Revenue for the quarter was up 29% from the same quarter last year.
UBER reported a net loss of $157 million, or 8 cents per share, compared to a net loss of $5.9 billion, or $3.03 per share, last year.
The company reported adjusted EBITDA of $761 million, more than the $687 million expected by analysts, according to StreetAccount. Gross bookings for the quarter came in at $31.4 billion, up 19% year over year.
For the second quarter of 2023, Uber said it expects to report gross bookings between $33 billion to $34 billion, and an adjusted EBITDA of $800 million to $850 million.
Here’s how Uber’s largest business segments performed in the quarter:
Mobility (gross bookings): $14.98 billion, up 40% year-over-year
Delivery (gross bookings): $15.02 billion, up 8% year-over-year
Money is expensive now, so vertical competitors have less to spend to acquire new customers. Uber Eats on the other hand has access to a cheap and loyal user base from its mobility service. Dara Khosrowshahi had previously mentioned multiple times that traffic from mobility is 75% cheaper than one from external channels and the volumes are just as large.
In a prepared statement, CEO Dara Khosrowshahi said Uber is off to a “strong start” for the year. He said the company’s global scale also provides it with a “significant data advantage” over its competitors that will allow Uber to employ AI solutions on the consumer side and the earner side of its business.
Khosrowshahi said Uber is already using AI to predict “highly accurate” arrival times for rides and deliveries, and to expedite driver onboarding by processing documents more “reliably and cost-efficiently.”
“We are still in the early stages of using large data models to power improved user experiences and efficiencies across our platform, with much more to come,” he said in the remarks.
Subscription program is really working for Uber: it is the only program in the industry that combines mobility and delivery services and it makes the subscribed users stay with the platform longer and spend money more often. Members are already profitable for Uber.
The ADs business is through the roof, it is up 70% YoY, significantly developing in the Uber Eats business.