revenue as a percentage of its core platform gross orders.
In the first quarter of 2019, Uber Eats saw significant growth in adjusted net income and gross bookings compared to the same quarter last year. Adjusted net revenue for the segment, which measures revenue after payments to drivers and restaurants, grew 31% to $ 239 million. Gross orders increased by 108% to $ 3.07 billion.
Growth for Uber Eats can be costly for the company, but since different shipping, Uber must pay not only the driver but also the restaurant. Uber Eats' rate, which the company defines as adjusted net income as a percentage of gross orders, was 7.8%.
Adjusted net income grew more modestly for Uber's shipping company, up by 10% compared to last year's $ 2.34. billion. Gross orders increased by 22% to $ 11.45 billion. Uber's share rate ratio for the quarter was 20.4%.
Uber saw the growth of core platform revenues in all regions it breaks out with the exception of Latin America. In that region where competitor Didi has expanded, Uber reported revenue of 13% from $ 518 million in Q1 2018 to $ 450 million in Q1 2019. In an interview with analysts, Uber CEO Dara Khosrowshahi said when the company expanded Its eating platform in the region, it is located as the only company where it offers both rides and meal delivery.
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